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2 Mar 2015
Market Movers: AUD worst performer in the Asian trade – TDS
FXStreet (Barcelona) - Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities, summarizes the market performance in the Asian trade, noting that AUD was the worst performing currency in the G10 FX space, down -0.5%, while CAD was the only currency up against the Dollar.
Key Quotes
“USD was better bid on Friday night despite a mixed bag of data :- Chicago PMI hitting a 5.5yr low, Q4 GDP in line at 2.2% while the Final Uni of Michigan was up. The EUR was also weaker heading into ECB QE and comments from Constancio (ECB VP) that the EUR should weaken.”
“The USD remained firm in Asian trade, +0.1% with the AUD the worst performing G10 performer, now –0.5% at US$0.7770.”
“The AUD got a very brief lift on the open, on news of the PBoC weekend rate cut but gains were fleeting even after the better PMI reads as weak company profits and low inventory data look set to weigh on GDP out Wed and ahead of tomorrow’s RBA board meeting (market is 50/50 on tomorrow’s rate decision).”
“Only the CAD is up against the USD today, +0.15% right at US$0.80.”
“The US 10yr yield is up just over 1 bps, 3yr ACGB +1 bp and the 10yrs +3.5 bps. NZ yields are unchanged.”
“Equities are up across the region, Chinese, Australian and Korean equities +0.5%+ and India flat.”
“Commodities are mixed, Gold is up close to US$10 to US$1220, copper is +0.35%, but iron ore futures are –0.8% weaker while brent crude is 0.7% weaker.”
Key Quotes
“USD was better bid on Friday night despite a mixed bag of data :- Chicago PMI hitting a 5.5yr low, Q4 GDP in line at 2.2% while the Final Uni of Michigan was up. The EUR was also weaker heading into ECB QE and comments from Constancio (ECB VP) that the EUR should weaken.”
“The USD remained firm in Asian trade, +0.1% with the AUD the worst performing G10 performer, now –0.5% at US$0.7770.”
“The AUD got a very brief lift on the open, on news of the PBoC weekend rate cut but gains were fleeting even after the better PMI reads as weak company profits and low inventory data look set to weigh on GDP out Wed and ahead of tomorrow’s RBA board meeting (market is 50/50 on tomorrow’s rate decision).”
“Only the CAD is up against the USD today, +0.15% right at US$0.80.”
“The US 10yr yield is up just over 1 bps, 3yr ACGB +1 bp and the 10yrs +3.5 bps. NZ yields are unchanged.”
“Equities are up across the region, Chinese, Australian and Korean equities +0.5%+ and India flat.”
“Commodities are mixed, Gold is up close to US$10 to US$1220, copper is +0.35%, but iron ore futures are –0.8% weaker while brent crude is 0.7% weaker.”