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FirewoodFX - Daily Market News
Asia Roundup:
Antipodeans ease as U.S.-China trade talks deadlocked; yen rallies as investors await China retaliation, Asian shares plunge –    
Monday, May 13th, 2019







Market Roundup

China defiant toward U.S. on trade, Kudlow urges strong enforcement steps

Trump may provoke U.S. lawmakers to impeach him -senior Democrat

Iran commander calls U.S. military in Gulf a target not a threat – ISNA

Saudi Energy Minister says two Saudi oil tankers attacked near UAE waters

Australian opposition holds slim lead over government ahead of May 18 election – poll

Australia Mar Housing Finance, -2.5 pct, 2.0 pct prev

South Africa's ANC celebrates election win with street party      

China, Singapore renew bilateral currency swap agreement



Economic Data Ahead

No major economic data scheduled



Key Events Ahead

(0430 ET/1030 GMT) Riksbank Deputy Governor Henry Ohlsson speaks on underlying inflation at the Swedish Society of Financial Analysts in Stockholm

(0905 ET/1305 GMT) Boston Fed President Eric Rosengren speaks at a conference in Boston

(0910 ET/1310 GMT) Fed's Clarida speaks at a conference in Boston

(1255 ET/1655 GMT) Boston Fed President Eric Rosengren and Fed's Clarida give closing remarks at “FedListens – New England Perspectives on Fed Policymaking” conference in Boston



FX Beat

DXY: The dollar index consolidated near 3-1/2 week lows, as investors braced for threatened countermeasures from China in retaliation for Washington's tariff increase on Friday on $200 billion worth of Chinese goods. The greenback against a basket of currencies traded flat at 97.32, having touched a low of 97.13 on Friday, its lowest since April 18 FxWirePro's Hourly Dollar Strength Index stood at -45.64 (Neutral) by 0500 GMT.

EUR/USD: The euro eased, halting a 3-day winning streak, as the greenback steadied amid escalating U.S.-China trade tensions. The European currency traded 0.05 percent down at 1.1229, having touched a high of 1.1253 on Friday, its highest since May 1. FxWirePro's Hourly Euro Strength Index stood at 60.83 (Bullish) by 0500 GMT. Investors’ attention will remain on speeches by Fed's Rosengren and Clarida, amid a lack of economic data from the Eurozone docket. Immediate resistance is located at 1.1262 (April 22 High), a break above targets 1.1304 (April 18 High). On the downside, support is seen at 1.1187 (May 1 Low) a break below could drag it till 1.1140 (April 24 Low).

USD/JPY: The dollar declined, hovering towards a 3-month trough hit in the prior session, as U.S. and China appeared at a deadlock over trade negotiations after Washington demanded promises of concrete changes to Chinese law, while Beijing remained defiant. The major was trading 0.2 percent down at 109.77, having hit a low of 109.47 on Friday, its lowest since Feb. 4. FxWirePro's Hourly Yen Strength Index stood at -45.64 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of speeches by Fed's Rosengren and Clarida. Immediate resistance is located at 110.32 (38.2% retracement of 111.68 and 109.47), a break above targets 110.84 (61.8% retracement). On the downside, support is seen at 109.47 (May 9 Low), a break below could take it lower at 109.13 (Jan. 29 Low).

GBP/USD: Sterling consolidated within narrow ranges, as traders remained doubtful Prime Minister Theresa May can reach a deal with the opposition on how to leave the European Union. The major traded flat at 1.3007, having hit a low of 1.2967 on Thursday; it’s lowest since Apr. 30. FxWirePro's Hourly Sterling Strength Index stood at -131.27 (Highly Bearish) 0500 GMT. Immediate resistance is located at 1.3049 (Apr. 30 High), a break above could take it near 1.3102 (May 1 High). On the downside, support is seen at 1.2976 (Mar. 29 Low), a break below targets 1.2923 (Apr. 30 Low). Against the euro, the pound was trading flat at 86.31 pence, having hit a low of 86.48 on Thursday, it’s lowest since Apr. 30.

AUD/USD: The Australian dollar tumbled, as the trade conflict escalated, with the United States raising tariffs on $200 billion worth of Chinese goods and China vowed to retaliate. The Aussie trades 0.4 percent down at 0.6973, having hit a low of 0.6962 last week, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at 3.80 (Neutral) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6950, a break below targets 0.6921. On the upside, resistance is located at 0.7069 (Apr. 30 High), a break above could take it near 0.7110 (Mar. 19 High).

NZD/USD: The New Zealand dollar eased, after rising for two straight sessions, amid growing anxiety over whether the United States and China will be able to salvage a trade deal. The Kiwi trades 0.3 percent down at 0.6579, having touched a low of 0.6525 on Wednesday, its lowest level Nov. 1. FxWirePro's Hourly Kiwi Strength Index was at -74.76 (Bearish) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6653 (May 3 High), a break above could take it near 0.6694 (Apr. 19 High). On the downside, support is seen at 0.6514 (Nov. 1 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares tumbled as a deadlock in U.S.-China trade talks and uncertainty over a deal sent investors seeking safety in safe-haven assets.

MSCI's broadest of Asia-Pacific shares outside Japan slumped 0.5 percent.

