Asia equities are trading mixed following the same performance on Wall Street, where traders were indecisive amid disappointing ADP employment data ahead of Friday’s US Nonfarm Payrolls. The data hurt the US Dollar as its main index, the DXY, stumbled beneath 92.50; Antipodeans currencies increased their outperformance, with decent Australian GDP data.
On the commodity front, China’s intervention in space keeps weighting on the price action of the complex. Today’s reports from local media citing a speech by the Vice Chairman of China Securities Regulatory Commission note that China should increase its strength in fixing global commodities prices as its futures market opens up. Yesterday, traders saw a sell-off in the metal markets as China had released a third batch of metals supply from state reserves. China released 150,000 tons of copper, aluminium, and zinc from their strategic reserve, with the government pledging to continue to watch price trends.
