This week’s key macro events are mostly out of the way. However, we still have important data coming from the Antipodean nations in the early hours of Thursday and from Canada on Friday. So, the focus is now going to turn to the commodity currencies. New Zealand will kick...
The U.S. dollar was seen trading on firmer ground yesterday amid a busy trading day. Investor appetite was seen improving across the board.
Economic data from the UK showed that the unemployment rate fell to 4.2%, which was better than the expected 4.3% level. Wage growth was however subdued, rising...
At 08:30 GMT, UK Consumer Price Index (YoY) (Mar) will be released and is expected to be unchanged at 2.7%. Core Consumer Price Index (YoY) (Mar) is expected at 2.5% from 2.4% prior. Consumer Price Index (MoM) (Mar) is expected at 0.3% from 0.4% prior. Producer Price Index –...
Quarterly inflation numbers out of New Zealand on Thursday are expected to show the country’s CPI rate moving back towards the lower end of the Reserve Bank of New Zealand’s target band. The data (due at 22:45 GMT on Wednesday) would likely reaffirm expectations that the RBNZ will be...
Australian dollar strengthens broadly in Asia session as lifted mildly by China's trade data. The Aussie is also among the strongest ones for the week, together with Canadian Dollar and New Zealand Dollar. Euro suffered some selloff overnight, in particular against, Sterling. But the common currency quickly found footing...
New Zealand BusinessNZ Performance of Manufacturing Index (PMI) dropped -1.1 to 52.2 in March. That's also the second consecutive decline in 2018 even though it still signaled expansion.
BusinessNZ's executive director for manufacturing Catherine Beard:
"On a positive note, the proportion of positive comments in March (55.1%) picked up from...
With US Producer Prices data on the way this afternoon, and predicted to be largely as expected, the morning session will be dominated by central bankers, as FOMC Member Kaplan and MPC Member Haldane are due to make separate speeches. The US/China Trade War has been dominating headlines, with...
Week beginning 9 April 2018
Gradual decline in the AUD expected to continue through 2018 as USD stabilises; commodity prices fall; and interest margins widen.
RBA: Governor Lowe speaks, Financial Stability Review.
Australia: Westpac-MI consumer sentiment, housing finance.
NZ: retail card spending, house sales and prices.
China: President Xi...
Trading remains light amid the last day of Easter holiday
Major currencies little changed, while Korean Won makes multi-year high
S&P futures slightly lower ahead of US open after long holiday weekend
China official PMI and Caixin both remain in expansion
Japan Q1 Tankan survey shows first...
Week beginning 2 April 2018
RBA on hold; economic and financial developments further support steady rates in Australia.
Australia: RBA decision, retail sales, dwelling approvals, trade balance, house prices.
NZ: QVNZ house prices.
China: Caixin PMIs.
Euro Area: CPI, unemployment rate.
US: nonfarm payrolls, ISM PMIs.
Key economic &...
With US Personal Consumption Expenditures – Price Index on the way later today, as well as US Jobless data, traders will be watching the USD, which is showing strength as we approach the last trading days of March. USDJPY was up to 107.00 at one point overnight, helped by...
Asian equities trade mixed after largely negative US session
Foreigners net sell Japan equities for 5th straight week: There were record sales in the most recent week
Trade remains in focus: Conflicting press reports regarding whether China is eyeing import curbs on US soybeans
As expected, North...
New Zealand building consents rose 5.7% mom in February verusus 0.0% mom in January.
Key facts from noted in the release:
The seasonally adjusted number of new dwellings consented rose 5.7%.
In the year ended February 2018, 31,245 new dwellings were consented, up 3.6%.
The annual value of building work...
The pattern of risk on/risk off continues today. After opening lower, European indices pare back much losses with FTSE now back in black at the time of writing. US futures also point to slightly higher open. Tech stocks, who were the main reason of yesterday's selloff, recover mildly. Facebook's...
Wednesday March 28: Five things the markets are talking about
Global equities trade on the back foot, with tech and mining names leading the charge lower.
