Asian shares stepped back from two-month highs on Tuesday and commodity currencies retreated as a big fall in oil prices triggered profit-taking, though fading expectations of an imminent U.S. rate hike lent some support.
Trade data from China was mixed, with exports beating forecast and imports below expectations doing little to dispel concerns over a slowdown in China. Yet rising hopes of more stimulus from China underpinned markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 1.0 percent from their two-month high touched on Monday. Still, it was still up 7.7 percent so far this month. Japan’s Nikkei fell 0.9 percent.
Oil prices tumbled on Monday as traders took profits after last week’s surge to an 11-week high, and on a report that OPEC continued to boost crude production despite a persistent glut.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.