Asia FX Handover – 14th March 2019
Matt Simpson March 14, 2019 4:55 AM
- GBP is today’s weakest major, paring gains made during yesterday’s explosive moves. GBP/USD is today’s biggest mover at -0.74% and EUR/GBP the biggest gainer at +0.65%. Traders now look towards today’s vote where a delayed Brexit appears to the be the likely outcome.
- AUD is the second weakest major, weighed down by a slightly stronger greenback and weaker commodities surrounding mixed China data. Retail sales met expectations and fixed asset investment data beat, whilst industrial production fell to its lowest rate since 2002 of 5.3%. That said, by adjusting the data to remove the ‘lunar effect’ (by averaging Feb and March data) it comes in at 5.5% YoY, so not a multi-year low.
- USD is today’s strongest major, allowing DXY to trade cautiously higher after its worst close in 6-weeks. US10Y sits around 2.63% after printing a small-bullish candle yesterday (over the near-term we remain bearish below 2.675). Gold and silver retreated from their highs, although their structures remain bullish.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.