Yesterday stateside, U.S tech shares suffered their worst drop in over a month on concerns over trade tensions, motivated by President Trump's protectionists' moves.
There was some volatility seen yesterday in the forex markets. But as dusts settled, Euro is staying as the strongest one for the week, followed by New Zealand Dollar and Sterling. On the other hand, Yen and Dollar are trading as the weakest one, followed not too far away...
New Zealand ANZ business confidence dropped to -20 in March, down from -19. That means a net 20% of businesses are pessimistic about the year ahead.
Highlights from the release:
Headline business confidence and firms' views of their own activity have trodden water in March, both little changed from the...
Markets continue to gain amid press headlines that China and US are looking to ease trade dispute
Improvement in risk appetite supports Asian currencies
China set yuan at highest level since 2015 devaluation
Australia Iron Ore miner Fortescue cuts price guidance, notes subdued China demand
Risk sentiments stabilized as markets reacted positively to the possibility of a trade deal between US and China. Major European indices are trading higher even though gains are only at 0.35-0.55% in FTSE, CAC and DAX only, at the time of writing. US futures also point to triple digit...
New Zealand February trade balance above expectations
New Zealand economy is showing signs of recovery following recent February trade balance data given at NZD 217million (consensus: -100 million) or USD 157 million, its highest rate after NZD -655 million deficit in January. On the downside however, New Zealand 12 months...
General Trend: Asian Markets trade generally lower following sharp declines on Friday
Japan steel companies continue to be weighed down by trade concerns
Meanwhile, South Korea steelmakers gain on speculation of new trade agreement with US
Nikkei pares more than 1% loss
US equity futures trade higher; US...
The financial markets opened the week rather quietly. Nikkei and KOSPI opened lower and turned black as the session went on. But other major Asian indices stayed slightly in red. US is apparent in talk with China on trade agreement. But no one in the markets is cheering for...
NZD trades generally higher in Asian session after trade balance data.
Accord to Stats NZ Tatauranga Aotearoa, for February 2018 compared with February 2017:
Goods exports rose NZD 446 million (11%) to NZD 4.5 billion.
Goods imports rose NZD 187 million (4.6%) to NZD 4.2 billion, a new high for...
Note: Wednesday is a Bank Holiday in Japan, banks will be closed, and there will be no trading activity due to the Vernal Equinox Day Bank Holiday.
Progress has been made on NAFTA, as the US has backed down and dropped the demand that all vehicles made in Canada and...
At 09:30 GMT, UK Average Earnings excluding Bonus (3Mo/Yr) (Jan) is expected to come in at 2.6%, from 2.5% previously. Claimant Count Change (Feb) is expected at -5.0K, from a previous reading of -7.2K. ILO Unemployment Rate (3M) (Jan) is expected to be unchanged at 4.4%. Average Earnings including...
Asian equity indices trade generally higher, in line with Tuesday’s US session
Energy producers track outperformance in S&P500 Energy index
Chinese automaker Geely reports mixed FY17 results
Tencent rises ahead of earnings report (due after market close)
G20 releases final communique amid lingering trade tensions
The Reserve Bank of New Zealand (RBNZ) will announce its rate decision on Wednesday at 2000 GMT, and policymakers are widely anticipated to stand pat. Given the lack of major developments recently, the Bank seems unlikely to alter its neutral tone, and the financial community appears to view this...
It will be a crucial week for the greenback and sterling next week as the Federal Reserve and Bank of England meet to decide on monetary policy. It will also be an important week for the UK in terms of data as inflation, jobs and retail sales figures are...
Week beginning 19 March 2018
Near term positives set to fade for commodities.
Australia: RBA minutes, Westpac-MI leading index, labour force.
NZ: RBNZ policy decision and targets review, Westpac-MM consumer confidence.
China: property prices.
Euro Area: EU Summit.
US: FOMC policy decision.
UK: BoE policy decision.
Markit flash PMIs.
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