Asia Pacific Market Open – FOMC Minutes, USD, S&P 500, AUD/USD
- S&P 500[1] halts near-term uptrend as resistance held ahead of the G20 Leaders’ Summit
- FOMC[2] minutes fail to offer meaningful weakness to USD[3] after yesterday’s Powell talk
- AUD/USD[4] struggling to push above trend line, may reverse near-term uptrend ahead
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The S&P 500 halted a 3-day winning streak on Thursday as it was tamed by a falling resistance line from October[6]. Towards the end of the US trading session, equities gave up some of their gains which stemmed from hopes of a US China trade deal at this weekend’s G20 Leaders’ Summit in Argentina. Earlier in the day, President Donald Trump said that he is close to doing something with China.
The last minute selloff might have reflected doubts about a resolution between the world’s largest economies given conflicting signals out of the White House in recent weeks[7]. On the sidelines, within an hour of Trump advocating for a meeting between him and Russia’s President Vladimir Putin at the summit, he cancelled plans for one altogether.
This is a step back against prospects of Russia’s President discussing oil prices with his US counterpart after Mr. Putin showed restraint towards OPEC production cuts[8]. Crude oil[9] finished the day about two percent higher. Meanwhile the US Dollar[10] failed to find significant follow through after comments from Fed
