Asia FX Handover Markets Pause For Breath

  • A much quieter today in Asia, with markets digesting the latest tensions between US and China and awaiting their next moves. China has accused US of ‘naked economic terrorism’, whilst its been reported the is seeking funds to reduce US alliance on China’s rare earth metals.
  • The slightly soothed in tensions saw a reversal of risk late US and paves the way for a potential technical bounce today if sentiment or data allows. That said, Asian equities are trading mostly in the red although volatility is subsided somewhat, whilst Index futures are mixed. AUD and NZD are the strongest majores, although very minor ranges overall.
  • The bulk of data was from Australia, where building approvals fell -4.9%, below expectations but much higher than -13.4% previously.  Headline capex missed but the forward looking (investment) component beat expectations. Still, it wasn’t enough to move AUD/USD out of this week’s 34-pip range.
  • New Zealand government how vowed to spend $3.8 billion NZD in their ‘wellbeing’ budget, which focuses on mental health and child poverty, adding they’re not just measuring success by GDP, but the wellness of the people.

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