Daily Market Review August 30



Asian shares surged on Tuesday amidst ambiguity on whether the Federal Reserve would increase interest rates as early as September or not. The dollar remained restrained with investors gauging the different policy stimulus across the world. By the side of Asia, the MSCI index rose by 0.5 %, stocks in South Korea rose by 0.7 % while Australia added 0.4 %.

Also, the Japanese Chief of Cabinet Secretary Yoshihide Suga on Tuesday said that the government is closely monitoring market moves and remains on the edge of their seats to respond appropriately. The top Japanese spokesman also made a plea for the Bank of Japan’s negative interest rate policy.

Speaking from Rome’s Luiss University, Mark Zuckerberg, in reply to an Italian student maintained that Facebook will remain a tech company and would not shift to become a news editor. Mark Zuckerberg, Facebook CEO and his wife Priscilla Chan had a private audience with Pope Francis, earlier on Monday.

Technical Analysis:
The EURUSD currency pair was seen trending bearish yesterday until 15.00 GMT, time from which it began to show bullish signs and managed to rise to 1.1189 at 17.00 GMT. The currency pair, then consolidated around similar levels and as from 00.00 GMT today, started regressing to the lows. Being at 1.1168 at 01.00 GMT, the currency pair thereafter fluctuated around similar levels to be at 1.1169 at 07.00 GMT. The trend is deemed to continue as such and bulls could be awaiting the pair at around 17.00 GMT.
Falling as from 102.27 at 12.00 GMT yesterday, the USDJPY pair was seen at 101.83 at 23.00 GMT. As from 00.00 GMT today, the currency pair took the bulls by the horn and managed to somehow be at 102.37 at 07.00 GMT. The pair is expected to remain bullish today, but may weaken as from 17.00 GMT.
Starting to rise at 12.00 GMT from 1.3064 to reach 1.3109 at 18.00 GMT, the GBPUSD pair consolidated around similar levels thereafter. At 01.00 GMT today, however, the pair recorded a significant fall to be at 1.3079 and kept fluctuating near that level to be seen at 1.3079 at 07.00 GMT. The bears may move farther from the pair later during the day.  
Economic Calendar