Asia FX Handover - 13th March 2019
Matt Simpson March 13, 2019 5:33 AM
A snapshot view of currency moves throughout the Asia session, ahead of the UK open.
- A typically quiet session following the Brexit-related whipsaws on GBP pairs yesterday. GBP was the strongest major, although we wouldn’t read too much into it given the bearish closes and wide-ranging bars.
- AUD and NZD are today’s weakest majors after Australian consumer sentiment was estimated to be its most pessimistic since September 2017, according to Westpac’s read. Still, whilst the battle of the weaklings continues, we’re keeping a tentative eye on AUD/NZD’s potential to mean revert from its lows.
- Japan’s machine orders continue to disappoint as the trade wars bites, falling at its fastest rate since September.
- The positive sentiment for equities lacked legs to see Asian shares fall broadly lower, led by Japan. WTI remains supported around $57 whilst gold’s retracement has seen it trade above $1300 but stall at the 38.2% Fibonacci level. DXY treads water in a small range around 97, US10Y is consolidating around 2.6% after printing a bearish outside day.
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