The overnight risk-off market profile extended into Asia this Thursday, as lingering worries over a potential global trade war continued to kill the demand for the risk assets while boosting the safe-havens such as the Yen, Swiss franc, and gold.  The sentiment soured on mounting concerns over the US-China trade war and added to the weight on the US dollar. As a result, the USD/JPY pair was knocked down 105.80 levels, before having recovered some ground amid a recovery in the Asian equities.

The Kiwi fell rapidly to test the 0.73 handle on the NZ Q4 GDP miss, although recovered most losses towards Asia close. Meanwhile, the Aussie traded little changed near 0.7875, despite mixed Aus data and risk-recovery, as markets await the sentiment on the European open for fresh trading impetus.

Main topics in Asia

Canadian PM Trudeau: NAFTA agreement can be reached - Bloomberg

Canadian Prime Minister Justin Trudeau commenting on NAFTA today during an interview on BloombergTV.

US Senate approves bill in first step to rewriting Dodd-Frank - Reuters

The US Senate voted Wednesday to approve a bill that eases some of the regulations under the Dodd-Frank reform that was enacted following the 2008 financial crisis, as reported by Reuters.

Australia inflation expectations rise while pay growth expectations drop

Australia expected inflation rate as represented by the Melbourne Institute Survey of Consumer Inflationary Expectations, increased by 0.1 percentage points in March to 3.7 percent from 3.6 percent in February. 

Saudi Arabia to keep April crude oil exports under 7 million bpd: ministry - Reuters

Saudi Arabia and other nations participating in a global supply cut agreement “remain committed to pursuing the common objective of restoring inventories back to their normal levels.

Japan’s Aso to not attend G20 summit – Kyodo

Japan’s news agency, Kyodo reports that the Japanese Finance Minister Aso will not attend the G20 meeting next week.

Asian stocks retreat as investors ditch risk assets on trade woes

Major Asian equity markets are flashing red as rising fears of a US-China trade war forced investors to move out of risky assets and into the safe haven assets.

Key Focus ahead

Today’s macro calendar has no first-tier economic data slated for release from both continents, Europe & North America. Hence, risk trends will continue to drive the investors’ sentiment ahead of the Swiss PPI and a flurry of second-liner macro news from the US docket that includes the jobless claims, Philly Fed manufacturing index and Empire State manufacturing index. 

On the central banking events, we have the main risk event for today, the SNB’s quarterly monetary policy assessment. Meanwhile, the ECB Executive Board member Sabine Lautenschläger ’s speech due later at 1545 GMT will be also closely eyed, especially after Draghi’s dovish comments delivered yesterday.

EUR/USD - Key trendline hurdle intact, focus on trade war talk & Fed

The common currency will likely find bids if China talks targeted tariffs in response to Trump's plan to impose wider tariffs on Chinese goods. That said, a big move is unlikely on account of caution ahead of the next week's Fed meeting.

GBP/USD looking to mount 1.40 once again

The macro calendar this week has been thin and little data remains to be seen, though we will see the US Jobless Claims and the Philly Fed Manufacturing Survey at 12:30 GMT.

USD/CHF one to watch amid heightened trade war fears, SNB decision

As pressure on the dollar from weak data and trade war fears continued, USD/CHF traders were additionally anticipating Thursday’s monetary policy and rate decision from the Swiss National Bank. 

GMT
Event
Vol.
Actual
Consensus
Previous
Monday, Mar 12
24h
 
 
24h
 
 
Tuesday, Mar 13
24h
 
 
Wednesday, Mar 14
24h
 
 
Thursday, Mar 15
24h
 
 
08:15
 
0.9%
1.8%
08:15
 
0.4%
0.3%
08:30
 
 
08:30
 
-0.75%
-0.75%
n/a
 
 
1.29%
12:30
 
15.0
13.1
12:30
 
1.90M
1.87M
12:30
 
226K
231K
12:30
 
3.5%
3.6%
12:30
 
0.3%
0.8%
12:30
 
0.2%
1.0%
12:30
 
4.2%
3.4%
12:30
 
23.0
25.8
12:30
 
 
10.7K
14:00
 
71
72
14:30
 
-16B
-57B
15:45
 
 
20:00
 
$40.2B
$27.3B
20:00
 
$43.1B
$-119.3B
21:30
 
 
55.6
22:45
 
 
Friday, Mar 16
04:00
 
 
-6.6%
04:30
 
-0.1%
2.8%
07:00
 
 
2%
07:00
 
 
0.9%

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD: On the backfoot below 1.0100 amid notable USD demand

EUR/USD: On the backfoot below 1.0100 amid notable USD demand

EUR/USD is trading on the defensive below 1.0100, as the US dollar extends the previous rally amid risk-aversion. Fears of German recession, geopolitical concerns and hawkish Fedspeak weigh on the major currency pair.

EUR/USD News

GBP/USD remains vulnerable near 1.1900 after mixed UK Retail Sales

GBP/USD remains vulnerable near 1.1900 after mixed UK Retail Sales

GBP/USD is off the lows but remains vulnerable near 1.1900 amid mixed UK Retail Sales and broad USD strength. The UK Retail Sales surprised positively, with a 0.3% rise MoM in July. On an annualized basis, UK consumer spending fell 3.4% vs. 3.3% expected. 

GBP/USD News

Gold: Firmer DXY directs bears towards $1,730

Gold: Firmer DXY directs bears towards $1,730

Gold price takes offers to renew monthly low near $1,750 during early Friday morning in Europe. The bullion prices register the five-day downtrend as the US dollar bulls cheer recession woes, as well as firmer US data and hopes of the Fed’s aggression vis-à-vis rate hikes.

Gold News

AVAX price will give holders an opportunity to get out before another 20% crash

AVAX price will give holders an opportunity to get out before another 20% crash

AVAX price is in a tough spot as it approaches the end of its uptrend that has been ongoing for two months. While bearish as the altcoin looks, a minor relief rally or bounce could help investors cash out before another leg down. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures