Asian Recap: JPY Demand Rises Amid Gloomy Market Sentiment, While Crude Oil Prices Continue To Decline
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1️⃣ Asian stock markets closed lower due to weak data from China, in addition to concerns over the spread of the COVID-19 Delta variant in the Asia Pacific region.


1️⃣ The dollar was weighed down by a sharp decline in U.S. Treasury yields. US University of Michigan consumer sentiment declined to 70.2 in August and well below market expectations of 81.2 following an increase in cases of Delta variant COVID-19 infection.

2️⃣ The risk-off environment and further decline in crude oil prices depressed the CAD.

3️⃣ A sharp decline in US Treasury yields, coupled with a gloomy market mood boosted demand for the JPY.


1️⃣ WTI crude oil price fell more than 1%, trading at $67 on Monday after economic data showed economic growth in China slower amid the rapid spread of the COVID-19 variant Delta in the country.

2️⃣ Gold traded around $ 1,735, amid negative market sentiment.

Economic Data Focus On Today

1️⃣ New Zealand Performance Services Index for July (06:30 Malaysia Time) — Bullish Prediction — NZ Manufacturing PMI was stronger.

2️⃣ Japan Prelim GDP for Q2 (07:50 Malaysia Time) — Bullish Prediction — The economy in Japan is expected to grow modestly.

3️⃣ China Industrial Production for July (10:00 Malaysia Time) — No Prediction — No prediction on the data.

4️⃣ US Empire State Manufacturing Index for August (20:30 Malaysia Time) — No Prediction — No prediction on the data.