Market Roundup
• Australia NAB Business Confidence (Feb): -1 forecast, 4 previous.
• Australia NAB Business Confidence (Feb): -1, -1 forecast, 4 previous.
• Australia Building Approvals (MoM) (Jan): -7.2%, -7.2% forecast, -14.9% previous.
• Australia NAB Business Survey (Feb): 7, 7 forecast, 7 previous.
• Australia Building Approvals (YoY) (Jan): -15.70%, 8.10% forecast, 0.40% previous.
• Australia Private House Approvals (Jan): 1.1%, 1.1% forecast, 0.4% previous.
• China Imports (YoY) (Feb): 19.8%, 6.3% forecast, 5.7% previous.
• China Trade Balance (USD) (Feb): 213.62B, 177.40B forecast, 114.11B previous.
• China Exports (YoY) (Feb): 21.8%, 7.1% forecast, 6.6% previous.
• China Exports (Feb): 36.10M, 5.20M previous.
• China Imports (Feb): 10.90M, 4.40M previous.
• China Trade Balance (Feb): 1,503.49B, 1,250.00B forecast, 808.80B previous.
Looking Ahead Economic Data (GMT)
•07:00 German Imports (MoM) (Jan): 1.4% previous.
•07:00 German Exports (MoM) (Jan): -2.0% forecast, 4.0% previous.
•07:45 French Exports (Jan): 53.1B previous.
•07:45 French Trade Balance (Jan): -5.2B previous.
•07:45 French Imports (Jan): 57.9B previous.
•07:45 French Current Account (Jan): -0.60B previous.
•07:45 Italian PPI (YoY) (Jan): -1.4% previous.
•07:45 Italian PPI (MoM) (Jan): -0.7% previous.
Looking Ahead Events And Other Releases (GMT)
•No events ahead
Currency Forecast
EUR/USD : The euro steadied on Tuesday as dollar lost some of its safe-haven appeal on speculation that the war in the Middle East could prove limited on Tuesday, pulling down skyrocketing oil prices and boosting risk assets. The comments were quickly rejected as "nonsense" by Iran's Revolutionary Guards, but they seemed to hold traders back from deepening worries about an oil shock and put them in a wait-and-watch stance. Investors are worried that could curtail global growth by acting as a tax on business and consumption, while at the same time pushing central banks away from easing rates. Immediate resistance can be seen at 1.1574(Daily high), an upside break can trigger rise towards 1.1608(38.2%fib).On the downside, immediate support is seen at 1.1509(Lower BB), a break below could take the pair towards 1.1474(23.6%fib).
GBP/USD: The pound edged higher on Tuesday as dollar eased after U.S. President Donald Trump suggested that the war in the Middle East could end soon. Gold prices fell by as much as 2% on Monday as higher energy costs fanned inflation concerns and further dimmed the prospects for a near-term cut in interest rates by the U.S. Federal Reserve. Investors expect the Fed to keep rates steady at the end of its two-day meeting on March 18, per CME Group's FedWatch tool. Gold is seen as an inflation hedge, but low rates reduce the opportunity cost of holding it as a zero-yield asset. Markets are now awaiting the U.S. consumer price index for February, due on Wednesday, and Personal Consumption Expenditures (PCE) index - the Fed's preferred inflation gauge on Friday. Immediate resistance can be seen at 1.3328(38.2%fib), an upside break can trigger rise towards 1.3489(50%fib)).On the downside, immediate support is seen at 1.3118(Lower BB), a break below could take the pair towards 1.3125(23.6%fib).
AUD/USD: The Australian dollar edged lower on Tuesday as markets recalibrated after experiencing sharp volatility a day earlier. Investor sentiment improved slightly after Trump stated that the conflict with Iran could be nearing its end and suggested the possibility of easing sanctions on Russia to stabilize global energy markets. Trump comments helped calm markets that had been rattled by fears of escalating geopolitical tensions and supply disruptions. Meanwhile, uncertainty remains high, as it is still unclear how quickly the geopolitical situation can realistically be de-escalated. Meanwhile, oil prices have sharply reversed, giving up all the gains recorded. Immediate resistance can be seen at 0.7030(38.2%fib), an upside break can trigger rise towards 0.7137(38.2%fib).On the downside, immediate support is seen at 0.6940(38.2%fib), a break below could take the pair towards 0.6900(Psychological level)
USD/JPY: The US dollar eased on Tuesday as dollar lost some of its safe-haven appeal on speculation that the war in the Middle East could prove limited on Tuesday.Trump said the US military operation in Iran is nearing its conclusion and running well ahead of the initial four- to five-week estimated timeframe.Japan's economy grew faster than initially estimated in the October-December period from the previous quarter, revised gross domestic product (GDP) data showed on Tuesday.The revised figure released by the Cabinet Office showed the economy expanded an annualised 1.3% in the fourth quarter, compared with the initially estimated 0.2%. Economists' median forecast was for a 1.2% growth.Without annualisation, GDP grew 0.3%, matching the median forecast for a 0.3% expansion and compared with the initial estimate of a 0.1% rise. Immediate resistance can be seen at 158.29(Higher BB) an upside break can trigger rise towards 160.00(Psychological level) .On the downside, immediate support is seen at 156.72(38.2%fib) a break below could take the pair towards 155.44 (SMA 20).
Equities Recap
Asian stocks rallied and oil prices tumbled on Tuesday after Donald Trump said the Middle East war could be “over soon.”
Japan’s Nikkei 225 was up by 2.72% , South Korea’s KOSPI was up at 5.48 %, China A50 was up at 0.97 %
Commodities Recap
Gold prices rose on Tuesday, supported by a weaker U.S. dollar and easing energy costs after U.S. President Donald Trump suggested the war in the Middle East could end soon..
Spot gold rose 0.5% to $5,161.54 per ounce, as of 0429 GMT. U.S. gold futures for April delivery rose 1.3% to $5,171.10.
Oil prices fell Tuesday after hitting a more than three-year high in the previous session, as U.S. President Donald Trump said the Middle East war could end soon, easing supply disruption concerns.
Brent crude fell $4.17, or 4.2%, to $94.79 a barrel at 0345 GMT, while WTI dropped $3.81, or 4%, to $90.96. Both contracts had earlier plunged as much as 11% before trimming losses.
