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Asia Roundup: Antipodeans ease on weaker-than-expected Chinese industrial output, greenback off lows on Trump's comments, Asian shares consolidate - Thursday, March 14th, 2019

Market Roundup

  • Brexit set for delay after May wounded by rejection of "no-deal"
     
  • Trump says he is in no rush to complete China trade deal
     
  • China's property investment growth hits 5-year high driven by smaller cities
     
  • China central bank: Will strengthen efforts to resolve 'grey rhino' risks in key areas
     
  • Japan may cut economic view as China slowdown hits growth - Nikkei
     
  • China Feb Industrial Output YY, 5.3%, 5.5% f'cast, 5.7% prev
     
  • China Feb Retail Sales YY, 8.2%, 8.1% f'cast, 8.2% prev
     
  • China Feb Urban investment (ytd) yy, 6.1%, 6.0% f'cast, 5.9% prev
     
  • Great Britain Feb RICS Housing Survey, -28, -24 f'cast, -22 prev
     

Economic Data Ahead

  • (0300 ET/0700 GMT) Germany Feb HICP
    Final YY, 1.7% f'cast, 1.7% prev
  • (0300 ET/0700 GMT) Germany Feb HICP Final MM, 0.5% f'cast, 0.5% prev
     
  • (0300 ET/0700 GMT) Germany Feb CPI Final YY, 1.6% f'cast, 1.6% prev
     
  • (0300 ET/0700 GMT) Germany Feb CPI Final MM, 0.5% f'cast, 0.5% prev
     
  • (0345 ET/0745 GMT) France Feb CPI (EU Norm) Final MM, 0.1% f'cast, 0.1% prev
     
  • (0345 ET/0745 GMT) France Feb CPI (EU Norm) Final YY, 1.5% f'cast, 1.5% prev
     

Key Events Ahead

  • (0400 ET/0800 GMT) ECB policymaker Ewald Nowotny speaks at a closed-door session in Vienna
     
  • (1200 ET/1600 GMT) Irish Central Bank Governor Philip Lane addresses students in Dublin
     
  • (1905 ET/2305 GMT) BOC senior deputy governor Carolyn Wilkins speaks in Vancouver
     

FX Beat

DXY: The dollar index rebounded from an over 1-week low touched in the prior session after U.S. President Donald Trump said he was not in a hurry to seal a trade pact with China and insisted that any deal include protection for intellectual property. The greenback against a basket of currencies traded 0.2 percent up at 96.66, having touched a low of 96.39 on Wednesday, its lowest since March 4. FxWirePro's Hourly Dollar Strength Index stood at -15.74 (Neutral) by 0500 GMT.

EUR/USD: The euro declined, after rising to an over 1-week peak in the previous session, as the greenback rebounded from recent lows. The European currency traded 0.05 percent down at 1.1321, having touched a high of 1.1338 on Wednesday, its highest since Mar. 5. FxWirePro's Hourly Euro Strength Index stood at 62.59 (Bullish) by 0500 GMT. Investors’ attention will remain on a series of economic data from the Eurozone economies, ahead of the U.S. unemployment benefit claims, export and import price index, and new home sales. Immediate resistance is located at 1.1367 (78.6% retracement of 1.1176 and 1.1496), a break above targets 1.1408 (March 1 High). On the downside, support is seen at 1.1297 (10-DMA), a break below could drag it till 1.1256 (5-DMA).

USD/JPY: The dollar surged to a near 1-week peak after data released yesterday showed new orders for U.S.-made capital goods rose by the most in six months in January and shipments increased.  The major was trading 0.4 percent up at 111.57, having hit a high of 111.62 earlier, its highest since March 8. FxWirePro's Hourly Yen Strength Index stood at -15.74 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of U.S. unemployment benefit claims, export and import price index, and new home sales. Immediate resistance is located at 111.85 (Mar. 7 High), a break above targets 112.13 (Mar. 5 High). On the downside, support is seen at 110.66 (Feb.28 Low), a break below could take it lower at 110.35 (Feb.27 Low).

