Asia FX Handover 2nd April 2019

  • RBA held the cash rate at 1.5% as widely expected and maintained their confidence in the employment market. On the data-front, online retail sales plunged by -3.4% in February, its fastest rate since records began in 2016. Although building approvals smashed expectations by increasing 19.1% in March (versus -1% expected).
  • NZ business sentiment dropped again on the back of softer growth, with business expecting a higher chance of a rate cut. NZD and AUD are today’s weakest majors.
  • GBP weakened earlier in the session as the UK parliament rejected four last-minute alternative Brexit options.
  • Asian equities struggled to maintain ‘PMI momentum’, paring earlier gains despite a firmer ISM manufacturing set from the US.

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