Asia FX Handover - 18th April 2019
Matt Simpson April 18, 2019 12:08 AM
- AU employment dispelled rate-cut concerns yet failed to invoke a rally. AUD spiked broadly higher on the release, which saw employment beat expectations by 13.7k and unemployment tick higher 5% in line with consensus. Yet the Aussie failed to hold onto gains, and currently trades around the middle of the pack.
- Japan’s flash manufacturing PMI beat expectations although remains in contraction mode for a third consecutive month. Still, at 49.5 it’s the slowest rate of contraction this year, on the verge of moving above 50 and suggests the cycle low could be in.
- A US trade representative is ‘tentatively’ set to travel to Beijing on the week of April 29th.
- JPY is currently the strongest major, NZD and CAD are the weakest. Low ranges overall as we head towards the final sessions ahead of the Easter weekend. Japanese equities tracked Wall Street lower, with US futures down around -0.3%. WTI remains within a potential bull flag, GBP looks uninspired, trading in a tight range just above 1.30.
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