Date : 20th February 2019.
MACRO EVENTS & NEWS OF 20th February 2019.
FX News Today
* Bund yields lower in opening trade, Equity markets mostly higher in Asia.
* Stock markets in Asia remained underpinned by hopes of a US-Sino trade deal.
* Wall Street closed higher, helped by positive earnings at Walmart Inc. Fresh.
* President Trump meanwhile suggested that March 1 tariff deadline is not cast in stone, so there is hope that further tariffs can be avoided.
* Japan’s exports fell 8.4% in January, while imports declined 0.6% y/y. The contraction in exports seems consistent with escalating concern that Japan’s export sector will be dented this year by global trade frictions and the slowing in China’s economy.
* The Yuan lifted after a Bloomberg report saying the US was looking for a pledge from China that it will not devalue its yuan currency as part of the trade deal.
* USDJPY has climbed to 110.91 from 110.60, amid cautious risk-on theme
* WTI crude edged out fresh 3-month high of $56.77.
Charts of the Day
Main Macro Events Today
* Juncker and May meet for another round of crunch talks in Brussels today.
* EU Consumer Confidence – The overall Eurozone number Consumer Price Index (M/M) on course to be confirmed at 1.4% y/y.
* FOMC minutes – The focus turns on the FOMC minutes to the January 29, 30 policy meeting as we look to glean more information on the Fed’s pivot to a more dovish point of view, even as rates were left unchanged. We did get a glimpse from Chairman Powell’s press conference, where he noted tighter financial conditions, along with tame inflation. And he said the onus is on price pressures to force a rate move.
* Australian labour data – The unemployment rate is seen holding steady at 5.0%.
Support and Resistance Levels
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Please note that times displayed based on local time zone and are from time of writing this report.
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