FirewoodFX - Market News

Daily Forex Market News - FirewoodFx

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#491

Post by B0N3 » Tue May 14, 2019 7:09 pm

Asia Roundup:
Antipodeans rebound, dollar steadies against yen as broader sentiment stabilize, investors eye German ZEW survey –
Tuesday, May 14th, 2019







Market Roundup

China, U.S. have 'wisdom' to resolve trade dispute, says senior diplomat

Cellphones and laptops on latest USTR China tariff list, drugs excluded

Japan Finmin Aso: Sino-US trade war won't trigger economic crisis

China stocks, currency weaker on trade war escalation, state buying seen

Saudi oil tankers among those attacked off UAE amid Iran tensions

Fed officials see risks in weaker inflation expectations, trade row

Australia business conditions ease in April, employment softens-NAB survey

N.Korea says ship seizure by U.S. violates spirit of Trump-Kim summit

Japan Mar Current Account NSA JPY, 2,847.9 bln, 3,161.3 bln f'cast, 2,676.8 bln prev



Economic Data Ahead

(0430 ET/0830 GMT) Great Britain Apr Claimant Count Unem Chng, 28.3k prev

(0430 ET/0830 GMT) Great Britain Mar ILO Unemployment Rate, 3.9% f'cast, 3.9% prev

(0500 ET/0900 GMT) Germany May ZEW Economic Sentiment, 5.0 f'cast, 3.1 prev

(0500 ET/0900 GMT) Germany May ZEW Current Conditions, 6.0 f'cast, 5.5 prev

(0500 ET/0900 GMT) EU Mar Industrial Production YY, -0.8% f'cast, -0.3% prev



Key Events Ahead

(0400 ET/0800 GMT) Nick Strange of BoE speaks at 21st Annual Operational Risk Europe Conference in London

(0440 ET/0840 GMT) Riksbank Governor Stefan Ingves talks about the economic situation and current monetary policy at conference in Stockholm

(0835 ET/1235 GMT) David Rule of BoE speaks at the Association for British Insurers' Prudential Regulation Seminar 2019 in London

(1100 ET/1500 GMT) New York FRB issues Q1 2019 Household Debt and Credit Report in New York

(1245 ET/1645 GMT) Kansas City Fed President Esther George speaks before the Economic Club of Minnesota



FX Beat

DXY: The dollar index consolidated near a 3-1/2 week low hit in the prior session after China announced on Monday it will impose tariffs on more than 5,000 US products worth $60 billion, starting on June 1. The greenback against a basket of currencies traded 0.05 percent down at 97.31, having touched a low of 97.03 on Monday, its lowest since May 1. FxWirePro's Hourly Dollar Strength Index stood at -36.22 (Neutral) by 0400 GMT.

EUR/USD: The euro rose, hovering towards a 2-week peak in the previous session, as investor shifted focus on eurozone industrial production for March and Germany's ZEW economic sentiment index for May. The European currency traded 0.2 percent up at 1.1239, having touched a high of 1.1263 on Monday, its highest since May 1. FxWirePro's Hourly Euro Strength Index stood at 136.98 (Highly Bullish) by 0400 GMT. Investors’ attention will remain on German ZEW survey and EZ industrial production, ahead of the U.S. import and export price index; and speeches by Fed's William and George. Immediate resistance is located at 1.1262 (April 22 High), a break above targets 1.1304 (April 18 High). On the downside, support is seen at 1.1187 (May 1 Low) a break below could drag it till 1.1140 (April 24 Low).

USD/JPY: The dollar rebounded after falling to a 3-month low in the previous session, as broader sentiment stabilized after U.S. President Donald Trump stated that he expected U.S.-China trade negotiations to be successful. The major was trading 0.3 percent up at 109.64, having hit a low of 109.01 on Monday, its lowest since Feb. 1. FxWirePro's Hourly Yen Strength Index stood at -32.31 (Neutral) by 0400 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. import and export price index; and speeches by Fed's William and George. Immediate resistance is located at 110.04 (38.2% retracement of 111.68 and 109.01), a break above targets 110.67 (61.8% retracement). On the downside, support is seen at 109.01 (May 14 Low), a break below could take it lower at 108.49 (Jan. 31 Low).

