Asia FX Handover 26th April 2019

  • Trade wars weighed on Japan’s industrial output, which saw its sharpest drop in nearly 4 years and inventories rise at their fastest pace in a year. This, alongside weak South Korean GDP yesterday saw Asian equities move into the red.
  • Australian PMI data slightly ticked lower at 1.9% YoY vs 2.0% prior and 0.4% QoQ vs 0.5% prior. Still, not as much of a shock to the system as Wednesday’s epic CPI miss which has seen calls for a May cut rise.
  • NZD and AUD are the strongest majors as USD strength takes a breather and allowed them to recover from their lows, JPY is the weakest.
  • Markets are treading water ahead of Q1 GDP data from US later today, where there’s quite a split among expectations. Whilst a Reuters poll is expecting it to drop to 2% from 2.2% prior, the Fed Atlanta’s GDPNow is penciling in 2.7%. 

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