• Asia roundup: antipodeans rebound on upbeat Chinese service PMI, Dollar at 2-week peak against Yen Amid easing U.S.-China trade tensions, Asian shares rally - Wednesday, April 3rd, 2019

    ソース: FxWire Pro - Media Round Ups / 03 4 2019 03:14:29   America/New_York

    Market Roundup

    • May gambles on talks with Labour to unlock Brexit, enraging her own party
       
    • White House sees 'headway' on U.S.-China trade ahead of new talks this week
       
    • Trade war, Brexit could slow developing Asia's 2019, 2020 growth – ADB
       
    • Trump tells Fed chair Powell he is 'stuck' with him -WSJ
       
    • China Mar Caixin Services PMI, 54.4, 51.1 prev
       
    • Australia Feb Retail Sales MM, 0.8%, 0.2% f'cast, 0.1% prev
       
    • Australia Feb Trade Balance G&S (A$), 4,801 mln, 3,800 mln f'cast, 4,549 mln prev, 4,351 mln rvsd
       
    • UK shop prices rise at fastest rate in six years - British Retail Consortium

    Economic Data Ahead

    • (0355 ET/0755 GMT) Germany Mar Markit Services PMI, 54.9 f'cast, 54.9 prev
       
    • (0355 ET/0755 GMT) Germany Mar Markit Comp Final PMI, 51.5 f'cast, 51.5 prev
       
    • (0400 ET/0800 GMT) EZ Mar Markit Comp Final PMI, 51.3 f'cast, 51.3 prev
       
    • (0400 ET/0800 GMT) EZ Mar Markit Serv Final PMI, 52.7 f'cast, 52.7 prev
       
    • (0430 ET/0830 GMT) Great Britain Mar Markit/CIPS Serv PMI, 50.9 f'cast, 51.3 prev
       
    • (0500 ET/0900 GMT) EZ Feb Retail Sales YY, 2.3% f 'cast, 2.2% prev
       

    Key Events Ahead

    • (0830 ET/1230 GMT) French Central Bank Deputy Governor Sylvie Goulard answers Senate's questions on Brexit, Paris
       
    • (0830 ET/1230 GMT) Fed's Bostic, Thomas Barkin and Esther George to participate in panel before the American Bankers' Association Washington Summit, Washington D.C.
       
    • (1300 ET/1700 GMT) Bank of Spain Governor Hernandez de Cos participates at an event in Madrid
       
    • (1700 ET/2100 GMT) Fed's Kashkari participates in a Town Hall hosted by the North Dakota State University College of Business
       

    FX Beat

    DXY: The dollar index declined, after White House economic adviser Larry Kudlow acknowledged that there are still issues to be resolved with China. The greenback against a basket of currencies traded 0.1 percent down at 97.17, having touched a peak of 97.52 on Tuesday, its highest since Mar. 8. FxWirePro's Hourly Dollar Strength Index stood at -72.33 (Slightly Bearish) by 0500 GMT.

    EUR/USD: The euro rose, halting a 6-day losing streak, as the greenback eased as the sharp bounce by the U.S. Treasury yields ran out of steam. On Tuesday, the major plunged to a 3-1/2 week low amid fears of economic slowdown in the eurozone. The European currency traded 0.2 percent up at 1.1222, having touched a low of 1.1183 on Tuesday, its lowest since Mar. 7. FxWirePro's Hourly Euro Strength Index stood at 0.71 (Neutral) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, and EZ producer price index, ahead of the U.S. Markit service PMI, and Fed official's speech. Immediate resistance is located at 1.1246 (Mar. 29 High), a break above targets 1.1285 (Mar. 28 High). On the downside, support is seen at 1.1176 (Mar. 7 Low)., a break below could drag it till 1.1155.

    USD/JPY: The dollar rallied to a 2-week peak after White House economic adviser Larry Kudlow said that the United States and China are expected to make more progress in trade talks this week. Moreover, data showing activity in China's services sector picked up to a 14-month high in March boosted the bid tone around the pair. The major was trading 0.1 percent up at 111.39, having hit a high of 111.53 earlier, its highest since Mar. 20. FxWirePro's Hourly Yen Strength Index stood at -36.06 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Markit service PMI, and Fed official's speech. Immediate resistance is located at 111.62 (Mar. 18 High), a break above targets 111.92 (Mar. 6 High). On the downside, support is seen at 111.06 (Mar. 13 Low), a break below could take it lower at 110.74 (Mar. 8 Low).

