Yen and Dollar are trading as the strongest ones for today so far. Slightly lower than expected ADP job growth in February was offset by larger upward revision in January's data. US trade deficit surged for 2018 as a whole jumped to highest in a decade. But these data are largely ignored by the markets. US growth and trade outlook will very much lie on result of trade negotiation with China, with turned quiet this week. Also, markets ignored OECD's downgrade of global growth forecast. Meanwhile, Australian Dollar remains the weakest on for today as traders increased bet on RBA rate cut this year after dismal Q4 GDP. Sterling is the second weakest as there is no breakthrough on Irish backstop while next week's crucial Brexit votes are approaching. Canadian Dollar is not too far behind as traders await BoC rate decision. Recent economic data from Canada pointed to slowdown in growth momentum. Yet BoC Governor Stephen Poloz maintained tightening bias in recent comments. There is risk of a mild dovish twist in today's BoC statement. If that happens, the Loonie will likely suffer another round of selling. In other markets, FTSE is up 0.34%. DAX is up 0.03%. CAC is up 0.26%. German 10-year yield is down -0.257 at 0.144. Earlier in Asia, Nikkei dropped -0.60%. Hong Kong HSI rose 0.26%. China Shanghai SSE rose 1.57%. Singapore Strait Times dropped -0.35%. Japan 10-year JGB yield dropped -0.0132 to -0.005, turned negative. |
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