Currency Updates:
The Australian Dollar (AUD): The pair dropped to a low of 0.9062 after NFP came out better than expected and recent AUD/USD longs scrambled to get out. Through the weekend we had poor Chinese data (Trade balance and CPI) that caused the gap in early Asia which opened at a low of 0.9037. This week’s China Feb inflation and AUS Feb jobs data will be the main focus for the market on the pair.
AUD/USD: Pivot is now at 0.9130 with support at 0.9030 and 0.90. AUD is still holding strongly above the support. Further soft data from China and Australia would push the pair below 0.90 back to early last week’s 0.89 area.
EUR/USD: Barrier protective offers ahead of 1.3925 aided to cap the lift on EUR/USD. Strong NFP data pushed down the EUR/USD gains. However the slide was stalled by Asian & mid-easy buyers. Pivot at 1.3850 and resistance at 1.3920-1.3930.
USD/JPY: Strong data showed that employment increased, not effected by the bad weather. The pair rallied immediately to a high of 103.75 but hit the resistance and also as tensions in Crimea increased again, the pair came back down to just above 103 area. Market awaits for Nikkei open and further U.S data.
Looking Ahead – Economic Data (GMT)
• 23:50 JP Bank lending yy Feb 2.30% -prev
• 23:50 JP C/A NSA JPY Jan f/c -1410.9b, -638.6b-prev
• 23:50 JP GDP rev qq annualised Q4 f/c 1.00%, 1.00%-prev
• 23:50 JP GDP revised qq Q4 f/c 0.30%, 0.30%-prev
• 23:50 JP GDP cap ex rev qq Q4 f/c 0.80%, 1.30%-prev
• 23:50 JP GDP qq pvt consumption Q4 0.50%-prev
• 23:50 JP GDP qq external demand Q4 -0.50%-prev
• 02:00 CN Exports yy (SAT) Feb f/c 6.80%, 10.60%-prev
• 02:00 CN Imports yy (SAT) Feb f/c 8.00%, 10.00%-prev
• 02:00 CN Trade balance(SAT) Feb f/c 14.50b, 31.86b-prev
• 01:30 CN PPI yy Feb f/c -1.90%, -1.60%-prev
• 01:30 CN CPI yy Feb f/c 2.00%, 2.50%-prev
• 01:30 CN CPI mm Feb f/c 0.80%, 1.00%-prev
• 00:01 CN M2 money supply yy Feb 13.20%-prev
• 00:01 CN New yuan loans Feb 716.0b-prev
• 00:01 CN Outstanding loan growth Feb 14.30%-prev
• 21:00 NZ REINZ HPI mm Feb -2.40%-prev
• 21:00 NZ REINZ HPI Year ago Feb 7.70%-prev
• 21:45 NZ Manufacturing sales Q4 0.50%-prev