    GBP/USD: Sterling surged, extending gains for the third straight session after Prime Minister Theresa May said she would seek another Brexit delay to work with the opposition Labour leader on an alternative European Union withdrawal deal. The major traded 0.05 percent up at 1.3138, having hit a low of 1.2976 on Thursday; it’s lowest since Mar. 11. FxWirePro's Hourly Sterling Strength Index stood at 95.46 (Slightly Bullish) 0500 GMT.  Investors’ attention will remain on the UK Markit service PMI, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.3170 (Mar. 11 High), a break above could take it near 1.3198 (Mar. 5 High). On the downside, support is seen at 1.2976 (Mar. 29 Low), a break below targets 1.2924 (Feb. 5 Low). Against the euro, the pound was trading 0.2 percent down at 85.41 pence, having hit a high of 84.83 last week, it’s highest since Mar. 13.

    AUD/USD: The Australian dollar rose, reversing most of its previous session losses, as concerns over the U.S.-China tariff war receded following a Financial Times report that the two sides have resolved most of the issues obstructing a trade deal. The Aussie trades 0.6 percent up at 0.7112, having hit a low of 0.7052 on Tuesday, it’s lowest since Mar. 14. FxWirePro's Hourly Aussie Strength Index stood at 103.21 (Highly Bullish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7041 (Mar. 14 Low), a break below targets 0.7003 (Mar. 8 Low). On the upside, resistance is located at 0.7149 (Mar. 20 High), a break above could take it near 0.7198 (Feb. 27 High).

    NZD/USD: The New Zealand dollar rebounded from a 7-week low after a Caixin/Markit survey showed activity in China's services sector picked up to a 14-month high in March. Moreover, report that the China-U.S. trade dispute might be close to a resolution supported investor risk sentiment. The Kiwi trades 0.4 percent up at 0.6784, having touched a low of 0.6738, its lowest level Feb. 13. FxWirePro's Hourly Kiwi Strength Index was at -55.52 (Bearish) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6827 (Mar. 5 High), a break above could take it near 0.6874 (Mar. 18 High). On the downside, support is seen at  0.6719 (Feb. 12 Low), a break below could drag it below 0.6691 (Dec. 31 Low).

    Equities Recap

    Asian shares rallied to 7-month highs as signs of progress in U.S.-China trade talks boosted investor sentiment.

    MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.5 percent.

    Tokyo's Nikkei rose 0.9 percent to 21,713.21 points, Australia's S&P/ASX 200 index gained 0.7 percent to 6,285.00 points and South Korea's KOSPI rallied 1.1 percent to 2,200.89 points.

    Shanghai composite index surged 1.2 percent to 3,214.98 points, while CSI300 index traded 1.2 percent up at 4,020.91 points.

    Hong Kong’s Hang Seng traded 1.05 percent higher at 29,926.25 points. Taiwan shares added 0.1 percent to 10,704.38 points

    Commodities Recap

    Crude oil prices rose for a fourth straight session, as OPEC-led supply cuts and U.S. sanctions offset an industry report showing an unexpected rise in U.S. inventories last week. International benchmark Brent crude was trading 0.4 percent up at $69.69 per barrel by 0457 GMT, having hit a high of $69.82, its highest since Nov. 12. U.S. West Texas Intermediate was trading 0.4 percent up at $62.80 a barrel, after rising as high as $62.87, its highest since the Nov. 7.

    Gold prices steadied, recovering from a 4-week low hit in the previous session, as the greenback eased from multi-week peaks. Spot gold was trading 0.1 percent up at $1,293.04 per ounce by 0511 GMT, having touched a low of $1,285.17 pn Tuesday, its lowest since March 8. U.S. gold futures firmed 0.1 percent at $1,296.90 an ounce.

    Treasuries Recap

    The Japanese government bond prices were little changed, with the 5- and 10-year JGB yields were flat at minus 0.175 percent and minus 0.055 percent, respectively. The 30-year yield dipped 1 basis point to 0.510 percent.

    The Australian government bond futures dipped, with the three-year bond contract off 3 ticks at 98.635. The 10-year contract also fell 3 ticks to 98.1550.

    The New Zealand government bond yields rose as much as 4 basis points at the long end of the curve.

    The Canadian government bond prices were higher across the yield curve, with the 10-year rising 33 Canadian cents to yield 1.664 percent.

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