Crude oil prices were crushed on Friday as the futures market entered contango. Wall Street risk aversion may set a sour tone for Asia-Pacific markets to start the week.

The Australian Dollar is testing a critical trendline breakout higher despite rising geopolitical tensions in Europe as Asia-Pacific markets are left on edge for Wednesday’s trading session.

USD/JPY hit a fresh multi-decade high as the US Dollar surged despite a revival in US stock prices. Japan is facing higher steel prices that threaten to add more drag to its economic recovery.

The Australian Dollar is moving lower against the US Dollar after US stocks fell for a fourth session. China’s Caixin PMI data is in focus after Australian PMI data declined for August.

The Australian Dollar was largely unfazed against the USD after China’s manufacturing activity crossed the wires. The PMI index remained in contraction, dimming hopes that a Chinese economic reboun…