GBP/USD: Sterling steadied after falling to a 2-week low in the prior session after a newspaper report suggested the British parliament might still reach a cross-party deal on Brexit, however, doubts about such an agreement limited the upside. The major traded flat at 1.2959, having hit a low of 1.2940 on Monday; it’s lowest since Apr. 30. FxWirePro's Hourly Sterling Strength Index stood at -90.38 (Slightly Bearish) 0400 GMT. Immediate resistance is located at 1.3049 (Apr. 30 High), a break above could take it near 1.3102 (May 1 High). On the downside, support is seen at 1.2923 (Apr. 30 Low), a break below targets 1.2865 (Apr. 25 Low). Against the euro, the pound was trading 0.2 percent down at 86.73 pence, having hit a low of 86.80 on Monday, it’s lowest since Apr. 23.

AUD/USD: The Australian dollar bounced back from a 4-1/2 month low after Trump said he would meet with Chinese President Xi Jinping at a G20 summit next month. The Aussie trades 0.1 percent up at 0.6952, having hit a low of 0.6940 earlier, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -85.68 (Slightly Bearish) by 0400 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6921, a break below targets 0.6900. On the upside, resistance is located at 0.6997 (May 9 High), a break above could take it near 0.7069 (Apr. 30 High).

NZD/USD: The New Zealand dollar retreated from a near 1-week low hit in the previous session, as broader sentiment stabilized after Trump said he would meet with Chinese President Xi Jinping at a G20 summit next month. The Kiwi trades 0.2 percent up at 0.6582, having touched a low of 0.6525 on Wednesday, its lowest level Nov. 1. FxWirePro's Hourly Kiwi Strength Index was at -7.52 (Neutral) by 0400 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6653 (May 3 High), a break above could take it near 0.6694 (Apr. 19 High). On the downside, support is seen at 0.6514 (Nov. 1 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares tumbled after China announced it would impose higher tariffs on $60 billion of U.S. goods following Washington's decision last week to hike its own levies on $200 billion in Chinese imports.

MSCI's broadest of Asia-Pacific shares outside Japan tumbled 0.9 percent.

Tokyo's Nikkei declined 0.6 percent to 21,067.23 points, Australia's S&P/ASX 200 index plunged 0.9 percent to 6,239.90 points and South Korea's KOSPI surged 0.3 percent to 2,084.34 points.

Shanghai composite index fell 0.2 percent to 2,897.44 points, while CSI 300 index traded 0.1 percent down at 3,664.81 points.



Commodities Recap

Crude Oil prices rose after rising to a 2-week in the previous session, however, gains were limited amid an escalation in the trade war between the United States and China. International benchmark Brent crude was trading 0.8 percent higher at $70.44 per barrel by 0425 GMT, having hit a high of $72.56 on Monday, its highest since Apr, 30. U.S. West Texas Intermediate was trading 0.7 percent up at $61.23 a barrel, after rising as high as $63.32 on Monday, its highest since the May 2.

Gold prices rallied to a 1-month high as an escalation in U.S.-China trade war sent investors looking for safe-haven assets. Spot gold was trading at $1,299.29 by 0431 GMT, having touched a high of $1,303.21, its highest since Apr. 11. U.S. gold futures were down 0.2 percent at $1,299.20.







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#492

Post by B0N3 » Wed May 15, 2019 8:09 pm

Asia Roundup:
Aussie at 4-1/2 month low as wage growth stalls, dollar gains against yen amid ongoing trade talks, Asian shares off 3-1/2-month trough –
Wednesday, May 15th, 2019







Market Roundup

Trump expected to sign order paving way for U.S. telecoms ban on Huawei

Trump calls trade war with China 'little squabble,' says talks ongoing

U.S. growth would have contracted without trillions in gov't, consumer debt -Gundlach

Saudi oil facilities attacked, U.S. sees threat in Iraq from Iran-backed forces

Britain's May to launch new push on her Brexit deal next month

China Apr Industrial Output YY, 5.4%, 6.5% f'cast, 8.5% prev

China Apr Retail Sales YY, 7.2%, 8.6% f'cast, 8.7% prev

China Apr Urban investment (ytd)yy, 6.1%, 6.4% f'cast, 6.3% prev

Australian wage growth stalls, builds case for rate cut



Economic Data Ahead

(0500 ET/0900 GMT) EU Q1 Employment Flash YY, 1.2% f'cast, 1.3% prev

(0500 ET/0900 GMT) EU Q1 GDP Flash Estimate YY, 1.2% f'cast, 1.2% prev



Key Events Ahead

(0400 ET/0800 GMT) ECB Governing Council member Philip Lane speaks on “The Euro at 20” in Tallinn

