• As the US-China trade war takes a toll, the gold price rises but barely
  • Bitcoin surges to 12-months high, climbing to about $9,000 level
  • Dollar weakens, raising hopes of a U.S. Federal Reserve interest rate cut

Asia stocks have edged higher on Monday morning as investors watched for the developments from US President Donald Trump’s state visit to Japan along with the results from the European parliamentary election.

In mainland China, the Shenzhen component rose 2.31%, the Shenzhen composite rose 2.506%, and the Shanghai Composite gained 1.38%. In Hong Kong, the Hang Seng index dropped around 0.1%. Japan’s Nikkei 225 gained 0.31% and Australia’s ASX 200 ended slightly lower.

In Europe, early results showed fragmentation in the European Parliament over the next five years.

Meanwhile, Trump is on a state visit to Japan who said Tokyo and Washington were “getting close” to a deal that would address the US trade deficit of $56.8 billion in good and services with Japan in 2018. Earlier Trump had said Tokyo has “had a substantial advantage” over Washington for many years.

Trump’s visit comes amidst US threats of potential auto tariffs against European and Japanese carmakers.

“The trade rhetoric sound(s) all warm and fuzzy, but there is no expectation a comprehensive trade deal will be struck anytime soon,” Ray Attrill, head of foreign exchange strategy at National Australia Bank.

Gold Rises, US Dollar Losses

The US dollar index that tracks the greenback against a basket of its peer currencies inched down to 97.5, slipping from 98.1 last week. Against six major currencies, the dollar slid down.

Escalating trade tensions and weak data are fueling the expectation of a rate cut from the US Federal Reserve. Over the weekend, Trump yet again complaint that the Fed’s policies had kept US economic growth from reaching its full potential.

Meanwhile, spot gold edged up 0.2% and US gold futures also rose 0.2%. In India, gold price flipped into premium last week on firmer demand while in China consumers took advantage of weaker gold prices.

Gold prices rose but a really small percentage amidst the concerns the US-China trade war had started to take its toll on the US economy while the dollar has weakened and further raising hopes of a US Federal Reserve interest rate cut.

Bitcoin Enjoying a Monster Rally

The leading cryptocurrency is seeing increasing interest from the investors as BTC prices surge more than 12 percent going to nearly $9,000, the first time in 12 months. Bitcoin has been on a rally since April but took on a monster rally in May where it went from $5,300 to $8,939.

Till date in 2019, BTC has surged 136 percent, more than any traditional asset from precious metal to stocks and government bonds.

The world’s top cryptocurrency shares greater preference among millennials that is increasingly gaining mainstream and world wide awareness and adoption.

The views and opinions expressed in the article Despite Shaky Risk Appetite Bitcoin Surges over 12% while Gold Lacks Bullish Response to Weaker Stocks do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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