Read out full technical analysis report here
- Asian shares extended losses on Monday as weak Chinese imports increased concerns over a slowdown in the world’s second largest economy, while the dollar was steady after U.S. jobs data raised chances for a U.S. interest rate hike as early as September. China said May exports fell 2.5%, less than the 5% drop seen, while imports dropped 17.6%, much more than the slide of 10.7% expected. Japan revised first quarter GDP up to a pace of 1% quarter-on-quarter from a preliminary 0.6% gain and an expected upward revision to 0.7%.
- Oil staged its first rally in three days on Friday, gaining 2 percent, despite warnings of more oversupply as a result of OPEC’s decision to keep pumping crude without restraint. The downbeat Chinese import figure was unsupportive for an oil market already concerned about oversupply after exporter group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday.
- The dollar held firm in early Asia on Monday, trading near 13-year highs against the yen after strong U.S. employment data bolstered expectations for an interest rate hike by the Federal Reserve before year-end.U.S. nonfarm payrolls jumped 280,000 last month, the largest gain since December, while payrolls for March and April were revised to show 32,000 more jobs were created than previously reported, the Labor Department said. While the unemployment rate rose to 5.5 percent from a near seven-year low of 5.4 percent in April, that was because more people entered the labor force. New York Fed President William Dudley also said on Friday that he still expects the Fed will be in position to raise rates later this year even as he has concerns about progress in the labor market. Currency speculators increased their bets against the yen, with their net yen short positions rising to the biggest level in four months last week, data from U.S. financial watchdog showed on Friday.
- On Sunday, the head of the European Union rebuked Tsipras in unusually sharp terms, and warned that time was running out for Athens to reach a debt deal with its lenders to avert default. Also the clouding the European mood, Deutsche Bank purged its leadership on Sunday, appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganize the bank. Greek Prime Minister Alexis Tsipras told parliament on Friday that he would not accept an agreement with lenders that did not include the promise of debt relief that has been his government’s long-standing demand.
- Statistics Canada reported that the number of employed people increased by 58,900 in May, blowing past expectations for a 10,000 rise and after a 19,700 drop the previous month.