Tokyo's Nikkei fell 0.7 percent to 21,191.28 points, Australia's S&P/ASX 200 index declined 0.2 percent to 6,297.60 points and South Korea's KOSPI plunged 1.4 percent to 2,078.20 points.

Shanghai composite index eased 1.5 percent to 2,896.56 points, while CSI 300 index traded 2.4 percent down at 3,659.52 points. Taiwan shares added 1.4 percent to 10,558.29 points.



Commodities Recap

Crude Oil prices rose, despite investors fretted over global economic growth prospects amid a standoff in U.S.-China trade talks. International benchmark Brent crude was trading 0.1 percent higher at $70.79 per barrel by 0451 GMT, having hit a low of $68.82 last week, its lowest since Apr, 3. U.S. West Texas Intermediate was trading 0.1 percent down at $61.59 a barrel, after falling as low as $60.02 last week, its lowest since the Mar, 29.

Gold prices declined, reversing most of its previous session gains as the greenback steadied after falling to multi-week lows in the previous session. Spot gold was 0.2 percent down at $1,283.84 per ounce by 0454 GMT, having touched a high of $1,291.36 on Wednesday, its highest since Apr. 15. U.S. gold futures slipped 0.2 percent to $1,284.40 an ounce.







DAPATKAN INFO TERKINI DAILY MARKET NEWS SETIAP HARI DI FIREWOODFX

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Asia Roundup:
Antipodeans rebound, dollar steadies against yen as broader sentiment stabilize, investors eye German ZEW survey –
Tuesday, May 14th, 2019







Market Roundup

China, U.S. have 'wisdom' to resolve trade dispute, says senior diplomat

Cellphones and laptops on latest USTR China tariff list, drugs excluded

Japan Finmin Aso: Sino-US trade war won't trigger economic crisis

China stocks, currency weaker on trade war escalation, state buying seen

Saudi oil tankers among those attacked off UAE amid Iran tensions

Fed officials see risks in weaker inflation expectations, trade row

Australia business conditions ease in April, employment softens-NAB survey

N.Korea says ship seizure by U.S. violates spirit of Trump-Kim summit

Japan Mar Current Account NSA JPY, 2,847.9 bln, 3,161.3 bln f'cast, 2,676.8 bln prev



Economic Data Ahead

(0430 ET/0830 GMT) Great Britain Apr Claimant Count Unem Chng, 28.3k prev

(0430 ET/0830 GMT) Great Britain Mar ILO Unemployment Rate, 3.9% f'cast, 3.9% prev

(0500 ET/0900 GMT) Germany May ZEW Economic Sentiment, 5.0 f'cast, 3.1 prev

(0500 ET/0900 GMT) Germany May ZEW Current Conditions, 6.0 f'cast, 5.5 prev

(0500 ET/0900 GMT) EU Mar Industrial Production YY, -0.8% f'cast, -0.3% prev



Key Events Ahead

(0400 ET/0800 GMT) Nick Strange of BoE speaks at 21st Annual Operational Risk Europe Conference in London

(0440 ET/0840 GMT) Riksbank Governor Stefan Ingves talks about the economic situation and current monetary policy at conference in Stockholm

(0835 ET/1235 GMT) David Rule of BoE speaks at the Association for British Insurers' Prudential Regulation Seminar 2019 in London

(1100 ET/1500 GMT) New York FRB issues Q1 2019 Household Debt and Credit Report in New York

(1245 ET/1645 GMT) Kansas City Fed President Esther George speaks before the Economic Club of Minnesota



FX Beat

DXY: The dollar index consolidated near a 3-1/2 week low hit in the prior session after China announced on Monday it will impose tariffs on more than 5,000 US products worth $60 billion, starting on June 1.  The greenback against a basket of currencies traded 0.05 percent down at 97.31, having touched a low of 97.03 on Monday, its lowest since May 1. FxWirePro's Hourly Dollar Strength Index stood at -36.22 (Neutral) by 0400 GMT.

EUR/USD: The euro rose, hovering towards a 2-week peak in the previous session, as investor shifted focus on eurozone industrial production for March and Germany's ZEW economic sentiment index for May. The European currency traded 0.2 percent up at 1.1239, having touched a high of 1.1263 on Monday, its highest since May 1. FxWirePro's Hourly Euro Strength Index stood at 136.98 (Highly Bullish) by 0400 GMT. Investors’ attention will remain on German ZEW survey and EZ industrial production, ahead of the U.S. import and export price index; and speeches by Fed's William and George. Immediate resistance is located at 1.1262 (April 22 High), a break above targets 1.1304 (April 18 High). On the downside, support is seen at 1.1187 (May 1 Low) a break below could drag it till 1.1140 (April 24 Low).

USD/JPY: The dollar rebounded after falling to a 3-month low in the previous session, as broader sentiment stabilized after U.S. President Donald Trump stated that he expected U.S.-China trade negotiations to be successful. The major was trading 0.3 percent up at 109.64, having hit a low of 109.01 on Monday, its lowest since Feb. 1. FxWirePro's Hourly Yen Strength Index stood at -32.31 (Neutral) by 0400 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. import and export price index; and speeches by Fed's William and George. Immediate resistance is located at 110.04 (38.2% retracement of 111.68 and 109.01), a break above targets 110.67 (61.8% retracement). On the downside, support is seen at 109.01 (May 14 Low), a break below could take it lower at 108.49 (Jan. 31 Low).