(0830 ET/1230 GMT) German Economy Minister Peter Altmaier speaks at a banking congress in Berlin

(0930 ET/1330 GMT) Fed Quarles testifies on “Supervision and Regulation” before the Senate Banking Committee in Washington

(1015 ET/1415 GMT) ECB board member Benoit Coeure speaks with the Finance Committee of the Assemblee nationale in Paris

(1230 ET/1630 GMT) ECB Chief Economist Peter Praet speaks at the Steptoe Brussels Open Conference in Brussels

(1300 ET/1700 GMT) Richmond Fed President Thomas Barkin participates in discussion before the New York Association for Business Economics in New York



FX Beat

DXY: The dollar index gained as investors focus shifted on U.S. retail sales and industrial production for April due later in the day for pointers on the state of the global economy. The greenback against a basket of currencies traded 0.05 percent up at 97.54, having touched a low of 97.03 on Monday, its lowest since May 1. FxWirePro's Hourly Dollar Strength Index stood at -36.22 (Neutral) by 0500 GMT.

EUR/USD: The euro rose after falling to a 5-day low in the prior session after Italy’s deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to support employment. The European currency traded 0.1 percent up at 1.1209, having touched a high of 1.1263 on Monday, its highest since May 1. FxWirePro's Hourly Euro Strength Index stood at 136.98 (Highly Bullish) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, and EZ prelim gross domestic product and employment change, ahead of the U.S. retail sales, industrial production, capacity utilization, housing market index and a speech by Fed's Quarles. Immediate resistance is located at 1.1262 (April 22 High), a break above targets 1.1304 (April 18 High). On the downside, support is seen at 1.1187 (May 1 Low) a break below could drag it till 1.1140 (April 24 Low).

USD/JPY: The dollar edged higher, extending previous session rebound after U.S. President Donald Trump insisted that trade talks with China had not collapsed. However, concerns about economic growth following the weaker-than-expected Chinese limited upside. The major was trading 0.1 percent up at 109.67, having hit a low of 109.01 on Monday, its lowest since Feb. 1. FxWirePro's Hourly Yen Strength Index stood at -32.31 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. retail sales, industrial production, capacity utilization, housing market index and a speech by Fed's Quarles. Immediate resistance is located at 110.04 (38.2% retracement of 111.68 and 109.01), a break above targets 110.67 (61.8% retracement). On the downside, support is seen at 109.01 (May 14 Low), a break below could take it lower at 108.49 (Jan. 31 Low).

GBP/USD: Sterling rebounded from a near 3-week low on news that British Prime Minister Theresa May will launch another push next month to approve Britain's exit from the European Union before the summer break, setting a new deadline for her Brexit. The major traded 0.1 percent up at 1.2912, having hit a low of 1.2896 on Tuesday; it’s lowest since Apr. 26. FxWirePro's Hourly Sterling Strength Index stood at -90.38 (Slightly Bearish) 0500 GMT. Immediate resistance is located at 1.2963 (Apr. 24 High), a break above could take it near 1.3049 (Apr. 30 High). On the downside, support is seen at 1.2865 (Feb. 7 Low), a break below targets 1.2854 (Apr. 25 Low). Against the euro, the pound was trading 0.05 percent down at 86.83 pence, having hit a low of 86.91 on Tuesday, it’s lowest since Mar. 21.

AUD/USD: The Australian dollar plunged to a 4-1/2 month low after data showed pace of growth in domestic wages stagnated last quarter, adding to evidence that exceptional strength in the labour market is not enough to boost pay rewards, consumer spending and inflation. The Aussie trades 0.2 percent down at 0.6930, having hit a low of 0.6922 earlier, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -85.68 (Slightly Bearish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6900, a break below targets 0.6875. On the upside, resistance is located at 0.6997 (May 9 High), a break above could take it near 0.7069 (Apr. 30 High).

NZD/USD: The New Zealand dollar declined after China reported surprisingly weaker growth in retail sales and industrial output for April, adding pressure on Beijing to roll out more stimulus amid escalating trade war with the United States. The Kiwi trades 0.1 percent down at 0.6565, having touched a low of 0.6525 last week, its lowest level Nov. 1. FxWirePro's Hourly Kiwi Strength Index was at -7.52 (Neutral) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6653 (May 3 High), a break above could take it near 0.6694 (Apr. 19 High). On the downside, support is seen at 0.6514 (Nov. 1 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares rebounded from a 3-1/2-month low as a slight softening in rhetoric from U.S. President Donald Trump eased worries about the U.S.-China tariff war.

