Forex Today: NZD cheers strong CPI, EUR eyes French election for fresh impetus
|Sentiment across Asia was driven by the upbeat economic data released from the Asia-pac regions, with risk-on back into markets as oil prices recovered from heavy sell-off seen in the US last session. Meanwhile, China stocks paused its 4-day losing streak and regained footing, as country’s pressure on capital outflow eased significantly in Q1.
The Kiwi was the top gainer in Asia on the back of stronger-than expected NZ CPI data, while the USD bulls took a breather after yesterday’s rebound, allowing minor-bids in most majors.
Meanwhile, the EUR/USD pair traded largely flat-lined in Asia above 1.07 handle, and now looks to extend its side-trend into Europe, as investors turn on the side-lines and refrain from placing big bets ahead of the first round of the French presidential election scheduled this Sunday.
On the data-front, we have another light EUR calendar, with only the German PPI data to be reported. Meanwhile, the NA session offers the Philly Fed manufacturing index and jobless claims data, followed BOE Carney’s speeches and US treasury secretary Mnuchin’s speech.
Main topics in Asia
New Zealand Consumer Price Index (QoQ) registered at 1% above expectations (0.8%) in 1Q
Japan’s exports rise for 4th straight month, end Q1 on a strong note
The data released by the Japanese Ministry of Finance this Thursday morning showed the exports rose for the fourth straight month in March and the pace of expansion has been highest since January 2015.
Australia: Leading indicators mostly improved in Q1 2017 - NAB
Australia's business confidence improved slightly in Q1 2017, coming in at 6 vs 5 last, while conditions rose 2 points, to +8 index points, which is well above the long-run average, the National Australian Bank (NAB) reported on Thursday.
Asian stocks rally, but gains tempered by losses in oil
Most Asian equities rallied this Thursday morning with gains being capped to some extent due to the weakness in the energy stocks and moderate losses on the Wall Street.
Key Focus ahead
GBP/USD bounces-off 1.2770 amid risk-on, BOE Carney eyed
Calendar-wise, we have yet another session of empty UK docket, while investors gear up for the US Philly Fed manufacturing index and jobless claims to gauge next USD moves. However, the main risk event for cable is likely to be BOE Governor Carney’s speeches in Washington later today.
French elections: round one more expensive to hedge than round two? - Nomura
Analysts at Nomura explained that the market may quickly draw conclusions as to the winner in the second round once we know the final two candidates.
Intra-Day Market Moving News and Views- USD/JPY
The pair swung fairly wildly in Wednesday trading. Despite rising steadily from 108.38 (Australia) on continued cross-selling in yen in Asia on then dlr-supportive comments by U.S. Treasury Secretary Mnuchin during European morning…
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.