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13 Apr 2015
Market Movers: AUD and NZD worst G10 performers, USD firm – TDS
FXStreet (Barcelona) - Prashant Newnaha, Strategist at TD Securities, summarizes the market performance during the Asian trading session, noting that a weaker than anticipated Chinese data triggered clear negative movements for the antipodeans.
Key Quotes
“Chinese trade data for March completely missed street expectations, introducing volatility to a session that was relatively sleepy until then. The weak report drove ACGB and NZGB yields down 3-4bps while US10yrs are down only 0.5bps.”
“On the FX front the AUD and NZD are the two worst G10 performers, as markets view the collapse in imports as a clear negative for commodity currencies, AUD –1.25% (US$0.7680 to US$0.7590) and NZD –1.1% (US$0.7540 to US$0.7455). Otherwise the USD is firmer against the G10 space, with most crosses down 0.1-0.15%, lifting the DXY +0.15% to 99.50.”
“Chinese equities continue to advance, the Shanghai Composite +1.50%, as markets speculate officials will loosen policy after today’s weak data. The HSCEI is +2.35%, as investors focus on the closing the premium between valuations of Chinese companies traded in China with those traded in HK. Chinese markets aside, regional equities are flat.”
“Commodities are surprisingly firmer, copper futures +0.4%, iron ore futures +1%, Brent crude is unchanged near US$58 and gold is above US$1200oz.”
Key Quotes
“Chinese trade data for March completely missed street expectations, introducing volatility to a session that was relatively sleepy until then. The weak report drove ACGB and NZGB yields down 3-4bps while US10yrs are down only 0.5bps.”
“On the FX front the AUD and NZD are the two worst G10 performers, as markets view the collapse in imports as a clear negative for commodity currencies, AUD –1.25% (US$0.7680 to US$0.7590) and NZD –1.1% (US$0.7540 to US$0.7455). Otherwise the USD is firmer against the G10 space, with most crosses down 0.1-0.15%, lifting the DXY +0.15% to 99.50.”
“Chinese equities continue to advance, the Shanghai Composite +1.50%, as markets speculate officials will loosen policy after today’s weak data. The HSCEI is +2.35%, as investors focus on the closing the premium between valuations of Chinese companies traded in China with those traded in HK. Chinese markets aside, regional equities are flat.”
“Commodities are surprisingly firmer, copper futures +0.4%, iron ore futures +1%, Brent crude is unchanged near US$58 and gold is above US$1200oz.”