Market sentiments remained in its usual wait-and-see ahead of the FOMC meeting, as the VIX headed higher for the ... - IG

Asia Open

Asian stocks look set for a downbeat open, with Nikkei -0.76%, ASX -0.32% and KOSPI +0.16% at the time of writing, as Japan markets return from its holiday break. Chinese equities remain in a mixed state yesterday, attempting to weigh between recent improvement in economic data and lingering default risks from Country Garden, which suggests that the property sector risks will likely drag for longer.

The Reserve Bank of Australia (RBA) meeting minutes will be in focus today. With the central bank keeping rates on hold for the third straight month at its September meeting, expectations are largely priced for the trend to continue through the rest of the year, with any confirmation to be sought from the upcoming minutes. At its previous meeting, the central bank retained its tightening bias, but also acknowledged growing economic risks from China and recent slowdown in inflation data, which seem to leave room for more wait-and-see for now.

The AUD/NZD may be on watch, having been trading within an ascending triangle pattern since July this year, with the 1.092 level serving as an immediate resistance to overcome for buyers. Its daily RSI has been attempting to defend the key 50 level since August this year as well, which leaves buyers in some control for now. On the downside, the upward trendline support may be crucial to hold, failing which could pave the way to retest its July/August 2023 lows at the 1.073 level next.

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2023-09-19 01:25:54Z
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