GBP/USD: Sterling steadied after falling to a 2-week low in the prior session after a newspaper report suggested the British parliament might still reach a cross-party deal on Brexit, however, doubts about such an agreement limited the upside. The major traded flat at 1.2959, having hit a low of 1.2940 on Monday; it’s lowest since Apr. 30. FxWirePro's Hourly Sterling Strength Index stood at -90.38 (Slightly Bearish) 0400 GMT. Immediate resistance is located at 1.3049 (Apr. 30 High), a break above could take it near 1.3102 (May 1 High). On the downside, support is seen at 1.2923 (Apr. 30 Low), a break below targets 1.2865 (Apr. 25 Low). Against the euro, the pound was trading 0.2 percent down at 86.73 pence, having hit a low of 86.80 on Monday, it’s lowest since Apr. 23.

AUD/USD: The Australian dollar bounced back from a 4-1/2 month low after Trump said he would meet with Chinese President Xi Jinping at a G20 summit next month. The Aussie trades 0.1 percent up at 0.6952, having hit a low of 0.6940 earlier, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -85.68 (Slightly Bearish) by 0400 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6921, a break below targets 0.6900. On the upside, resistance is located at 0.6997 (May 9 High), a break above could take it near 0.7069 (Apr. 30 High).

NZD/USD: The New Zealand dollar retreated from a near 1-week low hit in the previous session, as broader sentiment stabilized after Trump said he would meet with Chinese President Xi Jinping at a G20 summit next month. The Kiwi trades 0.2 percent up at 0.6582, having touched a low of 0.6525 on Wednesday, its lowest level Nov. 1. FxWirePro's Hourly Kiwi Strength Index was at -7.52 (Neutral) by 0400 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6653 (May 3 High), a break above could take it near 0.6694 (Apr. 19 High). On the downside, support is seen at 0.6514 (Nov. 1 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares tumbled after China announced it would impose higher tariffs on $60 billion of U.S. goods following Washington's decision last week to hike its own levies on $200 billion in Chinese imports.

MSCI's broadest of Asia-Pacific shares outside Japan tumbled 0.9 percent.

Tokyo's Nikkei declined 0.6 percent to 21,067.23 points, Australia's S&P/ASX 200 index plunged 0.9 percent to 6,239.90 points and South Korea's KOSPI surged 0.3 percent to 2,084.34 points.

Shanghai composite index fell 0.2 percent to 2,897.44 points, while CSI 300 index traded 0.1 percent down at 3,664.81 points.



Commodities Recap

Crude Oil prices rose after rising to a 2-week in the previous session, however, gains were limited amid an escalation in the trade war between the United States and China. International benchmark Brent crude was trading 0.8 percent higher at $70.44 per barrel by 0425 GMT, having hit a high of $72.56 on Monday, its highest since Apr, 30. U.S. West Texas Intermediate was trading 0.7 percent up at $61.23 a barrel, after rising as high as $63.32 on Monday, its highest since the May 2.

Gold prices rallied to a 1-month high as an escalation in U.S.-China trade war sent investors looking for safe-haven assets. Spot gold was trading at $1,299.29 by 0431 GMT, having touched a high of $1,303.21, its highest since Apr. 11. U.S. gold futures were down 0.2 percent at $1,299.20.







DAPATKAN INFO TERKINI DAILY MARKET NEWS SETIAP HARI DI FIREWOODFX

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Asia Roundup:
Aussie at 4-1/2 month low as wage growth stalls, dollar gains against yen amid ongoing trade talks, Asian shares off 3-1/2-month trough –    
Wednesday, May 15th, 2019







Market Roundup

Trump expected to sign order paving way for U.S. telecoms ban on Huawei

Trump calls trade war with China 'little squabble,' says talks ongoing

U.S. growth would have contracted without trillions in gov't, consumer debt -Gundlach

Saudi oil facilities attacked, U.S. sees threat in Iraq from Iran-backed forces

Britain's May to launch new push on her Brexit deal next month

China Apr Industrial Output YY, 5.4%, 6.5% f'cast, 8.5% prev

China Apr Retail Sales YY, 7.2%, 8.6% f'cast, 8.7% prev  
 
China Apr Urban investment (ytd)yy, 6.1%, 6.4% f'cast, 6.3% prev

Australian wage growth stalls, builds case for rate cut



Economic Data Ahead

(0500 ET/0900 GMT) EU Q1 Employment Flash YY, 1.2% f'cast, 1.3% prev

(0500 ET/0900 GMT) EU Q1 GDP Flash Estimate YY, 1.2% f'cast, 1.2% prev



Key Events Ahead

(0400 ET/0800 GMT) ECB Governing Council member Philip Lane speaks on “The Euro at 20” in Tallinn

(0830 ET/1230 GMT) German Economy Minister Peter Altmaier speaks at a banking congress in Berlin

(0930 ET/1330 GMT) Fed Quarles testifies on “Supervision and Regulation” before the Senate Banking Committee in Washington

(1015 ET/1415 GMT) ECB board member Benoit Coeure speaks with the Finance Committee of the Assemblee nationale in Paris

(1230 ET/1630 GMT) ECB Chief Economist Peter Praet speaks at the Steptoe Brussels Open Conference in Brussels

(1300 ET/1700 GMT) Richmond Fed President Thomas Barkin participates in discussion before the New York Association for Business Economics in New York



FX Beat

DXY: The dollar index gained as investors focus shifted on U.S. retail sales and industrial production for April due later in the day for pointers on the state of the global economy. The greenback against a basket of currencies traded 0.05 percent up at 97.54, having touched a low of 97.03 on Monday, its lowest since May 1. FxWirePro's Hourly Dollar Strength Index stood at -36.22 (Neutral) by 0500 GMT.