MSCI's broadest of Asia-Pacific shares outside Japan jumped 0.5 percent.

Tokyo's Nikkei rallied 0.6 percent to 21,188.56 points, Australia's S&P/ASX 200 index climbed 0.7 percent to 6,284.20 points and South Korea's KOSPI surged 0.5 percent to 2,092.78 points.

Hong Kong’s Hang Seng traded 0.9 percent higher at 28,376.84 points. Taiwan shares added 0.4 percent to 10,560.71 points

Shanghai composite index rose 1.8 percent to 2,937.23 points, while CSI 300 index traded 2.2 percent up at 3,726.38 points.



Commodities Recap

Crude Oil prices surged, supported by mounting tensions in the Middle East, however, a surprise rise in U.S. crude stockpiles limited upside. International benchmark Brent crude was trading 0.1 percent higher at $70.96 per barrel by 0503 GMT, having hit a high of $72.56 on Monday, its highest since Apr, 30. U.S. West Texas Intermediate was trading 0.05 percent up at $61.35 a barrel, after rising as high as $63.32 on Monday, its highest since the May 2.

Gold prices declined, retreating from a 1-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing boosted investor risk-sentiment. Spot gold fell 0.1 percent to $1,294.82 per ounce by 0508 GMT, having touched a high of $1,303.21 on Monday, its highest since Apr. 11. U.S. gold futures were steady at $1,296.10 an ounce.






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#493

Post by B0N3 » Thu May 16, 2019 7:03 pm

Asia Roundup:
Aussie plunges as downbeat employment data spurs rate cut expectation; dollar eases against yen as U.S. retail sales decline, Asian shares tumble – Thursday, May 16th, 2019







Market Roundup

Australia Apr Employment, 28.4k, 14.0k f'cast, 25.7k prev

Australia Apr Unemployment Rate, 5.2%, 5.1% f'cast, 5.0% prev, 5.1%

Australia Apr Participation Rate, 65.8%, 65.7% f'cast, 65.7% prev

U.S. blacklists China's Huawei as trade dispute clouds global outlook

U.S. pulls staff from Iraq, says Iran gave 'blessing' for tanker attacks

Rebels hope to kill off May's Brexit deal in “last-chance” vote

Japan weighing downgrade of economic view, raises doubts on sales tax hike

BOJ deputy governor Wakatabe extols benefits of ultra-easy policy

Australia's Labor opposition set for election victory-poll

Lack of innovation is 'Achilles heel' for China's economy, Xi says

China's solid home price growth faces bubble, trade war risks



Economic Data Ahead

No major economic data releases



Key Events Ahead

N/A Euro zone finance ministers' meeting in Brussels

N/A ECB President Mario Draghi participates in Eurogroup meeting in Brussels

(0300 ET/0700 GMT) EU Commission holds conference on the international role of the euro in Brussels

(0330 ET/0730 GMT) ECB Chief Economist Peter Praet moderates a session at a conference in Brussels

(0700 ET/1100 GMT) Riksbank Governor Stefan Ingves talks about developments in the payment market during ICMA's annual conference in Stockholm

(0715 ET/1115 GMT) BoE Deputy Governor Sam Woods speaks at an event in Switzerland held by Swiss bank UBS

(0830 ET/1230 GMT) ECB Vice President Luis de Guindos speaks at a conference in Brussels

(1100 ET/1500 GMT) BoC's Stephen Poloz and Carolyn Wilkins take media question after the release of the central bank's review of the Canadian financial system in Ottawa

(1215 ET/1605 GMT) Minneapolis Fed President Neel Kashkari speaks before the Santa Barbara County Economic Summit in Santa Barbara, California

(1330 ET/1730 GMT) BoE Monetary Policy Committee member, Jonathan Haskel, speaks at Ken Dixon Lecture at University of York in London

(1400 ET/1800 GMT) ECB's Benoit Coeure speaks at the 21st Geneva Conference on the World Economy in Geneva



FX Beat

DXY: The dollar index consolidated near a 1-week peak after a Federal Reserve policymaker stated that strong U.S. economic growth and subdued inflation meant there is no strong argument for a rate hike or cut right now. The greenback against a basket of currencies traded flat at 97.52, having touched a high of 97.70 on Wednesday, its highest since May 7. FxWirePro's Hourly Dollar Strength Index stood at 120.41 (Highly Bullish) by 0400 GMT.

