Global Markets:
- Asian stock markets: Nikkei down 0.50 %, Shanghai Composite gained 0.80 %, Hang Seng rose 0.50 %, ASX 200 rallied 1.20 %
- Commodities: Gold at $1261 (-0.80 %), Silver at $15.55 (-0.85 %), WTI Oil at $36.57 (+1.85 %), Brent Oil at $39.45 (+1.90 %)
- Rates: US 10 year yield at 1.89, UK 10 year yield at 1.49, German 10 year yield at 0.24
News & Data:
- Australia AiG PCI (Feb): 46.1 (prev 46.3)
- Australia ANZ Job Advertisements (MoM) Feb: -1.2% (prev rev 0.9%)
- PBoC Fixes Yuan At 6.5113 (prev 6.5284)
- Chinese Iron Ore & Rebar Futures Limit Up
- PBoC's Yi: China Won't See Negative Interest Rate — MNI
- Yi: CNY Expectations Will Normalise — BBG
- Japanese PM Abe: Will Seek Fiscal Health While Growing The Economy — BBG
- Abe: Did Not Discuss Negative Rates With BoJ Before Implementation — RTRS
- Abe: Abenomics Has Not Failed — BBG
- BoJ Gov Kuroda: Will Assess Impact Of Negative Rates On Money Markets — RTRS
- Kuroda: Want To Dispel Concerns That QQE Cannot Be Expanded
- Kuroda: Negative Rates Has Big Benefits for Individuals & Corporates
- Kuroda: Chinese Stock Fall Can Be Seen As Correction
- Moody's Places Saudi Arabia's Aa3 Rating On Review For Downgrade
- Asian shares hit two-month high after solid U.S. job growth – RTRS
- Dollar struggles for traction, Aussie rally takes a breather – RTRS
CFTC Positioning Data:
- EUR short 68K vs 47K short prior week
- GBP short 39K vs. 33K short prior week
- JPY long 60K vs. 53K long prior week
- CAD short 30K vs. 37K short prior week
- CHF short 1.5K vs. 2K short prior week
- AUD long 17K vs. 10K long prior week
- NZD short 4.2K vs 6.6K short prior week
Markets Update:
The US Dollar strengthened against most major currencies overnight. EUR/USD started the new trading week around 1.10 and fell to a low of 1.0984 later in the session. Support is seen at 1.0957, while resistance is noted at 1.1045. GBP/USD consolidated between 1.4195 and 1.4225 overnight; the key resistance level remains 1.4250 (Friday's high). USD/JPY has traded 113.50-93 in Asia, but is currently unchanged on the day, around 113.70.
AUD/USD opened at 0.7425, slightly lower from Friday's close, and fell to 0.74 ahead of the Tokyo open. From there, it bounced and rose back to 0.7420. Meanwhile, NZD/USD consolidated in a 0.6780-0.6805 range.
Upcoming Events:
- 09:00 GMT – Italian PPI
- 09:30 GMT – Euro Zone Sentix Investor Confidence
- 18:00 GMT – FOMC Member Brainard speaks
- 18:00 GMT – FOMC Member Fischer speaks
- 23:20 GMT – RBA Assistant Governor Lowe speaks
- 23:50 GMT – Japan GDP
The Week Ahead:
Tuesday, March 8th
- 00:30 GMT – Australian NAB Business Confidence
- 03:00 GMT – Chinese Trade Balance
- 06:45 GMT – Swiss Unemployment Rate
- 07:00 GMT – German Industrial Production
- 07:45 GMT – French Trade Balance
- 08:15 GMT – Swiss CPI
- 09:15 GMT – Bank of England Governor Carney speaks
- 10:00 GMT – Euro Zone GDP
- 13:15 GMT – Canadian Housing Starts
- 13:30 GMT – Canadian Building Permits
Wednesday, March 9th
- 00:30 GMT – Australian Home Loans
- 09:30 GMT – UK Industrial Production
- 09:30 GMT – UK Manufacturing Production
- 15:00 GMT – UK NIESR GDP Estimate
- 15:00 GMT – Bank of Canada Rate Decision
- 15:30 GMT – US Crude Oil Inventories
- 20:00 GMT – RBNZ Rate Decision
- 20:00 GMT – RBNZ Rate Statement
- 20:05 GMT – RBNZ Governor Wheeler speaks
Thursday, March 10th
- 01:30 GMT – Chinese CPI
- 01:30 GMT – Chinese PPI
- 07:00 GMT – German Trade Balance
- 12:45 GMT – ECB Rate Decision
- 13:30 GMT – ECB Press Conference
- 13:30 GMT – US Initial Jobless Claims
- 21:15 GMT – BoC Governor Poloz speaks
- 21:45 GMT – New Zealand Business NZ PMI
Friday, March 11th
- 07:00 GMT – German CPI
- 08:00 GMT – Spanish CPI
- 09:00 GMT – Italian Industrial Production
- 09:30 GMT – UK Trade Balance
- 13:30 GMT – Canadian Employment Change
- 13:30 GMT – Canadian Unemployment Rate