EUR/USD: The euro rose after falling to a 5-day low in the prior session after Italy’s deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to support employment. The European currency traded 0.1 percent up at 1.1209, having touched a high of 1.1263 on Monday, its highest since May 1. FxWirePro's Hourly Euro Strength Index stood at 136.98 (Highly Bullish) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, and EZ prelim gross domestic product and employment change, ahead of the U.S. retail sales, industrial production, capacity utilization, housing market index and a speech by Fed's Quarles. Immediate resistance is located at 1.1262 (April 22 High), a break above targets 1.1304 (April 18 High). On the downside, support is seen at 1.1187 (May 1 Low) a break below could drag it till 1.1140 (April 24 Low).

USD/JPY: The dollar edged higher, extending previous session rebound after U.S. President Donald Trump insisted that trade talks with China had not collapsed. However, concerns about economic growth following the weaker-than-expected Chinese limited upside. The major was trading 0.1 percent up at 109.67, having hit a low of 109.01 on Monday, its lowest since Feb. 1. FxWirePro's Hourly Yen Strength Index stood at -32.31 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. retail sales, industrial production, capacity utilization, housing market index and a speech by Fed's Quarles. Immediate resistance is located at 110.04 (38.2% retracement of 111.68 and 109.01), a break above targets 110.67 (61.8% retracement). On the downside, support is seen at 109.01 (May 14 Low), a break below could take it lower at 108.49 (Jan. 31 Low).

GBP/USD: Sterling rebounded from a near 3-week low on news that British Prime Minister Theresa May will launch another push next month to approve Britain's exit from the European Union before the summer break, setting a new deadline for her Brexit. The major traded 0.1 percent up at 1.2912, having hit a low of 1.2896 on Tuesday; it’s lowest since Apr. 26. FxWirePro's Hourly Sterling Strength Index stood at -90.38 (Slightly Bearish) 0500 GMT. Immediate resistance is located at 1.2963 (Apr. 24 High), a break above could take it near 1.3049 (Apr. 30 High). On the downside, support is seen at 1.2865 (Feb. 7 Low), a break below targets 1.2854 (Apr. 25 Low). Against the euro, the pound was trading 0.05 percent down at 86.83 pence, having hit a low of 86.91 on Tuesday, it’s lowest since Mar. 21.

AUD/USD: The Australian dollar plunged to a 4-1/2 month low after data showed pace of growth in domestic wages stagnated last quarter, adding to evidence that exceptional strength in the labour market is not enough to boost pay rewards, consumer spending and inflation. The Aussie trades 0.2 percent down at 0.6930, having hit a low of 0.6922 earlier, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -85.68 (Slightly Bearish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6900, a break below targets 0.6875. On the upside, resistance is located at 0.6997 (May 9 High), a break above could take it near 0.7069 (Apr. 30 High).

NZD/USD: The New Zealand dollar declined after China reported surprisingly weaker growth in retail sales and industrial output for April, adding pressure on Beijing to roll out more stimulus amid escalating trade war with the United States. The Kiwi trades 0.1 percent down at 0.6565, having touched a low of 0.6525 last week, its lowest level Nov. 1. FxWirePro's Hourly Kiwi Strength Index was at -7.52 (Neutral) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6653 (May 3 High), a break above could take it near 0.6694 (Apr. 19 High). On the downside, support is seen at 0.6514 (Nov. 1 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares rebounded from a 3-1/2-month low as a slight softening in rhetoric from U.S. President Donald Trump eased worries about the U.S.-China tariff war.

MSCI's broadest of Asia-Pacific shares outside Japan jumped 0.5 percent.

Tokyo's Nikkei rallied 0.6 percent to 21,188.56 points, Australia's S&P/ASX 200 index climbed 0.7 percent to 6,284.20 points and South Korea's KOSPI surged 0.5 percent to 2,092.78 points.

Hong Kong’s Hang Seng traded 0.9 percent higher at 28,376.84 points. Taiwan shares added 0.4 percent to 10,560.71 points

Shanghai composite index rose 1.8 percent to 2,937.23 points, while CSI 300 index traded 2.2 percent up at 3,726.38 points.



Commodities Recap

Crude Oil prices surged, supported by mounting tensions in the Middle East, however, a surprise rise in U.S. crude stockpiles limited upside. International benchmark Brent crude was trading 0.1 percent higher at $70.96 per barrel by 0503 GMT, having hit a high of $72.56 on Monday, its highest since Apr, 30. U.S. West Texas Intermediate was trading 0.05 percent up at $61.35 a barrel, after rising as high as $63.32 on Monday, its highest since the May 2.