EUR/USD: The euro rebounded from a near 1-week low recorded in the previous session, as trade concerns eased on expectations that U.S. President Donald Trump will delay implementing tariffs on imported cars. The European currency traded 0.1 percent up at 1.1208, having touched a high of 1.1263 on Monday, its highest since May 1. FxWirePro's Hourly Euro Strength Index stood at -59.31 (Highly Bullish) by 0400 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, and EZ trade balance, ahead of the U.S. building permits, housing starts, unemployment benefit claims, and Fed's Brainard's speech. Immediate resistance is located at 1.1262 (April 22 High), a break above targets 1.1304 (April 18 High). On the downside, support is seen at 1.1187 (May 1 Low) a break below could drag it till 1.1140 (April 24 Low).

USD/JPY: The dollar declined as an unexpected fall in the U.S. retail sales in April and a drop in industrial production last month indicated a slowdown in economic growth after a temporary boost from exports and inventories in the first quarter. The major was trading 0.1 percent down at 109.50, having hit a low of 109.01 on Monday, its lowest since Feb. 1. FxWirePro's Hourly Yen Strength Index stood at 105.07 (Highly Bullish) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of U.S. building permits, housing starts, unemployment benefit claims, and Fed's Brainard's speech. Immediate resistance is located at 110.04 (38.2% retracement of 111.68 and 109.01), a break above targets 110.67 (61.8% retracement). On the downside, support is seen at 109.01 (May 14 Low), a break below could take it lower at 108.49 (Jan. 31 Low).

GBP/USD: Sterling steadied after falling to a 3-month low in the prior session on growing expectations that Prime Minister Theresa May will again fail to get her Brexit deal approved and could soon face a leadership challenge. The major traded 0.1 percent up at 1.2815, having hit a low of 1.2826 on Wednesday; it’s lowest since Feb. 15. FxWirePro's Hourly Sterling Strength Index stood at -133.62 (Highly Bearish) 0500 GMT. Investors’ attention will remain on BoE Haskel's speech, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2916 (Apr. 25 High), a break above could take it near 1.2963 (Apr. 24 High). On the downside, support is seen at 1.2772 (Feb. 14 Low), a break below targets 1.2709 (Jan. 11 Low). Against the euro, the pound was trading 0.05 percent down at 87.22 pence, having hit a low of 87.36 on Wednesday, it’s lowest since Feb. 19.

AUD/USD: The Australia dollar plunged to a 4-1/2 month low after data showed domestic unemployment rate rose to the highest in eight months while full-time jobs fell, cementing views that the Reserve Bank of Australia may be forced to lower rates soon to stimulate the economy. The Aussie trades 0.2 percent down at 0.6913, having hit a low of 0.6892, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -69.99 (Bearish) by 0400 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6870, a break below targets 0.6845. On the upside, resistance is located at 0.6961 (Apr. 30 High), a break above could take it near 0.7002 (May 6 High).

NZD/USD: The New Zealand dollar slumped to a 1-week low, as markets imply around a two-in-three chance of a further easing by the Reserve Bank of New Zealand by year end. The Kiwi trades 0.2 percent down at 0.6549, having touched a low of 0.6548, its lowest level May 8. FxWirePro's Hourly Kiwi Strength Index was at -68.46 (Bearish) by 0400 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6653 (May 3 High), a break above could take it near 0.6694 (Apr. 19 High). On the downside, support is seen at 0.6514 (Nov. 1 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares slumped as U.S. sanctions on Chinese telecoms giant Huawei threaten fresh tensions with China.

MSCI's broadest of Asia-Pacific shares outside Japan slumped 0.2 percent.

Tokyo's Nikkei fell 0.7 percent to 21,034.81 points, Australia's S&P/ASX 200 index gained 0.5 percent to 6,315.50 points and South Korea's KOSPI tumbled 1.1 percent to 2,070.30 points.

