Market Roundup
- CA GDP QQ Q4 0.6%, 0.80%-prev
- CA GDP QQ Annualized Q4 2.4%, f/c 2%, 3.20%-prev
- CA GDP Implicit Price QQ Q4 -0.6%, 0.40%-prev
- CA GDP MM Dec 0.3%, f/c 0.2%, -0.20%-prev
- CA Producer Prices MM Jan -0.4%, f/c -0.7%, -1.50%-prev
- CA Producer Prices YY Jan -2.2%, -0.40% -prev
- CA Raw Materials Prices MM Jan -7.7%, f/c -6%, -7.50%-prev
- CA Raw Materials Prices YY Jan -21.8%, -13.00%-prev
- US Redbook MM w/e 0.8%, 0.80%-prev
- US Redbook YY w/e 2.6%, 2.80%-prev
- MX Gross Fixed Invest. MM Dec -1%, 0.30%-prev
- MX Gross Fixed Invest. YY Dec 5.5%, f/c 5.1%, 4.70%-prev
- US ISM-New York Index Feb 677.6, 671.10-prev
- US Feb total vehicle sales decrease to 16.23 mln (fcast 16.70 mln) vs prev 16.66 mln
- US Feb all truck sales decrease to 9.01 mln vs prev 9.11 mln
- US Feb domestic truck sales decrease to 7.92 mln (fcast 8.00 mln) vs prev 8.07 mln
- US Feb all car sales decrease to 7.23 mln vs prev 7.54 mln
- US Feb domestic car sales decrease to 5.21 mln (fcast 5.50 mln) vs prev 5.47 mln
- US Senator Shelby says Fed independence does not mean it's immune from congressional oversight
- ECB funding to Greek banks jumps 47 pct in January
- Canada's Oliver GDP data show economy heading in right direction
- Swedish Jochnick says ready to act "rapidly on large scale" to boost inflation, sees risk of stronger crown due to ECB QE
- Denmark spends USD 25b in Feb defending crown's peg
- NZ's Fonterra Dairy prices rise 1.1%, volumes drop at auction
- South Africa's CB says interest rates to be unchanged in short term, econ outlook to be dominated by US normalization
- Moody's Brazilian banks could face ripple effects from Petrobras' business partners
- Colombia's FinMin Cardenas sees 2016 GDP growth around 4 pct
- (1730 ET/ 2230 GMT) Australia AIG Services Index Feb (previous 49.90)
- (1930 ET/ 0030 GMT) Australia GDP QQ Q4 (consensus 0.5%, previous 0.30%)
- (1930 ET/ 0030 GMT) Australia GDP YY Q4 (consensus 2.5%, previous 2.70%)
- (1930 ET/ 0030 GMT) Australia GDP Final Consumption Q4 (previous 0.60%)
- (1930 ET/ 0030 GMT) Australia GDP Capital Expenditure Q4 (previous -2.70%)
- (1930 ET/ 0030 GMT) Australia GDP Chain Price Index Q4 (previous -0.30%)
- (2045 ET/ 0145 GMT) China HSBC Services PMI Feb (previous 51.8)
- No Significant Events
FX Recap
USD/JPY: USD/JPY is pushing hard into the 120.07 resistance line. The pair has been bouncing on the 119 area but now remains sub 120 level. If the pair slips back to 16th Feb low at 118.11 then it could see a slide back to the 116.23 support line. USD/JPY is currently trading at 119.60, with resistnces at at 120.48, 121.86 and then 122.45. Option expiries: USD/JPY: 120.00 (634M). EUR/JPY: 136.50 (630M)
USD/CAD: An above forecast Canadian GDP sent USD/CAD spiraling lower, from 1.2492 to 1.2434 given. Buyers emerged and the pair rebounded to 69 paid shortly. USD/CAD found support at the 1.2430 area and has spent the last hours in a slim range. At time of writing, the pair is trading at 1.2460, still 0.59% below its opening price.
EUR/USD: EUR/USD retreated once again after hitting a fresh daily high of 1.1216. The pair was unable to hold above the 1.1200 mark. Currently the pair is trading at 1.1176, virtually unchanged on the day. Investors seem to have adopted a wait-and-see stance and refrain from taking big positions ahead of ECB meeting on Thursday and the nonfarm payrolls on Friday. Next supports are at 1.1154, 1.1114 and 1.1097. On the flip side, resistances are seen at 1.1217 (daily high), 1.1229 and 1.1244.
AUD/USD: AUD/USD surged up to 0.7842 following RBA's unexpected decision to keep its cash rate unchanged at 2.25%. The pair was unable to rally beyond the strong static resistance level, finding afterwards buying interest on an approach to the 0.7800 figure. Currently the pair trades at 0.7818 with a high of 0.7845 and a low of 0.7750. Expectations for something to come as a certainty down the road which will keep a lid on any kind of minor correction in the pair, 0.7840 the cap so far. Option expiries: AUD/USD: 0.7750 (358M). NZD/USD: 0.7400 (375M)
USD/CHF: USD/CHF is trading above 0.9600 for the first time in the month, rising for the fourth day in a row. The US dollar is about to post the highest close since the Swiss National Bank abandoned the EUR/CHF cap. The pair is currently trading at 0.9612. Resistance levels could be seen at 0.9620 and above at 0.9660 and 0.9700. Support might lie at 0.9545/50, 0.9510 and 0.9445.
