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Asia Roundup: Japanese yen remains almost unchanged after CPI data; most markets are closed for Good Friday - Friday, April 19, 2019

Market Roundup

  • Korea, South March 2019 PPI growth mm increases to 0.3 % vs previous 0.1 %.
     
  • Japan March 2019 CPI, core nationwide yy increase to 0.8 % (forecast 0.7 %) vs previous 0.7 %.
     
  • Japan March 2019 CPI nationwide excluding food & energy y/y stays flat at 0.3 % vs previous 0.3 %.
     
  • Thailand Central bank chief - 2019 growth outlook should be on track if next government can be formed by June.
     
  • Thai Central bank chief - Low inflation is not a concern, Central bank will focus on growth and financial stability risks.
     
  • Thai central bank official - Economic growth to pick up in H2.

Economic Data Ahead

  • (0330 ET/0730 GMT) Thailand Forex reserves, currency swaps.
     
  • (0400 ET/0800 GMT) Italy business confidence, consumer confidence.
     
  • (0430 ET/0830 GMT) Greece current account.
     
  • (0730 ET/1130 GMT) India Forex reserves.

Key Events Ahead

  • (0300 ET/0700 GMT) Senior officials from MOF, BOJ and FSA to discuss financial markets.

FX Recap

USD: The dollar index, a gauge of its value versus six major peers, was last trading around 97.40.

EUR/USD: The euro was trading marginally higher around $1.1240 mark. It made intraday high at $1.1242 and low at $1.1227 mark. A consistent close below $1.1193 will drag the parity down towards key supports around $1.1080 levels. Alternatively, reversal from key support will drag the parity higher towards key resistances around $1.1390, $1.1472, $1.1550, $1.1620 and $1.1820 marks respectively.

USD/JPY: The Japanese yen trades almost flat after national CPI, core CPI data. It made intraday high at 112.00 and low at 111.89 levels. A sustained close above 112.06 is required to take the parity higher towards key resistances around 112.60 and 113.98 marks respectively. Alternatively, a daily close below 111.70 will drag the parity down towards key support around 110.80, 109.70, 107.50 and 104.20 marks respectively.

GBP/USD:  The Sterling was a shade higher at $1.3001 and not far from last month's low of $1.2960. Pair made intraday high at $1.3001 and low at $1.2979 mark. A sustained close below $1.2979 requires for dragging the parity down towards key support around $1.2857 mark. On the other side, key resistances are seen at $1.3187, $1.3215, $1.3362 and $1.3490 levels respectively.

AUD/USD: The Aussie crept to $0.7151, and away from last month's low of $0.7003, but faces stiff resistance around $0.7145/50.The pair made intraday high at $0.7151 and low at $0.7143 levels. A consistent close above $0.7178 requires for upside rally.

NZD/USD: The kiwi dollar reached $0.6689, up from a trough of $0.6665 mark of Wednesday. A sustained close below $0.6654 requires for the downside rally. Alternatively, key resistance was seen at $0.6780 mark.

Equities Recap

Most markets are closed for Good Friday on April 19.

Taiwan stocks open up 0.5 pct at 11,017.69 points and close up 0.1 pct at 10,968.50 points.

Tokyo's Nikkei share average opens up 0.67 pct at 22,238.07.

Seoul shares open up 0.44 pct.

Shanghai composite index to open flat at 3,250.15 points and China's CSI300 index to open up 0.1 pct at 4,076.30 points.

Commodities Recap

Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices. Brent crude futures settled at $71.97 a barrel, up 35 cents from their last close and near Wednesday's five-month high of $72.27. Brent saw a weekly gain of 0.6 percent, marking the fourth consecutive weekly rise for the international benchmark. In post-settlement trade, the contract added 4 cents to $72.01 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $64.00 a barrel, up 24.00 cents. U.S. futures gained just under 0.2 percent for the week, their seventh weekly gain in a row.

Gold held steady near a four-month low on Thursday as gains in dollar driven by data showing robust U.S. retail sales offset support for the metal from weak manufacturing data out of Europe, which kindled some concerns over global growth. Spot gold was mostly unchanged at $1,274.16 per ounce as of 2:02 p.m. EDT (1802 GMT), having fallen to its lowest since Dec 27 at $1,270.63 earlier in the session. The metal has so far lost more than 1 percent in the holiday-shortened week and was on track for a fourth straight weekly decline. U.S. gold futures settled down 0.1 percent to $1,276.

Treasuries Recap

Benchmark 10-year JGB futures open up 0.08 point.

BOJ reduces purchase of JGBS with 10-25 years to maturity to 160 bln yen from previous 180 bln yen.

BOJ also reduces purchase of JGBS with 25-40 years to maturity to 40 bln yen from previous 50 bln yen.

 

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