Hong Kong’s Hang Seng traded 0.1 percent higher at 28,294.27 points. Taiwan shares shed 0.8 percent to 10,474.61 points

Shanghai composite index rose 0.4 percent to 2,951.60 points, while CSI 300 index traded 0.3 percent up at 3,737.41 points.



Commodities Recap

Crude Oil prices rose, extending gains for the third straight session, as tensions in the Middle East stoked fears of potential disruptions to supply. International benchmark Brent crude was trading 0.5 percent higher at $72.22 per barrel by 0434 GMT, having hit a high of $72.56 on Monday, its highest since Apr, 30. U.S. West Texas Intermediate was trading 0.5 percent up at $62.43 a barrel, after rising as high as $63.32 on Monday, its highest since the May 2.

Gold prices consolidated within narrow ranges, as a rise in equities offset support from doubts over trade talks between the United States and China. Spot gold was trading flat at $1,296.03 per ounce at 0435 GMT, having touched a high of $1,303.21 on Monday, its highest since Apr. 11. U.S. gold futures edged 0.1 percent lower to $1,296.90 an ounce.






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#494

Post by B0N3 » Mon May 20, 2019 7:29 pm

Asia Roundup:
Aussie rebounds as conservative coalition secures parliamentary majority; dollar at 2-week peak against yen as U.S. lifts tariffs on Canadian, Mexican metals; Asian shares rally – Monday, May 20th, 2019







Market Roundup

Australia's conservative coalition secures parliamentary majority

Trump says tariffs making companies leave China, a deal can't be '50-50'

U.S. warship sails in disputed South China Sea amid trade tensions

India's Modi set to return to power with a bigger majority, exit polls show

Indian rupee, bonds rally on election exit polls; stocks in focus for flows

Saudi Arabia says oil producers want to reduce inventories

Japan Q1 GDP QQ, 0.5%, 0.0% f'cast, 0.5% prev, 0.4% rvsd

Japan Q1 GDP QQ Annualised, 2.1%, -0.2% f'cast, 1.9% prev, 1.6% rvsd

Japan Q1 GDP QQ Pvt Consmp Prelim, -0.1%, -0.1% f'cast, 0.4% prev, 0.2% rvsd

Japan Q1 GDP QQ Capital Expend., -0.3%, -1.7% f'cast, 2.7% prev, 2.5% rvsd

Japan Q1 GDP QQ External Demand, 0.4%, 0.3% f'cast, -0.3% prev




Economic Data Ahead

(0500 ET/0900 GMT) EZ Mar Current Account SA, EUR, 26.800 bln prev




Key Events Ahead

N/A Fed's Clarida and New York Fed President John Williams participate in two-hour “Fed Listens” Roundtable in New York

(0705 ET/1105 GMT) Riksbank Deputy Governor Cecilia Skingsley talks about developments in the payment market during the conference “Cash on Trial”

(0730 ET/1130 GMT) German Economy Minister Peter Altmaier speaks on his country's industrial strategy at an economic forum in Brandenburg, Germany

(0930 ET/1330 GMT) Philadelphia Fed President Patrick Harker speaks on the economic outlook before the Management Science 65th Anniversary Conference in Boston

(1230 ET/1630 GMT) BoE Deputy Governor Ben Broadbent speaks on “Investment and the duration of uncertainty” at Imperial College Business School in London



FX Beat

DXY: The dollar index rallied to a 2-week peak after U.S. President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China, and any agreement with China cannot be a 50-50 deal. The greenback against a basket of currencies traded flat at 98.02, having touched a high of 98.03 earlier, its highest since May 3. FxWirePro's Hourly Dollar Strength Index stood at 76.75 (Slightly Bullish) by 0500 GMT.

EUR/USD: The euro plunged to a 2-week trough after European Central Bank policymaker Klaas Knot stated that inflation in the euro zone is not at the level the ECB wants it to be. Moreover, concerns over this week's European parliamentary elections and comments from Italian Deputy Prime Minister Matteo Salvini continued to weigh on the major. The European currency traded 0.1 percent down at 1.1151, having touched a low of 1.1150 earlier, its lowest since May 3. FxWirePro's Hourly Euro Strength Index stood at -12.85 (Neutral) by 0500 GMT. Investors’ attention will remain on the Eurozone current account figures, ahead of the Chicago Fed National Activity index, and speeches by Fed's Clarida and Powell. Immediate resistance is located at 1.1218 (May 7 High), a break above targets 1.1262 (April 22 High). On the downside, support is seen at 1.1118 (April 25 Low), a break below could drag it below 1.1100.

