Economic Data of the Day (Singapore Time – GMT + 8)
07.00am: KRW – South Korea GDP SA QoQ (Exp. 0.4%, Prev. 0.4%), YoY (Exp. 1.7%, Prev. 1.7%)
09:00am: PHP – Imports YoY (Prev. 12.0%), Trade Balance (Prev. -$1500 Mio)
01.00pm: SGD – Industrial Production SA MoM (Exp. 0.3%, Prev. -4.8%), YoY (Exp. -2.0%, Prev. -4.7%)
04:30am: HKD – Exports YoY (Exp. -6.7%, Prev. -10.4%), Imports YoY (Exp. -6.9%, Prev. -10.1%)
04:30am: HKD – Trade Balance(Exp. -40.5Bn, Prev. -33.1Bn)
08.30pm: USD – Durable goods Orders (Exp. 1.9%, Prev. -3.0%), Ex Transp. (Exp. 0.5%, Prev. -1.3%)
Speeches
02.45pm: EUR – ECB’s Constancio, Coeure, Nouy at Conference in Frankfurt
Merkel Hosts G-5 Leaders to Discuss Terrorism
Overnight News
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US: U.S. new homes sales fell 1.5% for a third successive month during March to a seasonally adjusted annual rate of 511,000 (Exp. 520k).
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South Korea: GDP printed 2.7% YoY as expected and 0.4% QoQ. Details are as follows: Facilities investment -5.9% q/q; exports -1.7% q/q; private consumption -0.3% q/q; construction investment +5.9% q/q; government spending +1.3% q/q.
Foreign Exchange
| LAST | % Overnight | Overnight Range | % 5D | % YTD | 52 WK-L | 52 WK-H | |
| DXY | 94.77 | -0.19% | 94.679 - 95.04 | 0.80% | -3.90% | 92.62 | 100.51 |
| EURUSD | 1.1272 | 0.24% | 1.1231 - 1.1278 | -0.80% | 3.80% | 1.0524 | 1.1714 |
| USDJPY | 111.03 | 0.10% | 110.84 - 111.35 | 1.70% | -7.60% | 107.63 | 125.86 |
| AUDUSD | 0.7719 | 0.12% | 0.7694 - 0.7729 | -1.20% | 5.90% | 0.6827 | 0.8164 |
| NZDUSD | 0.6874 | 0.00% | 0.6844 - 0.6878 | -2.40% | 0.60% | 0.613 | 0.7744 |
| USDCHF | 0.9748 | -0.17% | 0.9736 - 0.9779 | 1.50% | -2.70% | 0.9072 | 1.0328 |
| GBPUSD | 1.4491 | 0.30% | 1.4403 - 1.452 | 0.60% | -1.70% | 1.3836 | 1.593 |
| USDCAD | 1.2674 | -0.07% | 1.2657 - 1.2717 | 0.00% | -8.40% | 1.192 | 1.469 |
| USDCNH | 6.5027 | -0.13% | 6.5037 - 6.5146 | 0.50% | -1.00% | 6.1934 | 6.7618 |
| USDSGD | 1.3523 | -0.15% | 1.3507 - 1.373 | 1.10% | -4.70% | 1.3151 | 1.4444 |
GBP is still trying to break the top of the range at 1.4500 and now trades above the 100d MA at 1.4418.
We stayed in the same range for the past 2 months so a break higher would be significant.
There has been a lot of buyers of AUDNZD ahead of the RBNZ meeting on Thursday. While commodity prices have recovered since the previous surprise cut from RBNZ, the dairy prices remain weak. Even if RBNZ decides to keep the rates on hold, the market is expecting a dovish statement.
The buying interest continued in Asia time on the forwards USDCNH but was subdued in the NY session.
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