Gold prices declined, retreating from a 1-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing boosted investor risk-sentiment. Spot gold fell 0.1 percent to $1,294.82 per ounce by 0508 GMT, having touched a high of $1,303.21 on Monday, its highest since Apr. 11. U.S. gold futures were steady at $1,296.10 an ounce.






DAPATKAN INFO TERKINI DAILY MARKET NEWS SETIAP HARI DI FIREWOODFX

http://www.firewoodfx.com/category/forex-market-news/






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Asia Roundup:
Aussie plunges as downbeat employment data spurs rate cut expectation; dollar eases against yen as U.S. retail sales decline, Asian shares tumble –    
Thursday, May 16th, 2019







Market Roundup

Australia Apr Employment, 28.4k, 14.0k f'cast, 25.7k prev

Australia Apr Unemployment Rate, 5.2%, 5.1% f'cast, 5.0% prev, 5.1%  

Australia Apr Participation Rate, 65.8%, 65.7% f'cast, 65.7% prev

U.S. blacklists China's Huawei as trade dispute clouds global outlook

U.S. pulls staff from Iraq, says Iran gave 'blessing' for tanker attacks

Rebels hope to kill off May's Brexit deal in “last-chance” vote

Japan weighing downgrade of economic view, raises doubts on sales tax hike

BOJ deputy governor Wakatabe extols benefits of ultra-easy policy

Australia's Labor opposition set for election victory-poll

Lack of innovation is 'Achilles heel' for China's economy, Xi says

China's solid home price growth faces bubble, trade war risks



Economic Data Ahead

No major economic data releases



Key Events Ahead

N/A Euro zone finance ministers' meeting in Brussels

N/A ECB President Mario Draghi participates in Eurogroup meeting in Brussels

(0300 ET/0700 GMT) EU Commission holds conference on the international role of the euro in Brussels

(0330 ET/0730 GMT) ECB Chief Economist Peter Praet moderates a session at a conference in Brussels

(0700 ET/1100 GMT) Riksbank Governor Stefan Ingves talks about developments in the payment market during ICMA's annual conference in Stockholm

(0715 ET/1115 GMT) BoE Deputy Governor Sam Woods speaks at an event in Switzerland held by Swiss bank UBS

(0830 ET/1230 GMT) ECB Vice President Luis de Guindos speaks at a conference in Brussels

(1100 ET/1500 GMT) BoC's Stephen Poloz and Carolyn Wilkins take media question after the release of the central bank's review of the Canadian financial system in Ottawa

(1215 ET/1605 GMT) Minneapolis Fed President Neel Kashkari speaks before the Santa Barbara County Economic Summit in Santa Barbara, California

(1330 ET/1730 GMT) BoE Monetary Policy Committee member, Jonathan Haskel, speaks at Ken Dixon Lecture at University of York in London

(1400 ET/1800 GMT) ECB's Benoit Coeure speaks at the 21st Geneva Conference on the World Economy in Geneva



FX Beat

DXY: The dollar index consolidated near a 1-week peak after a Federal Reserve policymaker stated that strong U.S. economic growth and subdued inflation meant there is no strong argument for a rate hike or cut right now. The greenback against a basket of currencies traded flat at 97.52, having touched a high of 97.70 on Wednesday, its highest since May 7. FxWirePro's Hourly Dollar Strength Index stood at 120.41 (Highly Bullish) by 0400 GMT.

EUR/USD: The euro rebounded from a near 1-week low recorded in the previous session, as trade concerns eased on expectations that U.S. President Donald Trump will delay implementing tariffs on imported cars. The European currency traded 0.1 percent up at 1.1208, having touched a high of 1.1263 on Monday, its highest since May 1. FxWirePro's Hourly Euro Strength Index stood at -59.31 (Highly Bullish) by 0400 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, and EZ trade balance, ahead of the U.S. building permits, housing starts, unemployment benefit claims, and Fed's Brainard's speech. Immediate resistance is located at 1.1262 (April 22 High), a break above targets 1.1304 (April 18 High). On the downside, support is seen at 1.1187 (May 1 Low) a break below could drag it till 1.1140 (April 24 Low).

USD/JPY: The dollar declined as an unexpected fall in the U.S. retail sales in April and a drop in industrial production last month indicated a slowdown in economic growth after a temporary boost from exports and inventories in the first quarter. The major was trading 0.1 percent down at 109.50, having hit a low of 109.01 on Monday, its lowest since Feb. 1. FxWirePro's Hourly Yen Strength Index stood at 105.07 (Highly Bullish) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of U.S. building permits, housing starts, unemployment benefit claims, and Fed's Brainard's speech. Immediate resistance is located at 110.04 (38.2% retracement of 111.68 and 109.01), a break above targets 110.67 (61.8% retracement). On the downside, support is seen at 109.01 (May 14 Low), a break below could take it lower at 108.49 (Jan. 31 Low).

