Global Markets:
- Asian stock markets: Nikkei up 0.40 %, Shanghai Composite fell 2.85 %, Hang Seng declined 0.95 %, ASX 200 rose 0.50 %
- Commodities: Gold at $1225.70 (+0.45 %), Silver at $14.72 (+0.20 %), WTI Oil at $32.95 (+0.50 %), Brent Oil at $35.60 (+1.45 %)
- Rates: US 10 year yield at 1.75, UK 10 year yield at 1.41, German 10 year yield at 0.15
News & Data:
- Japan Industrial Production (MoM) Jan, P: 3.7% (exp 3.2% prev 1.7%)
- Japan Industrial Production (YoY) Jan, P: -3.8% (exp -3.8% prev -1.9%)
- Japan Retail Sales (MoM) Jan, P: -1.1% (exp 0.1% prev rev -0.3%)
- Japan Retail Sales (YoY) Jan, P: -0.1% (exp 0.1% prev -1.1%)
- Australia Private Sector Credit (MoM) Feb: 0.5% (exp 0.5% prev 0.5%)
- Australia Private Sector Credit (YoY) Feb: 6.5% (exp 6.5% prev 6.5%)
- New Zealand M3 Money Supply (YoY) Jan: 7.6% (prev 8.1%)
- New Zealand ANZ Business Confidence (Feb): 7.1 (prev 23.0)
- New Zealand ANZ Activity Outlook (Feb): 25.5 (prev 34.4)
- New Zealand Building Permits (MoM) Jan: -8.2% (prev 2.3%)
- PBoC Fixes Yuan At 6.5452 (prev 6.5338)
- EU’s Dijsselbloem: G20 To Tell Each Other In Advance About Moves That Could Devalue FX — HBL
- SNB Head Jordan: Could Change Exemption Level On Negative Rates — RTRS
CFTC Positioning Data:
- EUR short 47K vs. 48K short prior week
- GBP short 33K vs. 36K short prior week
- JPY long 53K vs. 48K long prior week
- CAD short 37K vs. 45K short prior week
- CHF short 2K vs. 4K short prior week
- AUD long 10K vs. 3K long prior week
- NZD short 7K vs. 8K short prior week
Upcoming Events:
- 07:00 GMT – German Retail Sales
- 10:00 GMT – Italian CPI
- 10.00 GMT – Euro Zone CPI
- 15:00 GMT – US Pending Home Sales
- 22:30 GMT – Australia AIG Manufacturing Index
Markets Update:
The US Dollar and Japanese Yen strengthened overnight, while the New Zealand Dollar fell sharply after weak economic data. USD/JPY started the new trading week at 114.00, but eventually fell to a low of 113.30 as stocks opened lower. EUR/USD traded in a 1.0908-35 range, while GBP/USD consolidated between 1.3841-67. NZD/USD fell from 0.6625 to 0.6565 after both Business Confidence and Activity Outlook data arrived much lower than expected. Lower than anticipated building permits figures added to the already negative sentiment. USD/CAD rose slightly overnight, from 1.3515 to 1.3556, AUD/USD consolidated in a 0.7110-33 range.
The Week Ahead:
Tuesday, March 1st
- 00:30 GMT – Australian Current Account
- 00:30 GMT – Australian Building Approvals
- 01:00 GMT – Chinese Manufactureing PMI
- 01:00 GMT – Chinese Non-Manufacturing PMI
- 01:45 GMT – Chinese Caixin Manufacturing PMI
- 03:30 GMT – Reserve Bank of Australia Rate Decision
- 03:30 GMT – RBA Statement
- 08:45 GMT – Italian Manufacturing PMI
- 08:50 GMT – French Manufacturing PMI
- 08:55 GMT – German Manufacturing PMI
- 08:55 GMT – German Unemployment Rate
- 08:55 GMT – German Unemployment Change
- 09:00 GMT – Euro Zone Manufacturing PMI
- 09:30 GMT – UK Manufacturing PMI
- 13:30 GMT – Canadian GDP
- 15:00 GMT – US ISM Manufacturing PMI
Wednesday, March 2nd
- 00:30 GMT – Australian GDP
- 06:45 GMT – Swiss GDP
- 13:15 GMT – US ADP Nonfarm Employment Change
- 15:30 GMT – US Crude Oil Inventories
Thursday, March 3rd
- 00:30 GMT – Australian Trade Balance
- 01:45 GMT – Chinese Caixin Services PMI
- 08:45 GMT – Italian Services PMI
- 08:50 GMT – French Services PMI
- 08:55 GMT – German Services PMI
- 09:00 GMT – Euro Zone Services PMI
- 09:30 GMT – UK Services PMI
- 13:30 GMT – US Initial Jobless Claims
- 14:45 GMT – US Services PMI
- 15:00 GMT – US ISM Non-Manufacturing PMI
- 15:00 GMT – US Factory Orders
Friday, March 4th
- 00:30 GMT – Australian Retail Sales
- 09:00 GMT – Italian GDP
- 13:30 GMT – US NFP
- 13:30 GMT – US Unemployment Rate
- 13:30 GMT – US Average Hourly Earnings
- 15:00 GMT – Canadian Trade Balance
- 15:00 GMT – Canadian Ivey PMI
