Entering into US session, Yen remains the weakest one today as markets are back on risk on mode. It somehow started yesterday with better than expected US GDP. China Caixin PMI manufacturing improved to 49.9 in February, just 0.1 below 50. German retail sales rose strongly by 3.3% mom while unemployment dropped more than expected by -21k. UK PMI manufacturing just dropped slightly to 52.0. The theme of bottoming of slowdown could be being built up.
With turn around in market sentiments, commodity currencies are now broadly higher today. Euro follows NZD, AUD and CAD as helped by extended rally in German 10-year yield, which hit 0.2 handle. Dollar is turned mixed. Focus will turn to US personal income and spending and ISM manufacturing for source of more optimism.
Over the week, Sterling remains the strongest one though, followed by Euro and then Swiss Franc. Yen is the weakest one followed by Aussie and then Kiwi.
In Europe, currently:
- FTSE is up 0.51%.
- DAX is up 1.23%.
- CAC is up 0.72%.
- German 10-year yield is up 0.0149 at 0.20.
Earlier in Asia:
- Nikkei rose 1.02%.
- Hong Kong HSI rose 0.63%.
- China Shanghai SSE rose 1.80% to 2994.01, just missed 3000.
- Singapore Strait Times rose 0.24%.
- Japan 10-year JGB yield rose 0.0164 to -0.009, still negative.
