Asia FX Handover 22nd March 2018
FOREX.com March 21, 2019 7:55 PM
A snapshot view of currency moves throughout the Asia session, ahead of the UK open.
- Japan’s 10-year JGB yield fell to its lowest level since November 2016 on weaker data. At 0.7%, core inflation missed forecasts although at 0.2% for the month it landed on target. Manufacturing PMI contracted for a 2nd month at 48.90, with new orders falling at their fastest rate in 3 years. Overall, not great.
- US identified 2 Chinese ships evading NK sanctions weighing on equities in the region. Japanese equities also felt the pressure form weak domestic data. Shares in Australia and New Zealand bucked the trend to trade higher for the session.
- Sterling supported by May’s 2-week reprieve from leaving the EU. Cable finds stability above 1.31 after its most bearish close in 7 sessions. With EUR/USD trapped between the 50-200 averages, it mulls its next move after printing a bearish inside day. AUD/USD treads water around 71c after printing a spinning top Doji yesterday. USD/CAD finds resistance below 1.3400 and CAD/CHF sits on key support ahead of Canada’s CPI reads later today. Narrow ranges overall though.
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