Market Roundup
- China April HSBC/Markit Final Mfg PMI 48.9 (Vs Flash 49.2, March 49.6), Biggest Contraction in a Year
- Australia March Building Approvals +2.8% M/M
- Australia March Private Sector House Approvals +1.1% M/M
- Australia April Overall Job Ads +2.3% M/M, S/Adj
- Australia April Newspaper Job Ads -2.5% M/M, S/Adj
- Australia April Internet Job Ads +2.4% M/M, S/Adj
- Indonesia April Mfg PMI Edges up to 46.7 (Vs 46.4 in March) But Contracts for 7th Month-HSBC/Markit
- Taiwan April PMI Falls to 49.2 Vs 51.0 in March; New Orders Slide
- Philippines C/Bank Says Not Necessary For Its Monetary Policy To Move In Sync With Other Countries
- PBOC Sets Yuan Mid-Point at 6.1165 / Dlr Vs Last Close 6.2028
- New Zealand Commodity Price Index -7.4% in April; -15.3% on Year Ago
- IMF Close to Declaring China's Yuan Fairly Valued For First Time in More Than a Decade
- Australia April TD-MI Inflation Gauge +0.3% M/M, 1.4% Y/Y
- Australia April TD-MI Trimmed Mean Inflation Gauge +0.2% M/M, 1.4% Y/Y
- S. Korea April Manufacturing PMI 48.8 Vs 49.2 in March -HSBC/Markit
- S. Korea April PMI on New Export Orders 47.6 Vs 49.0 in March -HSBC/Markit
- Ahead Of Britain's May 7 Election, Poll Shows Labour Party Vote Share at 33%, Conservatives on 34%
- Greece cites progress in talks with EU/IMF lenders, aims for May deal
- U.S., Allies Conduct One Air Strike In Syria, 16 in Iraq against Islamic State Militants -Combined Joint Task Force
Economic Data Ahead
- (0230 EDT/0630 GMT) SW Silf PMI Mfg
- (0300 EDT/0700 GMT) NO Manufacturing PMI SA
- (0315 EDT/0715 GMT) ES Manufacturing PMI (Consensus 54.7, Previous 54.3)
- (0330 EDT/0730 GMT) CH Manufacturing PMI (Previous 47.9)
- (0345 EDT/0745 GMT) IT Markit/ADACI Mfg PMI (Previous 53.3)
- (0350 EDT/0750 GMT) FR Markit Mfg PMI (Consensus 48.4, Previous 48.4)
- (0355 EDT/0755 GMT) DE Markit/BME Mfg PM (Consensus 51.9, Previous 51.9)
- (0400 EDT/0800 GMT) NO Reg'd Unemployment
- (0400 EDT/0800 GMT) EZ Markit Mfg Final PMI Consensus 51.9, Previous 51.9)
- (0430 EDT/0830 GMT) EZ Sentix Index ( Consensus 198, Previous 20)
Key Events Ahead
Nil
FX Recap
USD/JPY is currently trading at 120.04 with a high of 120.16 and a low of 120.02. On the May 1, 2015 pair made high of 120.28 levels and now trades on the 120 handle again. Japanese banks will be closed today in observance of Greenery Day so it will be data free session for the JPY. Initial support is seen at 119.75 and 119.45 levels. Alternatively, resistance is seen at 120.69 and 121 levels.
AUD/USD is trading around 0.7826 levels after making low of 0.7801 levels. Pair is trading almost flat ahead of RBA's rate decision tomorrow. Market is expecting rate cut by 25 BP in tomorrow's meeting. In the Asian session, Australia released building approval data, which was above expectations. Pair has dropped on the back of negative China Manufacturing Data, Australia's largest trading partner. Near term support is seen at 0.7769, 0.7748 levels. On the top side, resistance is seen at 0.7885, 0.7905 levels.
NZD/USD is trading almost flat around 0.7521 levels. This week will be important for the NZDUSD as multiple data is expected to release including NZD Job data. Today is data free session for NZD. The pair is in neutral territory but comes with a bearish bias medium term. Near term support is seen at 0.7462, 0.7443. On the upper side resistance is seen at 0.7586 levels.
GBP/USD will remain quiet in Asian session as UK bank remains close in the observance of May Day. Hung parliament & indecision is expected from UK but GBP parity will remain flexible. Momentum studies & 5 dma top, 10 & 20 dma's head north. Contradictory signals bias higher while closes above 1.5140 levels. Pair is currently trading at 1.5153 levels and supported with 61.8% Fibonacci retracement level. Near term support is seen at 1.5114 and resistance at 1.5218 levels.
EUR/USD is trading in a narrow range with high of 1.1197 and low at 1.1176 levels. Pair faces a key week as Europe and US both will publish number of data this week including US NFP job data. Today Europe will release manufacturing PMI data as well as Sentix Investor's confidence. . If the pair is able to hold above 1.11 levels, it could further rise to 1.1286 levels in the short-term. On the flip side, support is likely to be found at 1.10 levels, below which losses could be extended to 1.0930 levels.
