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Asia roundup: antipodeans consolidate within narrow ranges, Dollar rebounds against Yen as trade war concerns recede, Asian shares rally - Tuesday, March 6th, 2018

Source FxWire Pro - Media Round Ups Tuesday, 6 Mar, 2018 07:13:24 GMT
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Market Roundup

  • Trump faces pushback on tariffs but says he will not back down
     
  • Japan urges the U.S. to shun steel tariffs but makes no threats
     
  • Kuroda warns of risks to BOJ's projected timing for hitting price goal
     
  • Australia's central bank holds rates, sounds less upbeat on growth
     
  • Australian gov't spending rescues economic growth as exports drag
     
  • Australia Q4 Net Exports contribution, -0.50% vs 0.00% last, -0.60% forecast
     
  • Australia Jan Retail sales m/m, 0.1% vs -0.5% last, 0.4% forecast
     
  • Italy's League, 5-Star vie for power after the inconclusive vote
     
  • German coalition deal no "blank cheque" for Europe, conservative tells SPD
     
  • UK Feb BRC like-for-like retail sales +0.6% y/y, Jan +0.6%
     
  • Total sales +1.6% y/y, biggest rise since September, Jan +1.4%
     
  • N. Korea leader wants to advance Korea ties, makes agreement with South -KCNA
  • China defends hike in military spending as proportionate and low
     

Economic Data Ahead

  • (0315 ET/0815 GMT) Switzerland Feb CPI, 0.2% m/m, 0.6% y/y eyed; -0.1%, 0.7% prev

Key Events Ahead

  • (0300 ET/0800 GMT) Riksbank Gov Ingves and Dep Gov Ohlsson appear before Riksdag Committee on Finance
     
  • (0515 ET/1015 GMT) Austria E1.15/E1.15 bln for 4/10 year auctions
     
  • (0535 ET/1035 GMT) Germany E0.5/E0.5 bln for 8/12 year auction
     
  • (0535 ET/1035 GMT) Great Britian Stg 2.25 bln for 5 year auction
     
  • (0730 ET/1230 GMT) New York Fed President William Dudley speaks in virgin Islands

FX Beat

DXY: The dollar index declined as concerns about a trade war gripped markets after Trump announced his plan for steel and aluminium tariffs. The greenback against a basket of currencies traded 0.1 percent down at 89.93, having touched a low of 89.83 the day before, its lowest since Feb. 27. FxWirePro's Hourly Dollar Strength Index stood at -79.83 (Slightly Bearish) by 0500 GMT.

EUR/USD: The euro rose, extending gains for the fourth straight session, as the creation of a coalition government in Germany eased political uncertainty. The European currency traded 0.1 percent up at 1.2346, having touched a low of 1.2155 on Thursday, its lowest since Jan. 12. FxWirePro's Hourly Euro Strength Index stood at 82.97 (Slightly Bullish) by 0500 GMT. Investors’ attention will remain on series of data from the Eurozone economies, ahead of U.S. factory orders and Fed officials' speeches. Immediate resistance is located at 1.2412 (Feb 20. High), a break above targets 1.2465 (Feb 14 High). On the downside, support is seen at 1.2265 (Mar 1 Low), a break below could drag it lower 1.2221 (Feb 27 Low).

USD/JPY: The dollar edged up against the Japanese yen on receding fears about a trade war stemming from U.S. President Donald Trump's proposed tariffs on imported steel and aluminium. The major was trading 0.05 percent up at 106.20, having hit a low of 105.25 on Friday, its lowest since Nov. 2016. FxWirePro's Hourly Yen Strength Index stood at 2.36 (Neutral) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. factory orders and Fed officials' speeches. Immediate resistance is located at 106.77 (10-DMA), a break above targets 107.40 (21-DMA). On the downside, support is seen at 105.35 (Previous Session Low), a break below could take it lower 104.90.

