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Americas roundup:dollar falls as Korea talk offsets trade worries,Wall street gains in choppy trade,gold rallies 1.4 pct,Oil prices edge up ahead of U.S. inventory data-march 7th, 2018

Source FxWire Pro - Media Round Ups Tuesday, 6 Mar, 2018 21:19:59 GMT
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Market Roundup

• Trump sees 'possible progress' in North Korea denuclearization.

• U.S. Jan Factory Orders MM, -1.4%, -1.3% forecast, 1.7% previous, 1.8% revised.

• U.S. Jan Durables Ex-Def, R MM, -2.6%, -2.7% previous.

• U.S. Jan Durable Goods, R MM, -3.6%, -3.7% previous.

• U.S. Jan Durables Ex-Transpt R MM, -0.3%, -0.3% previous.

• U.S. Jan Nondef Cap Ex-Air R MM, -0.3%, -0.2% previous.

• U.S. Jan Factory Ex-Transp MM, 0.4%, 0.7% previous, 0.9% revised.

• U.S. Redbook MM w/e, -0.5%, -0.6% previous.

• U.S. Redbook YY w/e, 3.8%, 3.3% previous.

• Mexico minister says NAFTA must remain a trilateral accord.

• Germany's economic boom pushes job vacancies to record high.

• CA Feb Ivey PMI, 58.4, 51.3 previous.

• CA Feb Ivey PMI SA, 59.6, 55.2 previous.

• Japan central bank chief tempers talk of easy policy exit.

Looking Ahead - Economic Data (GMT)

• 6 Mar 22:30 Australia Feb AIG Construction Index, 54.3 previous

• 6 Mar 23:50 JP Feb Foreign Reserves USD, 1,268.50 bln 

• 7 Mar 00:30 Australia Q4 GDP QQ, 0.6% forecast, 0.6% previous

• 7 Mar 00:30 Australia Q4 GDP YY, 2.5% forecast, 2.8% previous

• 7 Mar 00:30 Australia Q4 GDP Final Consumption QQ, 0.2% previous

• 7 Mar 00:30 Australia Q4 GDP Capital Expenditure, 1.8% previous

• 7 Mar 00:30 Australia Q4 GDP Chain Price Index, 0.0% previous

• 7 Mar 05:00 Japan Jan Coincident Indicator MM, 2.8 previous

• 7 Mar 05:00 Japan Jan Leading Indicator, -0.3 previous

• 7 Mar 08:00 China Feb FX Reserves (Monthly), 3.160 trln forecast, 3.161 trln previous

Looking Ahead - Events, Other Releases (GMT)

• 00:00 Fed's Lael Brainard speaks on "Economic and Monetary Policy Outlook" before the Money Marketers of New York University Forum - New York

• 01:30 Fed's Robert Kaplan participates in moderated question-and-answer session before CERA Week event - Houston

• 08:00 Riksbank executive board meeting – Stockholm

• 12:30 Fed's William Dudley participates in neighborhood recovery tour - San Juan, Puerto Rico

• 13:00 Fed's Raphael Bostic speaks on the economic outlook in a fireside chat at the Broward Workshop - Fort Lauderdale, Florida

• 13:20 Fed's William Dudley participates in discussion with economists on current economic conditions and recovery
efforts in the aftermath of hurricanes Irma and Maria at event hosted by the Puerto Rico Chamber of Commerce - San Juan, Puerto Rico

• 15:00 Bank of Canada key policy interest rate announcement – Ottawa

• 19:00 Federal Reserve issues its Beige Book on economic condition - Washington, D.C.

Currency Summaries

EUR/USD is likely to find support at 1.2326 levels and currently trading at 1.2407 levels. The pair has made session high at 1.2419 and hit lows at 1.2385 levels. Euro strengthened against dollar on Tuesday as traders bet on riskier currencies on news North and South Korea would hold their first summit in more than a decade and after the South said the North was willing to discuss denuclearization with the United States. North and South Korea, still technically at war but with tensions having eased since the Winter Olympics hosted by the South last month, will hold their first summit in more than a decade next month, South Korea said on Tuesday. It added that the North would suspend nuclear tests while proposed talks with the United States on denuclearization were underway. Investors watched anxiously for signs U.S. President Donald Trump would scrap proposed tariffs. U.S. lawmakers stepped up calls for Trump to pull back from proposed import tariffs on steel and aluminum while others talked down the possibility of a trade war, helping to calm nerves after the President's proposal sparked a sell-off Thursday. The dollar index, tracking it against a basket of major currencies, fell 0.5 percent, with the euro 0.53 percent at $1.24. The dollar index touched its lowest since Feb. 20.

