Category: Forex News

Hang Seng Index, Nikkei Index, ASX 200: Nikkei Eyes a Return to 40,000

Fed Chair Powell reiterated views from recent testimony on Capitol Hill, believing the Fed will start cutting rates this year.

10-year US Treasury yields responded to the projections and press conference, falling by 0.37% to 4.277%. The US equity markets reacted to the forward guidance from the Fed. On Wednesday, the Nasdaq Composite Index rallied by 1.25%. The Dow and S&P 500 saw gains of 1.03% and 0.89%, respectively.

While the Fed will set the tone for the Thursday session, the Asian economic calendar also needs consideration. Preliminary private sector PMI numbers from the region, trade data from Japan, and employment figures from Australia will draw investor interest.

Upbeat service sector data from Japan and better-than-expected trade data could support demand for the Yen at the expense of Nikkei-listed export stocks. Economists forecast the Jibun Bank Services PMI to increase from 52.9 to 53.4 and exports to increase by 5.3% year-on-year in Feb. In January, Exports increased by 11.9% year-on-year.

Employment data from Australia could influence the RBA rate path and near-term trends for the ASX 200. Economists expect the Australian unemployment rate to fall from 4.1% to 4.0% in February.

On Thursday, the ASX 200 and Nikkei futures were up 49 and 770 points, respectively.

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