FX News Today
- 10-year Treasury yields are down -0.4 bp at 2.519% and JGB rates up 0.2 bp at -0.052%, as Asian stock markets traded narrowly mixed, with threats of new tariffs on European goods from President Trump adding to the cautious tone in the markets.
- Topix and Nikkei are down -0.26% and 0.06% respectively, the Hang Seng is up 0.22% and CSI 300 and Shanghai Comp up 0.11% and down -0.27% respectively, while the ASX closed down -0.01%, despite better than expected loans data.
- US futures are also posting slight losses and overall it seems investors are in a holding position ahead of the earnings season and with no firm agreement on US-Sino trade talks yet.
- Trump’s renewed threat of tariffs on European goods meanwhile acts as a reminder that geopolitical trade tensions are far from resolved.
- Oil prices meanwhile continue to hold above USD 64 per barrel amid fighting in Libya.
Charts of the Day
Technician’s Corner
- EURUSD stabilized around the 1.125 level, unable to break past the 1.1276 level. Support stands at 1.1256, with indicators showing mixed signs.
- GBPUSD broke through the 1.3067 level and is currently bound by the 200HMA at 1.3090, after positive news regarding a meeting between May, Merkel, and Macron. Support remains at 1.3067.
- USDJPY continues its downwards move towards the 111.22 level capped by the 200HMA, as soft Resistance is at 111.50. Indicators are suggesting a pause of the movement.
- XAUUSD is trading between the 1295-1300 marks, above its 200HMA and with indicators showing a slight downwards movement.
Main Macro Events Today
- JOLTS Job Openings (USD, GMT 14:00) – Job vacancies are expected to have declined to 7.55M in February, compared to 7.58M in January.
Support and Resistance
Click here to access the Economic Calendar
Dr Nektarios Michail
Market Analyst
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