8 Apr 2015
Market Movers: USD fails to maintain overnight gains – TDS
FXStreet (Barcelona) - Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities, summarizes the market performance during the Asian trade, noting that USD is down against G10 currencies, failing to build on the 1% gains see in DXY overnight.
Key Quotes
“While DXY advanced 1% in US trade overnight, the USD failed to build on those gains in Asia, down vs all G10 currencies. US 2yr yields are unchanged at 0.52%, but US notes and bonds yields are trading around 1bp lower, helping to drive the USD lower.”
“NZD the outperformer at +0.7% to US$0.7545 (on nothing specific) followed by AUD +0.55% to US$0.7675, NOK +0.45% and the ¥119.80, +0.4%, after the BoJ pulled no surprises after their first 2 day meet of the month.”
“ACGBs are fairly well supported today, yields 3-4bps lower from the highs seen near the open, to be net down 2 bps on the day, on a combination of a poor consumer sentiment number and upcoming Australian bond maturities. In contrast, NZGB yields are 4 bps higher across the curve, ahead of NZ$200m in April 27s hitting the market tomorrow.”
“Equity markets are holding firm. Chinese equities are taking a breather today, and are unchanged while HK is up near 2.5% after first day of trade after Easter. Japan and ASX are > +0.5%.”
“Gold and iron ore are essentially unchanged (there was news that China may offer subsidies for iron ore producers), copper futures are down 0.7% and brent crude futures are down 1.3%.”
Key Quotes
“While DXY advanced 1% in US trade overnight, the USD failed to build on those gains in Asia, down vs all G10 currencies. US 2yr yields are unchanged at 0.52%, but US notes and bonds yields are trading around 1bp lower, helping to drive the USD lower.”
“NZD the outperformer at +0.7% to US$0.7545 (on nothing specific) followed by AUD +0.55% to US$0.7675, NOK +0.45% and the ¥119.80, +0.4%, after the BoJ pulled no surprises after their first 2 day meet of the month.”
“ACGBs are fairly well supported today, yields 3-4bps lower from the highs seen near the open, to be net down 2 bps on the day, on a combination of a poor consumer sentiment number and upcoming Australian bond maturities. In contrast, NZGB yields are 4 bps higher across the curve, ahead of NZ$200m in April 27s hitting the market tomorrow.”
“Equity markets are holding firm. Chinese equities are taking a breather today, and are unchanged while HK is up near 2.5% after first day of trade after Easter. Japan and ASX are > +0.5%.”
“Gold and iron ore are essentially unchanged (there was news that China may offer subsidies for iron ore producers), copper futures are down 0.7% and brent crude futures are down 1.3%.”