Market Roundup
- FOMC ViceChair Fischer: Eyes first rate hike this year.
- US TsySec Lew: Japan must use all tools to recover, all countries must honor G7/20 exchange rate commitments.
- BoJ Gov Kuroda: Counters IMF's gloomy forecast on Japan inflation, will movesteadily towards 2% goal, will adjust monetary policy as needed.
- Japan FinMin Aso: Reiterates to G20 Japan recovering moderately, lower oil prices boost for consumption, will continue to boost economy, reform finances, nonchalant over AIIB, could work with IMF, agrees with IMF Lagarde CNY SDR inclusion predicated on free trading.
- Foreign CB US debt holdings +$3.861 bln to $3.296 trln April 15 week.
- Japan Mar consumer confid. Index increases to 41.7 vs previous 40.7.
Economic Data Ahead
- (0315 EDT/0715GMT) Switzerland Feb retail sales; previous -0.3% y/y.
- (0400 EDT/0800GMT) Eurozone Feb c/a balance, E29.4 bln surplus sa; previous E29.4 bln sa, E8.4 bln nsa.
- (0400 EDT/0800GMT) Eurozone Feb net investment flow; previous E24.8 bln outflow.
- (0430 EDT/0830GMT) UK Mar claimant count, -29.5k consensus; previous -31.0k.
- (0430 EDT/0830GMT) UK Feb ILO unemployment, 5.6% consensus; previous 5.7%.
- (0430 EDT/0830GMT) UK Feb earnings 3-mo average +1.8% y/y consensus, ex-bonus +1.7%; previous +1.8/+1.6%.
- (0500 EDT/0900GMT) Eurozone Mar inflation - final, +1.1% m/m, -0.1% y/y consensus; flash +0.6%, -0.1%.
- (0500 EDT/0900GMT) Eurozone Mar - ex-f/e,+1.3% m/m, +0.6% y/y consensus; previous +0.5%, +0.7%.
- (0830 EDT/1230GMT) US Mar CPI, +0.3% m/m,unch y/y consensus; previous +0.2%, unch.
- (0830 EDT/1230GMT) US Mar - core, +0.2% m/m, +1.7% y/y consensus; previous +0.2%, +1.7%.
- (0830 EDT/1230GMT) US Mar real weekly earnings; previous -0.1% m/m.
- (1000 EDT/1400GMT) US Apr U.Mich sentiment index - prelim, 94.0 consensus; previous 93.0.
- (1000 EDT/1400GMT) US Mar leading indicators index, +0.3% m/m consensus; previous +0.2%.
- (1130 EDT/1530 GMT)US Mar Cleveland Fed CPI; previous +0.2%.
Key Events Ahead
- N/A IMF/World Bank spring meetings in Washington, DC (tillSunday).
- (0830 EDT/1230GMT) Canada securities transcation data.
FX Recap
USD/JPY is hovering close to 119 levels as markets await US CPI data due later in the day. It currently in a very narrow 119.12-118.88 range. The pair has resistance at 119.49 (April 16 High) levels and above which it be pushed to 119.76 (April 15 High) levels. To the flipside, immediate support is seen at 118.77 (April 16 Low) below that at 118.50 levels.
AUD/USD partially trimmed previous gains and turned red on Friday. It currently trades at 0.7774 levels, having touched a high of 0.7805 levels. On the topside, immediate resistance is located at 0.7800 (Today's High) levels, and a break above could extend its gains to 0.7825 (April 16 High)) levels. On the downside, support is located at 0.7770 (Today's Low) levels and then at 0.7724 (50-DMA) levels.
NZD/USD is trading close to yesterday's close of 0.7662 levels at present, staying below the 0.77 mark. Traders are cautious ahead of the release of US inflation figures. On the topside, resistance is eyed at 0.7700 levels and a break above could see the pair testing 0.7725 levels. To the downside, support is likely to be found at 0.7646 (Today's Low) levels and then at 0.7600 levels.
GBP/USD seen in thin 1.4919-47 range in the Asian session with flows few, far between. It is currently trading at 1.4930 levels, slightly higher than yesterday's close of 1.4928 levels. Few stops are seen above 1.4970 (yesterday high).
EUR/USD and the EUR complex traded in a tight range in Asia. The pair posted a high of 1.0785 levels and a low of 1.0752 levels so far today. On the upside, resistance is located at 1.10 the high from April 3, while on the downside, support might be found at 1.05 its low from Mar. 11.