GBP/USD is supported in the range of 1.3813 levels and currently trading at 1.3895 levels. It reached session high at 1.3925 and dropped to session low at 1.3841 levels. Sterling strengthened against the dollar on Tuesday as a broad-based rebound in risk prompted investors to buy the British currency though gains were checked before draft guidelines on a trade agreement between the EU and Britain are published on Wednesday. The chairman of European Union leaders Donald Tusk will present draft guidelines on what the bloc would like to see in a trade agreement with Britain after the country leaves in 2019 and which will be used as basis for further negotiations. Risky assets received a boost on news that South and North Korea would hold their first summit in more than a decade, with sterling pushed higher after struggling in recent days. The development on the tense Korean peninsula sent the struggling dollar down half a percent against a basket of its rivals to the day's lows, buoyed European and U.S. stocks higher, and nudged bond yields upwards. The pound rallied half a percent to the day's highs of $1.3929 before trimming some of those gains to be up 0.3 percent on the day. Earlier in the session, it had fallen 0.1 percent to $1.3835.But it struggled against the euro, with the British currency weakening 0.2 percent to 89.28 pence

USD/CAD is supported at 1.2842 levels and is trading at 1.2889 levels. It has made session high at 1.2994 and lows at 1.2860 levels. The Canadian dollar strengthened against its U.S. counterpart on Tuesday, rebounding from an eight-month low hit the day before, as trade war fears eased and a historic agreement between North Korea and South Korea boosted risk appetite. South Korea said it would hold a summit with North Korea for the first time in more than a decade, which investors took as a cue to sell the U.S. dollar and buy commodity-linked currencies, which tend to outperform as the outlook for the global economy improves. The price of oil, one of Canada's major exports, rose 0.6 percent and global stocks climbed, helped also by increasing resistance to U.S. President Donald Trump's proposed tariffs on steel and aluminum. A number of countries including Canada, which is the largest supplier of both metals to the United States, have threatened to retaliate to the tariffs. Gains for the loonie came after Mexican and U.S. officials pushed on Monday to speed renegotiation of the North American Free Trade Agreement, with the United States floating the idea of reaching an agreement "in principle" in coming weeks to avoid political headwinds later this year. The Canadian dollar was trading 0.6 percent higher at C$1.2896 to the greenback, or 77.58 U.S. cents, its first advance since Feb. 23.The currency traded in a range of C$1.2865 to C$1.2995. On Monday, it touched its weakest since July 5 at C$1.3002.

AUD/USD is supported around 0.7750 levels and currently trading at 0.7822 levels. It hit session high at 0.7841 and made session lows at 0.7759 levels. The Australian dollar gained against US dollar on Tuesday as investors wagered that U.S. President Donald Trump's threatened tariffs might not prove as disruptive as first feared, reviving the appetite for risk. The Aussie dollar crept up 0.3 percent to $0.7816, off last week's two-month trough at $0.7713, supported by a bounce in Asian share markets as Trump faced growing pressure from political and nation-state allies to pull back from proposed steel and aluminium tariffs. There was little reaction to the Reserve Bank of Australia's widely-expected decision to leave interest rates at 1.5 percent, but there were concerns the Aussie could come under pressure as the RBA sounded a cautionary note on growth at its monthly policy meeting. Figures due Wednesday were forecast to show Australia's gross domestic product (GDP) expanded by around 0.6 percent in the December quarter. But following recent disappointing economic indicators, investors are now looking for a rise of around 0.5 percent, with annual growth slowing to 2.4 percent. Investors were also eyeing the news that North Korea was open to the possibility of talks with the United States on denuclearization.

Equities Recap

European shares bounced off six-month lows on Tuesday as the focus shifted from politics to dealmaking and earnings, with paper and packaging stocks soaring after Smurfit Kappa rejected a bid approach.

UK's benchmark FTSE 100 closed up by 0.51 percent, the pan-European FTSEurofirst 300 ended the day up by 0.17 percent, Germany's Dax ended up by 0.20 percent, France’s CAC finished the day up by 0.12 percent.

U.S. stocks eked out a small gain on Tuesday after a choppy session as investors worried about the prospects of a trade war due to mixed signals from Washington on whether U.S. President Donald Trump would follow through with proposed tariffs.

Dow Jones closed up by 0.04 percent, S&P 500 ended up 0.26 percent, Nasdaq finished the day up by 0.57 percent.

Treasuries Recap 

U.S. Treasury yields were little changed on Tuesday in choppy trading as optimism grew that U.S. President Donald Trump may back down from proposed steel and aluminum tariffs that have prompted concerns about a global trade war.

Benchmark 10-year note yields were last at 2.879 percent, unchanged on the day.

Commodities Recap

Gold prices rose more than 1 percent on Tuesday as the U.S. dollar slid after North Korea signaled that it is open to nuclear talks and investors worried about aggressive U.S. trade policy.

Spot gold gained 1.1 percent at $1,334.79 per ounce by 1:33 p.m. EST (1833 GMT), while U.S. gold futures for April delivery settled up $15.30, or 1.2 percent, at $1,335.20.

Oil prices rose on Tuesday, supported by a weaker dollar but U.S. crude's gains were limited by forecasts for a weekly rise in U.S. crude stockpiles.

Brent crude futures rose 24 cents to $65.78 a barrel, a 0.4 percent gain, by 1:13 p.m. EST (1813 GMT).

U.S. West Texas Intermediate (WTI) crude futures edged up 3 cents, or 0.1 percent, to $62.60 a barrel.

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