www.TheLFB-Forex.com The Forex Trader Portal
Current Futures: Dow -12.00, S&P -1.00, NASDAQ -2.00
Asian markets are trading slightly below the break-even line, as investors remain uncertain for the time being. At the same time, the S&P futures had a 3-point (0.3%) range throughout the Asian trading hours.
As it was the case over the last few days of trading, commodity stocks where the main decliners in Asia. The strong declines seen lately in the raw materials market, together with the falling price for shipping commodities put downside pressure on the companies that operate in this sector, TheLFB-Forex.com Trade Team noted. The price of raw materials declined as investors are starting to doubt that the global economy will be able to fully recover throughout the second part of 2009, something that was seen as a plausible option until recently.
The strength the Japanese yen posted on Monday also had a negative effect in the Asian markets, mainly in the Japanese Nikkei, since a stronger currency makes exported goods look expensive. As such, only a third of the member companies in the Nikkei index were able to advance this morning as many of the Japanese companies make a considerable portion of their profits from exporting activity.
Overnight, the Japanese Nikkei declined 20.94 points (0.22%) to 9,659.93. The Australian S&P/Asx lost 10.60 points (0.28%) to 3,773.10
Crude oil for July delivery was recently trading at $64.30 per barrel, higher by $0.20. For now, oil is trading relatively flat, after five days of declines.
Gold for July delivery was recently trading lower by $0.30 to $924.00. Gold is trading just near the 100-day moving average, which may act as a swing point on Tuesday.
TeamLFB provides forex related market analysis and trade signals