GBP/USD: Sterling steadied after falling to a 3-month low in the prior session on growing expectations that Prime Minister Theresa May will again fail to get her Brexit deal approved and could soon face a leadership challenge. The major traded 0.1 percent up at 1.2815, having hit a low of 1.2826 on Wednesday; it’s lowest since Feb. 15. FxWirePro's Hourly Sterling Strength Index stood at -133.62 (Highly Bearish) 0500 GMT. Investors’ attention will remain on BoE Haskel's speech, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2916 (Apr. 25 High), a break above could take it near 1.2963 (Apr. 24 High). On the downside, support is seen at 1.2772 (Feb. 14 Low), a break below targets 1.2709 (Jan. 11 Low). Against the euro, the pound was trading 0.05 percent down at 87.22 pence, having hit a low of 87.36 on Wednesday, it’s lowest since Feb. 19.

AUD/USD: The Australia dollar plunged to a 4-1/2 month low after data showed domestic unemployment rate rose to the highest in eight months while full-time jobs fell, cementing views that the Reserve Bank of Australia may be forced to lower rates soon to stimulate the economy. The Aussie trades 0.2 percent down at 0.6913, having hit a low of 0.6892, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -69.99 (Bearish) by 0400 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6870, a break below targets 0.6845. On the upside, resistance is located at 0.6961 (Apr. 30 High), a break above could take it near 0.7002 (May 6 High).

NZD/USD: The New Zealand dollar slumped to a 1-week low, as markets imply around a two-in-three chance of a further easing by the Reserve Bank of New Zealand by year end. The Kiwi trades 0.2 percent down at 0.6549, having touched a low of 0.6548, its lowest level May 8. FxWirePro's Hourly Kiwi Strength Index was at -68.46 (Bearish) by 0400 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6653 (May 3 High), a break above could take it near 0.6694 (Apr. 19 High). On the downside, support is seen at 0.6514 (Nov. 1 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares slumped as U.S. sanctions on Chinese telecoms giant Huawei threaten fresh tensions with China.

MSCI's broadest of Asia-Pacific shares outside Japan slumped 0.2 percent.

Tokyo's Nikkei  fell 0.7 percent to 21,034.81 points, Australia's S&P/ASX 200 index gained 0.5 percent to 6,315.50 points and South Korea's KOSPI tumbled 1.1 percent to 2,070.30 points.

Hong Kong’s Hang Seng traded 0.1 percent higher at 28,294.27 points. Taiwan shares shed 0.8 percent to 10,474.61 points

Shanghai composite index rose 0.4 percent to 2,951.60 points, while CSI 300 index traded 0.3 percent up at 3,737.41 points.



Commodities Recap

Crude Oil prices rose, extending gains for the third straight session, as tensions in the Middle East stoked fears of potential disruptions to supply. International benchmark Brent crude was trading 0.5 percent higher at $72.22 per barrel by 0434 GMT, having hit a high of $72.56 on Monday, its highest since Apr, 30. U.S. West Texas Intermediate was trading 0.5 percent up at $62.43 a barrel, after rising as high as $63.32 on Monday, its highest since the May 2.

Gold prices consolidated within narrow ranges, as a rise in equities offset support from doubts over trade talks between the United States and China. Spot gold was trading flat at $1,296.03 per ounce at 0435 GMT, having touched a high of $1,303.21 on Monday, its highest since Apr. 11. U.S. gold futures edged 0.1 percent lower to $1,296.90 an ounce.






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Asia Roundup:
Aussie rebounds as conservative coalition secures parliamentary majority; dollar at 2-week peak against yen as U.S. lifts tariffs on Canadian, Mexican metals; Asian shares rally –  Monday, May 20th, 2019







Market Roundup

Australia's conservative coalition secures parliamentary majority

Trump says tariffs making companies leave China, a deal can't be '50-50'

U.S. warship sails in disputed South China Sea amid trade tensions

India's Modi set to return to power with a bigger majority, exit polls show

Indian rupee, bonds rally on election exit polls; stocks in focus for flows

Saudi Arabia says oil producers want to reduce inventories

Japan Q1 GDP QQ, 0.5%, 0.0% f'cast, 0.5% prev, 0.4% rvsd

Japan Q1 GDP QQ Annualised, 2.1%, -0.2% f'cast, 1.9% prev, 1.6% rvsd

Japan Q1 GDP QQ Pvt Consmp Prelim, -0.1%, -0.1% f'cast, 0.4% prev, 0.2% rvsd

Japan Q1 GDP QQ Capital Expend., -0.3%, -1.7% f'cast, 2.7% prev, 2.5% rvsd

Japan Q1 GDP QQ External Demand, 0.4%, 0.3% f'cast, -0.3% prev




Economic Data Ahead

(0500 ET/0900 GMT) EZ Mar Current Account SA, EUR, 26.800 bln prev




Key Events Ahead

N/A Fed's Clarida and New York Fed President John Williams participate in two-hour “Fed Listens” Roundtable in New York

(0705 ET/1105 GMT) Riksbank Deputy Governor Cecilia Skingsley talks about developments in the payment market during the conference “Cash on Trial”

(0730 ET/1130 GMT) German Economy Minister Peter Altmaier speaks on his country's industrial strategy at an economic forum in Brandenburg, Germany

(0930 ET/1330 GMT) Philadelphia Fed President Patrick Harker speaks on the economic outlook before the Management Science 65th Anniversary Conference in Boston

(1230 ET/1630 GMT) BoE Deputy Governor Ben Broadbent speaks on “Investment and the duration of uncertainty” at Imperial College Business School in London



FX Beat

DXY: The dollar index rallied to a 2-week peak after U.S. President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China, and any agreement with China cannot be a 50-50 deal. The greenback against a basket of currencies traded flat at 98.02, having touched a high of 98.03 earlier, its highest since May 3. FxWirePro's Hourly Dollar Strength Index stood at 76.75 (Slightly Bullish) by 0500 GMT.

