Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
toc-menu-hamburger.png
table of content

Table of Contents

toggle-toc.png

Global Markets Retreat as Dollar Stays Strong

Asian markets were broadly lower on Tuesday afternoon, following Wall Street down after a turbulent day on Monday. The declines were prompted by concerns about global grown and the lingering tension between China and the United States. All three major Wall Street indexes closed lower on Monday, and all major Asian indexes were lower on Tuesday, except for China’s two benchmarks, the Shenzhen Composite and the Shanghai Composite, which were 0.71 percent and 0.26 percent higher respectively, as of 1:51 p.m. HK/SIN.

On Tuesday Beijing lowered its growth target for 2019 from 6.5 percent to 6.0 percent and introduced additional economic stimuli including tax cuts and reductions in social security fees. Also announced were increases in infrastructure spending and lending to small businesses. The announced stimulus plans were directly responsible for supporting China’s benchmarks. Beijing announced a target deficit of 2.8 percent of GDP, up from 2.6 percent in 2018.

Japan’s Nikkei 225 was down 0.60 percent, and South Korea’s Kospi was down 0.69 percent in the early afternoon. Australia’s NSX 200 was 0.29 percent lower, and Hong Kong’s Hang Seng Index was down a modest 0.04 percent.

Currency Movements

The dollar strengthened on Tuesday, trading near two-week highs. It was supported by a strong economy and concerns about the upcoming European Central Bank policy meeting on Thursday. The euro eased against most of its primary trading partners, slumping 0.09 percent against the dollar to $1.1327 and 0.05 percent against the Swiss franc, to 1.1316. The euro hit an 11-day low on Monday, falling to $1.1309 against the dollar before rebounding slightly.

The dollar index held at 96.74 .DXY, up 0.06 percent, as the greenback strengthened against the yen, up 0.15 percent to 111.91. It gained the same amount against the Canadian dollar, to trade at $1.332.

Sara Patterson
About Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.

Most Visited Forex Broker Reviews