Global Markets:

  • Asian stock markets: Nikkei up 1.10 %, Shanghai Composite fell 0.20 %, Hang Seng gained 0.70 %, ASX 200 rallied 1.15 %
  • Commodities: Gold at $1254 (-0.15 %), Silver at $18.09 (-0.15 %), WTI Oil at $48.00 (+0.50 %), Brent Oil at $51.10 (+0.40 %)
  • Rates: US 10-year yield at 2.38, UK 10-year yield at 1.17, German 10-year yield at 0.40

News & Data:

  • South Korean GDP (QoQ) Q4 F: 0.50%(est 0.40%; prev 0.40%)
  • South Korean GDP (YoY) Q4 F: 2.4% (est 2.3%; prev 2.3%)
  • ANZ Roy Morgan Weekly Consumer Confidence Index March 26: 113.8 (prev 112.0)
  • PBoC Fixes USDCNY Reference Rate At 6.8782 (prev fix 6.8701 prev close 6.8767)
  • Fed’s Kaplan: Inflation Continue to Move Towards 2%
  • Kaplan: Fed Would Be Wise to Move Gradually and Patiently
  • Stocks, dollar recover as markets try to move past Trump’s policy stumble – RTRS
  • Weaker dollar lifts oil futures, but soaring U.S. output weighs – RTRS
  • Inflation would have to be much stronger for four rate hikes in 2017: Fed’s Evans – RTRS

Markets Update:

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Sentiment in the stock market improved slightly. US stock indices were able to reverse losses yesterday, and overnight, most of the Asian indices finished the day with a gain. While there still remains uncertainty around US President Trump’s planned tax reform, the market seems to have confidence in it for now.

The Dollar recovered as well. EUR/USD ran into heavy resistance above 1.09 and fell back to 1.0855 overnight. The outlook is positive from a technical perspective, but there is still plenty of resistance on the way to 1.10. Similar price action was seen in GBP/USD, which struggled above 1.26. However, the next notable resistance level there lies at 1.27, near the 200 daily moving average.

The Australian Dollar has been consolidating in a rather tight range in the past three trading days. Should sentiment in the stock market pick up further, the currency could recover though. Support at 0.76 has held convincingly, and a break back above 0.7660 would signal that another test of 0.7750 could follow.

Upcoming Events:

  • 15:00 GMT – US CB Consumer Confidence
  • 15:00 GMT – US Richmond Manufacturing Index
  • 15:10 GMT – Bank of Canada Governor Poloz speaks

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