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Asia Roundup: Aussie falls in early Asia as retail sales data misses expectations, Asian markets noticeably up, gold trades flat at $1,511 mark - Monday, November 04, 2019

Market Roundup

  • Australia’s retail sales m/m stands at 0.2 pct vs 0.4 pct previous release (expected 0.4).
     
  • Australia’s MI inflation gauge m/m stands at 0.1 pct vs 0.1 pct previous release.
     
  • PBOC increases yuan’s fixing by 55 pips to 7.0382 per U.S. dollar vs 7.0437 a day earlier.

Economic Data Ahead

  • (0245 ET/0645 GMT) Swiss SECO consumer climate.
     
  • (0300 ET/0700 GMT) Brazil inflation index.
     
  • (0345 ET/0745 GMT) France budget balance.
     
  • (0415 ET/0815 GMT) Spain manufacturing PMI.
     
  • (0445 ET/0845 GMT) Italy manufacturing PMI.
     
  • (0450 ET/0850 GMT) France manufacturing PMI.
     
  • (0455 ET/0855 GMT) German manufacturing PMI.
     
  • (0500 ET/0900 GMT) Euro zone manufacturing PMI.
     
  • (0530 ET/0930 GMT) UK construction PMI.
     
  • (0530 ET/0930 GMT) Euro zone sentix investor confidence.
     
  • (0700 ET/1100 GMT) Brazil PPI.
     
  • (0725 ET/1125 GMT) Brazil BCB focus market readout.
     
  • (0900 ET/1300 GMT) Singapore manufacturing PMI.

Key Events Ahead

  • No key events scheduled for the day.

FX Recap

USD: The U.S. dollar index that tracks the greenback against a basket of other currencies inched down 0.03% to 97.21.

EUR/USD: The euro trades flat against U.S. dollar and currently trading around $1.1165 mark. It made intraday high at $1.1173 and low at $1.1159 mark. A sustained close above $1.1169 will drag the parity higher towards key resistances around $1.1220, $1.1390, $1.1472, $1.1550, $1.1620 and $1.1820 marks respectively. On the other hand, a consistent close below $1.1151 will drag the parity down towards key supports around $1.1079, $1.1026 and $1.0852 levels respectively.

USD/JPY: The Japanese yen remains almost unchanged as Japanese banks will be closed in observance of Culture Day. The pair is currently trading around 108.23 mark. It made intraday high at 108.25 and low at 108.18 levels. A sustained close above 108.16 is required to take the parity higher towards key resistances around 108.83, 109.62, 112.60 and 113.98 marks respectively. Alternatively, a daily close below 108.02 will drag the parity down towards key support around 106.90 and 104.20 marks respectively.

GBP/USD: The pound trades marginally higher against U.S. dollar and stabilizes below $1.2950 mark. UK parliament approves early general election on December 12. A sustained close below $1.2940 requires for dragging the parity down towards key support around $1.2820, $1.2644 and $1.2352 mark respectively. On the other side, key resistances are seen at $1.2973, 1.3058, 1.3140 and 1.3226 levels respectively. UK’s constructions PMI due today at 0930 GMT will provide further directions to the parity.

AUD/USD: The Aussie depreciates in early Asia after lower than expected retail sales data. The pair made intraday high at $0.6923 and low at $0.6903 levels. A consistent close below $0.6893 requires for downside rally towards $0.6704 mark. On the other side, a sustained close above $0.6912 will take the parity higher towards $0.6977 and $0.7076 levels respectively.

NZD/USD: The New Zealand dollar strengthens remarkably on Monday and hits fresh 3 – month high at $0.6464 mark. Pair made intraday high at $0.6464 and low at $0.6427. A sustained close above $0.6422 requires for the upside rally. Alternatively, a consistent close below $0.6349 will take the parity down towards key supports around $0.6236 and $0.6196 levels respectively.

Equities Recap

Japanese banks will be closed in observance of Culture Day.

Australia’s S&P/ASX200 was trading 0.27 pct higher at 6,686.90 points.
 
Hong Kong's hang seng index was trading 1.44 percent higher at 27,494.48 points.

Taiwan stock was trading 1.38 percent higher at 11,556.37 points.

South Korea’s kospi was trading 1.45 percent higher at 2,130.42 points.

India’s NSE Nifty was trading 0.46 pct higher at 11,947.80 points while BSE sensex was trading 0.42 points higher at 40,338.15 points.

Commodities Recap

U.S. Crude Oil WTI Futures dropped 0.6% to $55.88. International Brent Oil Futures fell 0.5% to $61.36.

Gold trades flat on Monday and stabilizes above $1,510 mark. Gold faces strong resistance at $1,513 mark and sustained close above targets key resistances around $1,532 and $$1,552 mark respectively. Alternatively, a consistent close below $1,502 mark will drag the parity down towards $1,487, $1,472 and $1,440 mark respectively.

Treasuries Recap

The Australian government bonds plunged during Asian session of the first trading day of the week as investors remained disappointed by retail sales data for the month of September. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped nearly 6-1/2 basis points to 1.170 percent, the yield on the long-term 30-year bond surged nearly 6 basis points to 1.744 percent and the yield on short-term 2-year gained nearly 2-1/2 basis points to 0.857 percent.

By Aarti Panchal
  • Market Data
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