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News Roundup
LOW: UK
UK Election: A survey of finance chiefs released today shows they are much less inclined to take risks – 51% said now was a good time to take risk onto their balance sheets, compared with 72% six months ago, according to Deloitte. David Cameron and the conservatives will announce their manifesto today, by putting Britain’s housing crisis at the centre of their election campaign, pledging to boost the supply of new homes and extend the right-to-buy policy to housing association tenants.
LOW: RUSSIA
Russia lifted its self-imposed ban on selling an advanced air-defence systems to Iran, which is being interpreted as yet another kick in the teeth to Western powers. The decree, banning delivery of the S-300 system to the Islamic Republic in September 2009, had been imposed under intense diplomatic pressure from the U.S. and Israel. The move is yet another example of power politics, by the increasingly unstable Vladimir Putin!
LOW: USA
Flash crash redux. A senior Fed official has warned that a flash crash in US Treasuries last autumn could happen again due to the changing nature of the US government debt market. The US Treasury market is the biggest and most liquid in the world, and forms a pillar of the global financial system.
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USD/JPY briefly recaptures 160.00, then pulls back sharply
Having briefly recaptured 160.00, USD/JPY pulls back sharply toward 159.00 on potential Japanese FX intervention risks. The Yen tumbles amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
AUD/USD extends gains above 0.6550 on risk flows, hawkish RBA expectations
AUD/USD extends gains above 0.6550 in the Asian session on Monday. The Aussie pair is underpinned by increased bets of an RBA rate hike at its May policy meeting after the previous week's hot Australian CPI data. Risk flows also power the pair's upside.
Gold trades on a softer note below $2,350 on hotter-than-expected US inflation data
Gold price trades on a softer note near $2,335 on Monday during the early Asian session. The recent US economic data showed that US inflationary pressures staying firm, which has added further to market doubts about near-term US Federal Reserve rate cuts.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.