Most Asian currencies crept lower on Tuesday amid persistent concerns over a slowing Chinese economic recovery and higher-for-longer U.S. interest rates, while the dollar edged up and remained near three-month highs.
Gold prices kept to a tight range in Asian trade on Tuesday amid persistent concerns over higher-for-longer interest rates, while a U.S. market holiday also made for scant immediate trading cues.
The best performers of the session on the S&P/ASX 200 were Appen Ltd (ASX:APX), which rose 15.71% or 0.06 points to trade at 0.41 at the close. Meanwhile, Nuix Ltd (ASX:NXL) added 13.08% or 0.22 points to end at 1.95 and ARB Corporation Ltd (ASX:ARB) was up 9.87% or 3.53 points to 39.30 in late trade.
Chinese electric vehicle maker Xpeng (NYSE:XPEV) said it would hire 4,000 this year and invest millions in artificial intelligence, as it seeks to survive what it describes as a “bloody sea” of competition in the world’s largest auto market.
Most Asian currencies kept to a tight range on Monday, while the dollar steadied near three-month highs as more signs of sticky U.S. inflation saw traders largely phase out expectations of early U.S. interest rate cuts.
Gold prices rose in Asian trade on Monday, extending a rebound from one-month lows after recently breaking below a key support level, although fears of higher-for-longer U.S. rates kept prices largely rangebound.
The best performers of the session on the Nikkei 225 were Mitsui Engineering & Shipbuilding (TYO:7003), which rose 12.21% or 135.00 points to trade at 1,241.00 at the close. Meanwhile, Aozora Bank, Ltd. (TYO:8304) added 5.64% or 114.00 points to end at 2,136.00 and Obayashi Corp. (TYO:1802) was up 5.49% or 75.00 points to 1,440.50 in late trade.
The best performers of the session on the S&P/ASX 200 were A2 Milk Company Ltd (ASX:A2M), which rose 14.55% or 0.74 points to trade at 5.79 at the close. Meanwhile, Appen Ltd (ASX:APX) added 9.23% or 0.03 points to end at 0.35 and Reliance Worldwide Corporation Ltd (ASX:RWC) was up 5.67% or 0.25 points to 4.66 in late trade.
The dollar was steady on Friday, on track for its fifth straight weekly gain, as investors take stock of economic data and firm expectations of the Federal Reserve cutting rates in June, while the yen traded at the psychologically key 150 per dollar level.
Regional currencies took little relief from overnight losses in the dollar, which fell from a three-month high after data showed an unexpected contraction in retail sales in January.
