Asian Markets Weighs Down amid Strength of the Dollar at One Year High
Strong economic data in the U.S. pushed the dollar to one year high with Asian markets to price in the dollar strength heavily 
Strong economic data in the U.S. pushed the dollar to one year high with Asian markets to price in the dollar strength heavily
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Majority of Asian equities closed in red on Tuesday after the dollar held strong at one year high. Strong economic data suggesting tighter monetary policy and the treasury yields inching up supported the dollar.
President Joe Biden in a statement on Tuesday said to announce his administration’s pick for the FED chair job in four days.
According to J.P. Morgan Asset Management strategist, Mike Bell the federal reserves is likely to taper first before hiking rates.
U.S. futures are mixed with Dow Jones down by 0.30%, S&amp;P 500 slipped by 0.04% and Nasdaq100 up by 0.05%.
MSCI Asia Pacific index excluding Japan slipped down by 0.28%.
The 10-year treasury yield reached 1.63% with traders eyeing the demand strength of 20-year treasury auction on Wednesday.
Meanwhile the European Central Bank in a stability report noted substantial increase in risk in euro zone’s housing market over the medium term and chances of price correction weigh heavily.
In the commodity market the oil prices declined with U.S. crude inventories rising more than expected and the White House is yet to give details on release of strategic reserves.
The WTI is trading at $79.84 slipping by 1.14% while the Brent is down to $81.65 inching down by 0.95%.
Bitcoin world’s largest crypto currency by market-cap slipped below $60,000, trading at $59,891 translating to a loss of 10.45%.
Key events for the week the market would act on includes Euro zone CPI on Wednesday and U.S. initial jobs claims on Thursday.
*Market quotes are as of Thailand time 17.47 hours.