GBP/USD: Sterling plunged below the 1.3300 handle, as the parliament will vote later in the day on whether to extend the Brexit deadline. British lawmakers are widely expected to vote to delay Britain's departure from the EU, currently scheduled for March 29. On Wednesday, the pair rose to a 9-month peak as British lawmakers voted against a potentially disorderly no-deal departure from the European Union. The major traded 0.6 percent down at 1.3247, having hit a high of 1.3380 on Wednesday; it’s highest since June 14. FxWirePro's Hourly Sterling Strength Index stood at 54.59 (Bullish) 0500 GMT. Investors’ attention will remain on UK parliamentary vote on Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.3380 (Mar. 13 High), a break above could take it near 1.3446 (June 14 High). On the downside, support is seen at 1.3166 (Mar. 4 Low), a break below targets 1.3097 (Mar. 5 Low). Against the euro, the pound was trading 0.6 percent down at 85.43 pence, having hit a high of 84.71 on Wednesday, it’s highest since May 2017.

AUD/USD: The Australian dollar plunged from a 10-day peak after data showed that growth in China's industrial output plunged to a 17-year low in the first two months of 2019, reinforcing worries over a slowing economy. The Aussie trades 0.5 percent down at 0.7061, having hit a high of 0.7097, it’s highest since Mar. 4. FxWirePro's Hourly Aussie Strength Index stood at -42.62 (Neutral) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6993 (Jan.4 Low), a break below targets 0.6965. On the upside, resistance is located at 0.7109 (Mar. 4 High), a break above could take it near 0.7150 (Feb. 22 High).

NZD/USD: The New Zealand dollar tumbled, extending previous session losses, as weaker than expected industrial production from China dominated over positive retail sales. The Kiwi trades 0.3 percent down at 0.6839, having touched a high of 0.6872 on Tuesday, its highest level Feb. 27. FxWirePro's Hourly Kiwi Strength Index was at -107.32 (Highly Bearish) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6876 (Feb. 21 High), a break above could take it near 0.6901 (Feb. 27 High). On the downside, support is seen at 0.6814 (Feb. 19 Low), a break below could drag it below 0.6757 (Feb. 22 Low).

Equities Recap

Asian shares consolidated within narrow ranges as investors reacted cautiously to mixed data from China.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed

Tokyo's Nikkei rose 0.1 percent to 21,308.27 points, Australia's S&P/ASX 200 index surged 0.3 percent to 6,179.60 points and South Korea's KOSPI rallied 0.3 percent to 2,154.47 points.

Shanghai composite index declined 1.3 percent to 2,986.49 points, while CSI300 index traded 0.8 percent down at 3,693.40 points.

Hong Kong’s Hang Seng traded 0.1 percent lower at 28,785.77 points. Taiwan shares shed 0.2 percent to 10,348.65 points

Commodities Recap

Crude oil price surged to hit their highest level this year, boosted by ongoing supply cuts led by OPEC and by U.S. sanctions against Venezuela and Iran. International benchmark Brent crude was trading 0.2 percent up at $67.80 per barrel by 0436 GMT, having hit a high of $67.82 earlier, its highest since Nov. 16. U.S. West Texas Intermediate was trading 0.2 percent higher at $58.40 a barrel, after rising as high as $58.43, its highest since the Nov. 13.

Gold price eased, hovering away from a 2-week high hit in the previous session as the U.S. dollar rebounded following the release of upbeat economic data. Spot gold was trading 0.5 percent down at $1,302.65 per ounce by 0450 GMT, having touched a high of $1,311.18 on Wednesday, its highest since March 1. U.S. gold futures were also down 0.1 percent at $1,308 an ounce.

Treasuries Recap

The Japanese government bond prices were flat, with the five-year JGB yield unchanged at minus 0.170 percent, while the 10-year yield nudged up half a basis point to minus 0.045 percent. The 30-year yield was down half a basis point at 0.565 percent after brushing 0.560 percent, its lowest since November 2016.

The Australian yields on three-year bonds dropped as far as 1.513 percent, its lowest since late 2016, while 10-year yields were 66 basis points below those in the U.S., the widest gap on record

The New Zealand 10-year yields dived to their lowest in modern history around 2.06 percent.

The Canadian government bond prices were lower across the yield curve. The 10-year fell 17 Canadian cents to yield 1.758 percent. On Tuesday, the 10-year yield touched its lowest intraday since June 2017 at 1.728 percent.

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