Stock markets in Asia continue to rise, as they have been doing since early April.
- It has been another good day for Asian stock markets, which are outperforming global and US stock markets with their almost month-long rise. The Chinese HSI is a notable gainer today. Although the price changes are not excessive, there are clearly bullish signs, which will be put to the test as crucial multi-week highs are approached.
- Bitcoin remains suppressed beneath the key resistance level at $95,206. We may eventually see a decisive bullish breakout, which could lead to a test of the record price made in December not far from $110,000.
- The Forex market has seen the US Dollar advance over the past day. Since today’s Asian session open, the Euro has been the strongest major currency and the Australian Dollar the weakest one, although the numbers are probably too small to be significant. The EUR/USD currency pair remains in a long-term bullish trend and most analysts will see it that way as long as the price holds up above the key support level at $1.1241. The US Dollar has lost some ground so far today.
- It will probably be a quiet day in the markets today, as it was yesterday, but things will get more lively Wednesday with the US Federal Reserve’s policy meeting.
- Yesterday’s release of Swiss CPI (inflation) data was lower than expected, showing no month-on-month change when an increase of 0.2% was widely expected. The Swiss Franc barely reacted to the news.
- Yesterday’s release of US ISM Services PMI data was higher than expected, reinforcing the case that the US economy might be doing better than the negative GDP number last week suggested.
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