EUR/USD: The euro plunged to a 2-week trough after European Central Bank policymaker Klaas Knot stated that inflation in the euro zone is not at the level the ECB wants it to be. Moreover, concerns over this week's European parliamentary elections and comments from Italian Deputy Prime Minister Matteo Salvini continued to weigh on the major. The European currency traded 0.1 percent down at 1.1151, having touched a low of 1.1150 earlier, its lowest since May 3. FxWirePro's Hourly Euro Strength Index stood at -12.85 (Neutral) by 0500 GMT. Investors’ attention will remain on the Eurozone current account figures, ahead of the Chicago Fed National Activity index, and speeches by Fed's Clarida and Powell. Immediate resistance is located at 1.1218 (May 7 High), a break above targets 1.1262 (April 22 High). On the downside, support is seen at 1.1118 (April 25 Low), a break below could drag it below 1.1100.

USD/JPY: The dollar rallied to a 2-week peak, as risk sentiment improved after the United States struck deals to lift tariffs on steel and aluminium imports from Canada and Mexico, removing a major obstacle to legislative approval of a new North American trade pact. The major was trading 0.1 percent up at 110.15, having hit a high of 110.31, its highest since May 7. FxWirePro's Hourly Yen Strength Index stood at -43.45 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the Chicago Fed National Activity index, and speeches by Fed's Clarida and Powell. Immediate resistance is located at 110.67 (61.8% retracement of 111.68 and 109.01), a break above targets 111.11 (78.6% retracement). On the downside, support is seen at 109.47 (May 10 Low), a break below could take it lower at 109.01 (May 14 Low).

GBP/USD: Sterling steadied after falling to a 4-month low in the previous session on news that cross-party Brexit talks collapsed and concerns about the impact Prime Minister Theresa May's likely resignation on Britain's EU separation. The major traded 0.2 percent up at 1.2734, having hit a low of 1.2711 on Friday; it’s lowest since Jan. 15. FxWirePro's Hourly Sterling Strength Index stood at -86.43 (Slightly Bearish) 0500 GMT. Investors’ attention will remain on the U.S. fundamental drivers, amid a lack of data from the UK docket. Immediate resistance is located at 1.2823 (23.6% retracement of 1.3176 and 1.2711), a break above could take it near 1.2890 (38.2% retracement). On the downside, support is seen at 1.2709 (Jan. 11 Low), a break below targets 1.2668 (Jan. 15 Low). Against the euro, the pound was trading 0.1 percent up at 87.62 pence, having hit a low of 87.78 on Friday, it’s lowest since Feb. 15.

AUD/USD: The Australian dollar rebounded from a 4-1/2 month low recorded last week, after Australian Prime Minister Scott Morrison's centre-right Liberal-National Coalition secured a victory in federal elections, beating the centre-left Labor party. The Aussie trades 0.8 percent up at 0.6922, having hit a low of 0.6864, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at -50.19 (Bearish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6863, a break below targets 0.6835. On the upside, resistance is located at 0.6961 (Apr. 30 High), a break above could take it near 0.7002 (May 6 High).

NZD/USD: The New Zealand dollar bounced from a 6-1/2 month trough, supported by a statement from China's central bank on Sunday that it would maintain the stability of its yuan within a reasonable and balanced range. The Kiwi trades 0.4 percent up at 0.6539, having touched a low of 0.6513 on Friday, its lowest level Nov. 1. FxWirePro's Hourly Kiwi Strength Index was at -45.81 (Neutral) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6591 (May 14 High), a break above could take it near 0.6653 (May 3 High). On the downside, support is seen at 0.6502 (Oct. 25 Low), a break below could drag it below 0.6474 (Oct. 4 Low).



Equities Recap

Asian shares surged after the United States said it would lift tariffs in North America, although escalating U.S.-China trade tensions limited upside.

MSCI's broadest of Asia-Pacific shares outside Japan rallied 0.6 percent.

Tokyo's Nikkei  rose 0.2 percent to 21,301.73 points, Australia's S&P/ASX 200 index gained 1.7 percent to 6,476.10 points and South Korea's KOSPI tumbled 0.05 percent to 2,055.71 points.

Hong Kong’s Hang Seng  traded 0.5 percent lower at 27,810.61 points. Taiwan shares added 0.1 percent to 10,398.41 points

Shanghai composite index fell 0.5 percent to 2,868.17 points, while CSI 300 index traded 0.9 percent down at 3,614.44 points.



Commodities Recap

Crude Oil prices rallied to multi-week highs after OPEC indicated it will likely maintain production cuts that have helped support prices this year. International benchmark Brent crude was trading 1.6 percent higher at $73.14 per barrel by 0458 GMT, having hit a high of $73.39 earlier, its highest since Apr, 26. U.S. West Texas Intermediate was trading 1.4 percent up at $63.55 a barrel, after rising as high as $63.79, its highest since the May 1.

