Market Roundup
- Australia April employment -2.9k, unemployment 6.2%, participation 64.8%, +5k, 6.2% and 64.8% eyed, full-time employment -21.9k.
- Australia April PCI -3.1 pts to 47.0.
- Australia banks' golden run over as growth plateaus.
- IMF - Further enhancements to BoJ monetary stimulus may be warranted, China should allow greater FX policy flexibility by reducing intervention.
- Japan end-April monetary base trln, new record, Feb trln.
- China looks to fiscal stimulus to fight slowdown - Reuters.
- S. Korea FinMin - Concerns over effect of weak JPY on economy, to take action on rapid FX moves.
Economic Data Ahead
- (0145 EDT/0545 GMT) Switzerland Q2 consumer confidence index; last -6.0.
- (0200 EDT/0600vGMT) Germany March industrial orders,+1.5% m/m eyed; last -0.9%.
- (0245 EDT/0645 GMT) France March industrial output, unch m/m eyed; last unchanged.
- (0245 EDT/0645 GMT) France March trade balance, E3.6 bln deficit sa eyed; last E3.4 bln deficit.
- (0730 EDT/1130 GMT) US April Challenger layoffs; last 36.59k.
- (0830 EDT/1230 GMT) US w/e initial jobless claims, 280k eyed; last 262k.
- (1500 EDT/1900 GMT) US March consumer credit, $16.0 bln eyed; last $15.52 bln.
Key Events Ahead
- N/A UK general elections.
- N/A SNB Chair Jordan at 2day St Gallen conference, Sweden linker bond auction.
FX Recap
EUR/USD is trading at 1.1341 levels and made high of 1.1347so far. Pair broke major resistance levels of 1.1274 as well as 1.1290. A daily close above 1.1355 levels bring the pair towards 1.15 levels. In European session France Trade balance as well as Germany factory order data is there. Initial support and resistance is seen at 1.1290/ 1.1379 levels.
USD/JPY is trading in a narrow range and falls below 120.00 levels. It is currently trading at 119.50 levels and made low of 119.32. After long holidays, Japanese banks have started their work today. Pair slipped as US ADP job data came with negative numbers. Initial support is seen at 119.47 and 118.49. Resistance is seen at 120.69 levels.
GBP/USD is currently trading at 1.5240 levels and made a high of 1.5247. Today is data free session for UK but election results will be main focus. Tight Asian range opened +0.4% amid broad USD weakness. Neutral momentum studies, 5, 10 & 20 dma's conflict, Bollinger's edge higher. Mixed signals suggest a period of consolidation. Initial support/resistance at 1.5150/1.5292
USD/CHF touched the low at 0.9112 levels and currently trading at 0.9165 levels. Switzerland will release consumer confidence data. Pair broke major support of 0.9194 levels. Next support is seen at 0.9055 levels and resistance is seen at 0.9221 levels.
AUD/USD is trading nearby 0.7981 and made intraday high of 0.8004 levels. Australia released Employment data, which came with negative numbers. Markets eye for RBA monetary policy statement as well as China Trade balance data. Short stop is at 0.8010. Resistance is seen at 0.8022 Apr 30 high and Supported by the tenkan line at 0.7921 on the day charts.
