The most stock market in Asia edged lower on Tuesday after Dow Jones dropped 458 points because of the worries about trade war between USA and China. In my opinion, stock market may recover on Wednesday because market had already absorbed news. Aussie dollar held steady after RBA keep interest rate unchanged but today at 08.30 a.m. retail sales of February may give negative for ASX200 and Aussie dollar, if it is lower than 0.3%.
U.S. dollar became weaker from the trade tension but GBP/USD may edge lower from the low forecast of construction PMI in the United Kingdom. I suggest support line at 1.4000 points and pound may continue move in flat. Furthermore, EUR/USD also may keep its sideway but it may rise higher than 1.2350 points support by CPI and unemployment rate in EU at 16.00 p.m. which may express the strong economy in Europe. ISM manufacturing of the United Stated released higher on Monday and support greenback steady and today will be ISM non-manufacturing at 21.00 p.m. which may support U.S. dollar. Oil price fell after production capacity in Russia rise 10.97 million barrels per day. I think Brent may fall to 66USD, if U.S. crude oil inventories at 21.30 p.m. will be higher than 1.667 million barrels. In my opinion U.S. crude oil maybe lower than forecast because oil rig count was lower on last Friday.
Chinese petrochemical giant Sinochem Group has succeeded in utilizing blockchain technology to carry out a gasoline export and it reduces the expenses 20%-30%. The global energy sector has demonstrated considerable interest in blockchain technology, with several major corporations exploring blockchain-based energy trading platforms. Major oil companies BP and Eni started experimenting with one such platform for gas trading in June of 2017. Bitcoin price may try to stop its bearish trend and stand higher than 7,300 USD.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.