Morning Update – 09/11/2017 – by Arjun Lakhanpal

November 9, 2017 by

Morning all.. Wall st recovered after a weak start to close marginally higher again with the S&P gaining 0.14%. It was a quiet session for stocks but a choppy and mixed session for the dollar with GBP and USDJPY weakness through the day.. USDJPY rallied into the NY close but was soft again through Asia where the Nikkei closed down 0.2%. Stocks in Asia took a sudden turn lower in afternoon trading, led by Japan, as some traders ascribed technically-driven trading after indexes hit historic highs earlier in the day. Haven assets from the yen to gold climbed as investors kept an eye on U.S. President Donald Trump’s visit to China. The MSCI Asia Pacific Index, which passed its 2007 peak earlier in the day, fell as Japan’s equities relinquished advances of at least 1 percent. While it wasn’t immediately clear what propelled the mid-afternoon reversal, some suggested Trump talking tough on trade with China was the catalyst. US Ten-year Treasury yields have declined after reaching the highest since March in late October, even as the U.S. stocks have been clocking record highs and this is still weighing on the dollar. The New Zealand dollar held onto most of the gains sparked late in the New York session Wednesday after the central bank flagged it may raise interest rates earlier than expected. The central bank kept its official cash rate at a record-low 1.75 percent on Thursday, and brought forward its forecast for a rate hike to the second quarter of 2019 from the third. Bitcoin soared to another record after a technology upgrade that was threatening to disrupt the biggest cryptocurrency was called off. Again very little data this morning.. Good luck.