Hang Seng Closed Up
At the close of trading yesterday, the Hang Seng index in Hong Kong Stock Exchange closed up 437.09 points, or 2.15 percent, at 20803.39. Strengthening the Hang Seng index Yellen’s dovish comments, which signaled a slowdown in the rise in US interest rates. This is the highest rise in nearly three months.
US Federal Reserve Chairman Janet Yellen said it’s necessary precautions to hike interest rates further.
The Federal Reserve should proceed with caution in adjusting policy, as chairman of the Fed Janet Yellen said on Tuesday, admitted that economic and financial conditions in some respects less favorable now than in December.
Yellen, speaking to the Economic Club of New York, noted in his prepared remarks that the new reading on the strength of the US economy since the beginning of the year has been mixed. All major US indices turned positive and Treasury yields reached multi-week lows after the release of this Yellen statement.
At the end of trading yesterday, shares rose highest shares of China Mengniu Dairy Co Ltd which rose 11.40%, stocks Tingyi Cayman Islands Holding Corp., which rose 7.88%, shares of Want Want China Holdings Ltd which rose 7.20% , shares of China Petroleum & Chemical Corp. rose 5.72%, shares of Hengan International Group Co Ltd rose 5.04%.
Technically,
Resistance: 20940 21000 21 080 Prev. High / Low: 20881/20826
Support: 20800 20660 20580 Running Price: 20 867
Comment: For intraday trade today suggest Sell at the level of 20950 stop loss at the level of 21000 targets at the level of 20610.
USDJPY Dips, Greenback Overshadowed Pressure
The movement of the currency market on Thursday (31/3), the US dollar weakened against the yen natural observed when growth in the US labor market has been experiencing barriers based private report last night.
Ongoing trade in the Asian session, the pair USDJPY observed to weaken 12:11% to trade at 112.31. In US dollar index, which shows the performance of the greenback against a basket of six other major currencies moving flat at 94.79 level.
Demand greenback declined this morning, due to the impact of US private report last night. Based on the official report released by Automatic Data Processing said that the US job growth, rising just 200K for March which is still lower than the previous month with an increase of 205K.
The report comes from a survey conducted by a private company in the US showing a negative effect on the greenback. As for the official report from the US government had been scheduled to be released on Friday at 19:30 pm.
Meanwhile, the market’s attention today amid drawn to the speech Mark Carney, the UK fundamental data, and US jobless claims. The results of the third report are expected to be able to give a big impact on the market movement.
Technically,
Resistance: 112.90 113.30 113.80 High / Low: 112.64 / 112.22
Support: 111.00 111.50 112.00 Running Price: 112.49
Comment: For intraday trade today suggest Buy at the level of 112.75 stop loss at the level of 112.50 the target at the level of 113.25.
Gold Weakens on Stock Market Rally
Gold fell in the strengthening of the stock market and investor profit taking after gold’s rally the previous day triggered dovish comments Governors of the Federal Reserve. Many investors do not react to the ADP employment data which showed the addition of 200,000 workers in March, in line with expectations.
Global stocks rose to near the highest level this year on Wednesday as investors re-estimating the rate and timing of US interest rate hikes. In addition, savings in Exchange-Traded Fund (ETF) based on the world’s largest gold, SPDR Gold Shares, shrinking for the first time in 2-week low on Tuesday, at 3.3 tons.
US weekly jobless claims will be published on Thursday, just a day before the data is important Non-Farm Payrolls (NFP) on Friday.
The price of gold ended at the level of $ 1225.55 per troy ounce in trading Wednesday (30/3), down 1.35% compared to the closing price of the previous session. Gold trading has the potential to be bearish for the short-term, immediate support in the area in 1215 while immediate resistance is seen at around 1234.
Technically,
Resistance: 1228.20 1230.60 1232.40 High / Low: 1228.40 / 1223.40
Support: 1224.70 1220.00 1217.10 Running Price: 1226.90
Comment: For intraday trade today suggest Buy at the level of 1220.90 stop loss at the level of 1218.40 the target at the level of 1230.90.
