Forex Today: AUD ignores solid NAB data, UK CPI, German ZEW - Key
|A quiet-Asian affair this Tuesday, with limited macro news reported and the yen strength dominating across the fx board amid negative Japanese stocks and weaker treasury yields, which were unimpressed by Yellen’s overnight comments.
On the data-front, Australia’s NAB business conditions data showed a strong increase and rose to the highest levels since GFC. However, the Aussie failed to react to the upbeat data and remained largely subdued. The Kiwi was the weakest of all the majors, amid resurgent broad USD demand and weak NZ retail card spending data.
Focus now shifts towards the upcoming economic releases, as we head towards the early European trading, with the much-awaited UK inflation figures due on the cards ahead of Germany’s ZEW economic sentiment and Eurozone industrial production data. Meanwhile, in the US session, we have the JOTLS job openings data alongside a speech from the FOMC member Kashkari.
Main topics in Asia
WTI Oil rose to a five-week high of $53.21/barrel this Tuesday morning, underpinned by US-Syria tensions and shut down at Libya’s largest oil field.
Australia: March business conditions highest since GFC - NAB
Australia's March business conditions improved dramatically, coming in at 14 vs 9 last, while confidence stood at 6 vs 7, with NAB noting that business conditions hit their highest level since the GFC in March.
BOJ’s Kuroda: Level of rates and size of balance sheet will be topics for exit strategy
Livesquawk reporting additional headlines from the BOJ Chief Kuroda, noting that the level of rates and size of balance sheet will be topics for exit strategy.
Trump held phone calls on Syria with British PM May and Merkel - White House
Livesquawk reports headlines from the White House published last hours, citing that Trump held phone calls on Syria with British PM May and Merkel.
Key focus for the day/ week ahead
GBP/USD side-lined around 1.2420, eyes on UK CPI
The spot extends its overnight side-trend into Asia, consolidating near two-day tops, as the bulls await a fresh impetus in the UK CPI release for next direction.
Intra-Day Market Moving News and Views- USD/JPY
USD/JPY - In stark contrast to yesterday's firmness in Asia, dlr remains under pressure after intra-day break of New York low at 110.81 to 110.62 at Asian open due to renewed broad-based yen buying.
Australia’s employment report preview - NAB
Analysts at National Australia Bank (NAB) offer a sneak peek into what to expect from the Australian labor market report due this Thursday.
EUR/USD analysis: Bearish pressure persists despite recovery
On Tuesday attention would to the German ZEW survey and Eurozone industrial production data while in the US no relevant report is due.
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