FX News Today
- Bond and stock markets came under pressure during the Asian session.
- The US-North Korea summit ended abruptly and without any ceremony, which weighed on investor sentiment and saw stock markets heading south in Asia.
- Chinese manufacturing PMI numbers, which fell back to 49.2 from 49.5, and escalating tensions between India and Pakistan added to the risk-off backdrop.
- Topix and Nikkei both lost -0.79%, the Hang Seng is down -0.19%, CSI and Shanghai Comp lost -0.14% and -0.38%, but the Shenzen Comp managed to claw back some of yesterday’s marked losses.
- The ASX and Nifty outperformed and managed slight gains.
- US futures are also heading south, as oil prices are lower on the day and the April WTI future is trading at USD 56.76 per barrel.
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Oil was a big mover yesterday, up and then down on reports of record US production, after the Inventories showed a draw-down of 8 million barrels against expectations of a increase off 2.8 million.
Charts of the Day
Main Macro Events Today
- US GDP and PCE – US Q4 GDP is expected to have grown by 2.3% on an annualised rate, compared to 3.4% in Q3. PCE inflation is expected to have stood at 1.7%, increasing from 1.5% in the previous quarter.
- Canada Current Account – The Canadian current account deficit is expected to have widened in the final quarter of 2018, with consensus forecasts standing at 13.5B, compared to 10.3B in the previous quarter.
- Chicago PMI – The Chicago PMI is expected to have increased to 57, compared to 56.7 in January.
- Tokyo Core CPI and Japan Unemployment Rate – The Tokyo Core CPI, a proxy for overall Japanese inflation, is expected to have stood at 1% y/y in February, compared to 1.1% in January.
Support and Resistance
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Dr Nektarios Michail
Market Analyst
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