USD/JPY: The dollar rallied to a 2-week peak, as risk sentiment improved after the United States struck deals to lift tariffs on steel and aluminium imports from Canada and Mexico, removing a major obstacle to legislative approval of a new North American trade pact. The major was trading 0.1 percent up at 110.15, having hit a high of 110.31, its highest since May 7. FxWirePro's Hourly Yen Strength Index stood at -43.45 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the Chicago Fed National Activity index, and speeches by Fed's Clarida and Powell. Immediate resistance is located at 110.67 (61.8% retracement of 111.68 and 109.01), a break above targets 111.11 (78.6% retracement). On the downside, support is seen at 109.47 (May 10 Low), a break below could take it lower at 109.01 (May 14 Low).

GBP/USD: Sterling steadied after falling to a 4-month low in the previous session on news that cross-party Brexit talks collapsed and concerns about the impact Prime Minister Theresa May's likely resignation on Britain's EU separation. The major traded 0.2 percent up at 1.2734, having hit a low of 1.2711 on Friday; it’s lowest since Jan. 15. FxWirePro's Hourly Sterling Strength Index stood at -86.43 (Slightly Bearish) 0500 GMT. Investors’ attention will remain on the U.S. fundamental drivers, amid a lack of data from the UK docket. Immediate resistance is located at 1.2823 (23.6% retracement of 1.3176 and 1.2711), a break above could take it near 1.2890 (38.2% retracement). On the downside, support is seen at 1.2709 (Jan. 11 Low), a break below targets 1.2668 (Jan. 15 Low). Against the euro, the pound was trading 0.1 percent up at 87.62 pence, having hit a low of 87.78 on Friday, it’s lowest since Feb. 15.

AUD/USD: The Australian dollar rebounded from a 4-1/2 month low recorded last week, after Australian Prime Minister Scott Morrison's centre-right Liberal-National Coalition secured a victory in federal elections, beating the centre-left Labor party. The Aussie trades 0.8 percent up at 0.6922, having hit a low of 0.6864, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -50.19 (Bearish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6863, a break below targets 0.6835. On the upside, resistance is located at 0.6961 (Apr. 30 High), a break above could take it near 0.7002 (May 6 High).

NZD/USD: The New Zealand dollar bounced from a 6-1/2 month trough, supported by a statement from China's central bank on Sunday that it would maintain the stability of its yuan within a reasonable and balanced range. The Kiwi trades 0.4 percent up at 0.6539, having touched a low of 0.6513 on Friday, its lowest level Nov. 1. FxWirePro's Hourly Kiwi Strength Index was at -45.81 (Neutral) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6591 (May 14 High), a break above could take it near 0.6653 (May 3 High). On the downside, support is seen at 0.6502 (Oct. 25 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares surged after the United States said it would lift tariffs in North America, although escalating U.S.-China trade tensions limited upside.

MSCI's broadest of Asia-Pacific shares outside Japan rallied 0.6 percent.

Tokyo's Nikkei rose 0.2 percent to 21,301.73 points, Australia's S&P/ASX 200 index gained 1.7 percent to 6,476.10 points and South Korea's KOSPI tumbled 0.05 percent to 2,055.71 points.

Hong Kong’s Hang Seng traded 0.5 percent lower at 27,810.61 points. Taiwan shares added 0.1 percent to 10,398.41 points

Shanghai composite index fell 0.5 percent to 2,868.17 points, while CSI 300 index traded 0.9 percent down at 3,614.44 points.



Commodities Recap

Crude Oil prices rallied to multi-week highs after OPEC indicated it will likely maintain production cuts that have helped support prices this year. International benchmark Brent crude was trading 1.6 percent higher at $73.14 per barrel by 0458 GMT, having hit a high of $73.39 earlier, its highest since Apr, 26. U.S. West Texas Intermediate was trading 1.4 percent up at $63.55 a barrel, after rising as high as $63.79, its highest since the May 1.

Gold prices eased, hovering towards a 2-week low hit in the previous session, as strong U.S. economic data underpinned the dollar amid geopolitical and trade tensions. Spot gold declined 0.1 percent at $1,276.28 per ounce at 0501 GMT, having touched a low of $1,274.73 on Friday, its lowest since May 3. U.S. gold futures were 0.1% higher at $1,276.40 an ounce.






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