Asia FX Handover - 8th March 2019
Matt Simpson March 7, 2019 11:59 PM
- It was a sea of red across Asian equities after ECB announced a new round of TLTRO’s and slashed growth forecasts. And that was before China’s exports plummeted 20.1% YoY, seeing Chinese equities lead the way to the bottom of the pack.
- JPY remained the strongest major during slight risk-off trade, with CAD/JPY and AUD/JPY competing for the worst session following poor Chinese trade data. Not liking the yen inflows, Japan’s Finance Minister reiterated they’re ‘always monitoring FX’ and on standby to respond to excessive volatility or disorderly flows.
- EUR/USD is consolidating near its 21-month low ahead of today’s nonfarm payroll report. Not content with being yesterday’s biggest loser, EUR/JPY extended losses overnight. Narrow ranges elsewhere for FX although note that Canada releases employment alongside NFP so keep an eye on CAD crosses too.
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