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Dollar snaps decline

Dollar snaps decline

The USD dollar rose in overnight trading for the first time in five sessions. European shares rose with the Euro, but a weakening Japanese yen pushed the US dollar index to 99.0. Copper and aluminium rose in London trading as markets displayed a pro-growth tilt. US investors declined to participate, leaving major indices in the red after lacklustre trading.

Trade issues remain central to market action. Negotiators from the US and China began discussions ahead of a high-level meeting on Thursday night. Reports that Beijing is not seeking a broad agreement weighed on late American trading. Potential military action in northern Syria added to investors’ concerns.

Despite the negative finish Asia Pacific futures markets are indicating opening gains as China returns from Golden Week holidays. The Caixin services PMI could drive market action. Consensus is for a steady read of 52.0. However recent activity data around the globe disappointed, and an unexpected drop in the index could see modestly positive sentiment flip into reverse.

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