Asian equity markets continued to build on last week’s gains, after U.S. stocks capped their best week since 2013. Investor sentiment has gradually improved after fears of rising inflation sent most global indices into correction territory.
But will the sentiment remained that bullish after cash market opening at 9:30 a.m.? For now, it looks like the market may extend its short-term uptrend and continue its run above 2,700 mark. It may retrace the whole Wednesday-Friday's sell-off.
After months of ongoing speculation, the overnight climax with Jacob Zuma resigning from his position as President of South Africa has lifted the South African rand to its highest level since March 2015.
The U.S. dollar had its strongest week against major currency pairs in 12 months. Even as the United States is suffering a bout of political uncertainty, the dollar became a safe haven as stocks and bonds saw massive moves this week. The signing of a federal budget by U.S. President Donald Trump boosted the dollar ahead of the release of retail sales and inflation data next week. Central banks are moving away from record low interest rates around the globe.