GBP/USD: Sterling declined after rising to a 3-day high in the previous session on a Bloomberg report, that cited British Prime Minister Theresa May was close to securing a transition deal with the European Union. The major traded 0.1 percent down at 1.3838, having hit a low of 1.3712 on Thursday, it’s lowest since Jan 12. FxWirePro's Hourly Sterling Strength Index stood at 49.91 (Neutral) by 0500 GMT. Investors’ focus will remain on the BoE member Haldane speech, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.3888 (10-DMA), a break above could take it near 1.3917 (21-DMA). On the downside, support is seen at 1.3711, a break below targets 1.3665. Against the euro, the pound was trading 0.2 percent down at 89.21 pence, having hit a low of 89.51 pence on Friday, it’s lowest since Nov. 28, 2017.

AUD/USD: The Australian dollar consolidated within narrow ranges ahead of domestic gross domestic product, which is expected to expand by around 0.6 percent in the December quarter. The Aussie trades 0.1 percent up at 0.7774, having hit a low of 0.7712 on Thursday; it’s lowest since Dec 26. FxWirePro's Hourly Aussie Strength Index stood at -4.79 (Neutral) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7699 (Dec 22 Low), a break below targets 0.7653 (Dec 21 Low). On the upside, resistance is located at 0.7805 (10-DMA), a break above could take it near 0.7840 (21-DMA).

Equities Recap

Asian shares rebounded from near three-week lows, while the greenback against a basket of currencies eased after U.S. President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminium tariffs.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 1.3 percent.

Tokyo's Nikkei gained 1.8 percent to 21,417.76 points, Australia's S&P/ASX 200 index surged 1.2 percent to 5,962.40 points and South Korea's KOSPI rallied 1.6 percent to 2,412.55 points.

Shanghai composite index rose 0.8 percent to 3,281.45 points, while CSI300 index was trading 0.9 percent up at 4,054.81 points.

Hong Kong’s Hang Seng was trading 2.1 percent higher at 30,498.65 points. Taiwan shares added 1.3 percent to 10,784.34 points.

Commodities Recap

Crude oil prices rose, extending gains for a third straight session, underpinned by robust demand forecasts. International benchmark Brent crude was trading 0.1 percent up at $65.61 per barrel by 0456 GMT, having hit a low of $63.21 on Thursday, its lowest since Feb. 15. U.S. West Texas Intermediate was trading 0.1 percent up at $62.67 a barrel, after rising as low as $60.17 on Friday, its weakest since Feb. 15.

Gold prices edged up, reversing some of its previous session losses, amid worries about a global trade war as U.S. President Donald Trump faced pressure from political and trade allies over his plan for steel and aluminum tariffs. Spot gold was trading up 0.2 percent at $1,323.24 per ounce at 0500 GMT, having fallen to its lowest level since Jan. 2 at $1,302.68 on Thursday. U.S. gold futures for April delivery rose 0.3 percent to $1,323.70 per ounce.

Treasuries Recap

The 10-year U.S Treasury yield stood at 2.884 percent higher by 0.006 bps, while 5-year yield was 0.008 bps up at 2.650 percent.

The Japanese government bonds slid as investors hope to see a slight upward push in the country’s fourth-quarter gross domestic product (GDP), scheduled to be released on March 7. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose nearly 1 basis point to 0.05 percent, the yield on the long-term 30-year note flattened at 0.74 percent and the yield on short-term 2-year traded tad higher at -0.16 percent.

The Australian bonds plunged during early Asian session, tracking similar overnight movement in the U.S. Treasuries as investors hope to avoid a trade war over the coming months, thus weighing on safe-haven instruments. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, jumped 6-1/2 basis points to 2.82 percent, the yield on the long-term 30-year note surged 8 basis points to 3.41 percent and the yield on short-term 2-year traded 4-1/2 basis points up at 2.01 percent.

The Canadian government bond prices were higher across much of the yield curve. The two-year rose 4.5 Canadian cents to yield 1.748 percent and the 10-year gained 6 Canadian cents to yield 2.192 percent. The 10-year yield touched its lowest intraday since Jan. 11 at 2.145 percent, while the gap between it and its U.S. equivalent widened by 3.1 basis points to a spread of -68.9 basis points, its widest since June 12.

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