Posted at 03 May 2019 / Categories Market Roundups
Market Roundup
Economic Data Ahead
Key Events Ahead
FX Recap
USD: The dollar index recoups losses from earlier in the week to stand at 97.834 against a basket of currencies, up from a trough of 97.149.
EUR/USD: The euro was flat at $1.1174, having eased back from a $1.1219 top overnight, though it was still a shade firmer on the week. It made intraday high at $1.1167 and low at $1.1167 mark. A consistent close below $1.1170 will drag the parity down towards key supports around $1.1080 and $1.0852 levels respectively. Alternatively, reversal from key support will drag the parity higher towards key resistances around $1.1220, $1.1390, $1.1472, $1.1550, $1.1620 and $1.1820 marks respectively.
USD/JPY: The Japanese yen trades almost flat around 111.48 mark as Japanese banks will remain closed for a week. It made intraday high at 111.53 and low at 111.40 levels. A sustained close above 112.17 is required to take the parity higher towards key resistances around 112.60 and 113.98 marks respectively. Alternatively, a daily close below 111.37 will drag the parity down towards key support around 110.80, 109.70, 107.50 and 104.20 marks respectively.
GBP/USD: The sterling has traded in a narrow range of $1.28-$1.30 since Britain last month pushed its scheduled departure from the European Union back from March until Oct 31. Sterling slipped from a two-week high on Thursday after the Bank of England lifted its growth forecasts but warned Brexit continued to cloud the outlook for monetary policy. The BoE voted unanimously to keep interest rates steady at 0.75 percent but stuck to their view tighter policy would be needed in future. Pair made intraday high at $1.3043and low at $1.3022 mark. A sustained close below $1.3022 requires for dragging the parity down towards key support around $1.2897, $1.2772 and $1.25 mark respectively. On the other side, key resistances are seen at $1.3102, $1.3187, $1.3215, $1.3362 and $1.3490 levels respectively.
AUD/USD: The Australian was on track for a third straight weekly loss as speculators bet central banks of both countries could cut rates as early as next week. The Australian dollar was down 0.5 percent for the week on top of its hefty 1.7 percent loss the previous one. It was last trading at $0.6997 after falling below the key psychological support of $0.7000. The pair made intraday high at $0.7028 and low at $0.7010 levels. A consistent close below $0.7015 requires for downside rally.
NZD/USD: The New Zealand dollar was also off 0.5 percent this week, identical with the hit it took the prior week. The currency was last at $0.6620, inching closer to a recent five-month trough of $0.6581. A sustained close above $0.6673 requires for the upside rally. Alternatively, key support was seen at $0.6580 mark.
Equities Recap
Australia’s S&P/ASX200 was trading 0.18 pct higher at 6,349.55 points.
Hong Kong's hang seng index was trading 0.11 percent lower at 29,912.22 points.
South Korea’s Kospi was trading 0.71 percent lower at 2,196.58 points.
Taiwan stock was trading 0.64 percent higher at 11,074.61 points.
India’s NSE was trading 0.11 pct higher at 11,747.45 points and BSE Sensex was trading 0.30 pct higher at 39,093.63 points.
Commodities Recap
Oil prices slipped on Friday, extending a steep fall from the previous session on surging U.S. output and an expected supply increase from producer club OPEC and putting crude on track for a second week of declines. Brent crude oil futures were at $70.56 per barrel at 0127 GMT, down 19 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 7 cents, at $61.74 per barrel.
Gold steadied near a four-month low on Friday, as comments from U.S. Federal Reserve Chairman Jerome Powell reduced expectations of a near-term rate cut, putting bullion on track for a weekly fall. Spot gold was unchanged at $1,270.71 per ounce as of 0139 GMT, having fallen to $1,265.85, its lowest since end-December, in the previous session. Spot gold has fallen 1.2 percent so far this week. U.S. gold futures were steady at $1,271.70 an ounce.
Treasuries Recap
New Zealand government bonds were barely changed.
Australian government bond futures were little changed too, with the three-year bond contract off half a tick at 98.725. The 10-year contract was flat at 98.20.