Gold prices eased, hovering towards a 2-week low hit in the previous session, as strong U.S. economic data underpinned the dollar amid geopolitical and trade tensions. Spot gold declined 0.1 percent at $1,276.28 per ounce at 0501 GMT, having touched a low of $1,274.73 on Friday, its lowest since May 3. U.S. gold futures were 0.1% higher at $1,276.40 an ounce.






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Asia Roundup:
Aussie plunges as RBA likely to consider June rate cut, greenback at 2-1/2 week peak as U.S. Treasury yields rise on Fed Powell's comments, Asian shares surge – Tuesday, May 21st, 2019







Market Roundup

Australian central bank to consider rate cut at June meeting – governor

Easing Australia's mortgage rules complementary to a rate cut – c. bank governor

Fed's Powell: U.S. inflation dynamics have shifted over the years

BOJ's Kuroda issues fresh warning of broad fallout from trade war

U.S. eases restrictions on Huawei; founder says U.S. underestimates Chinese firm

Trump tells ex-White House counsel McGahn not to appear before Congress

Singapore cuts 2019 GDP forecast as Q1 growth hits decade low

UK's Hammond: Backing a 'no deal' Brexit means deliberately harming economy



Economic Data Ahead

(0600 ET/1000 GMT) Great Britain May CBI Trends – Orders, -5 f'cast, -5 prev

(1000 ET/1400 GMT) EZ May Consumer Confidence Flash, -7.7 f'cast, -7.9 prev



Key Events Ahead

(0600 ET/1000 GMT) Great Britain May CBI Trends – Orders, -5 f'cast, -5 prev

(1000 ET/1400 GMT) EZ May Consumer Confidence Flash, -7.7 f'cast, -7.9 prev



FX Beat

DXY: The dollar index rallied to a 2-1/2 week peak, as U.S. Treasury yields rose after Federal Reserve Chairman Jerome Powell expressed confidence in the U.S. economy. The greenback against a basket of currencies traded 0.1 percent up at 98.04, having touched a high of 98.04 earlier, its highest since May 3. FxWirePro's Hourly Dollar Strength Index stood at 59.65 (Bullish) by 0400 GMT.

EUR/USD: The euro declined, hovering towards a 2-week trough recorded in the prior session, weighed down by Italy's rising debt and political uncertainty. Investors are likely to remain cautious ahead of the May 23-26 European parliamentary election. The European currency traded 0.05 percent down at 1.1160, having touched a low of 1.1150 on Monday, its lowest since May 3. FxWirePro's Hourly Euro Strength Index stood at -31.60 (Neutral) by 0400 GMT. Investors’ attention will remain on the Eurozone preliminary consumer confidence index, ahead of the U.S. existing home sales and speeches by Fed's Evan and Rosengren. Immediate resistance is located at 1.1218 (May 7 High), a break above targets 1.1262 (April 22 High). On the downside, support is seen at 1.1118 (April 25 Low), a break below could drag it below 1.1100.

USD/JPY: The dollar steadied near a 2-week peak, as risk sentiment improved after Washington temporarily eased trade restrictions imposed last week on China's Huawei. However, worries that the United States and China were going for a longer, costlier trade war weighed on financial markets. The major was trading 0.1 percent up at 110.17, having hit a high of 110.31 on Monday, its highest since May 7. FxWirePro's Hourly Yen Strength Index stood at -65.27 (Bearish) by 0400 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. existing home sales and speeches by Fed's Evan and Rosengren. Immediate resistance is located at 110.67 (61.8% retracement of 111.68 and 109.01), a break above targets 111.11 (78.6% retracement). On the downside, support is seen at 109.47 (May 10 Low), a break below could take it lower at 109.01 (May 14 Low).

GBP/USD: Sterling consolidated near a 4-month low, after Britain's opposition Labour Party leader Jeremy Corbyn stated that he would not support Prime Minister Theresa May's new attempt to push through her Brexit bill if it was fundamentally the same as the bill that had been defeated three times before. The major traded flat at 1.2722, having hit a low of 1.2709 on Friday; it’s lowest since Jan. 15. FxWirePro's Hourly Sterling Strength Index stood at -70.79 (Bearish) 0400 GMT. Investors’ attention will remain on the UK Industrial trends survey, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2823 (23.6% retracement of 1.3176 and 1.2709), a break above could take it near 1.2890 (38.2% retracement). On the downside, support is seen at 1.2709 (Jan. 11 Low), a break below targets 1.2668 (Jan. 15 Low). Against the euro, the pound was trading 0.1 percent up at 87.70 pence, having hit a low of 87.84 on Monday, it’s lowest since Feb. 15.

AUD/USD: The Australian dollar slumped after Reserve Bank of Australia Governor Philip Lowe said that the central bank will consider the case for lower interest rates at its June policy meeting in order to support the economy and employment growth. On Monday, the major rebounded from a 4-1/2 month low on a surprise election win by the country's conservative government. The Aussie trades 0.4 percent down at 0.6876, having hit a low of 0.6864 on Friday, it’s lowest since Jan. 3. FxWirePro's Hourly Aussie Strength Index stood at 51.71 (Bullish) by 0400 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6850, a break below targets 0.6815. On the upside, resistance is located at 0.6961 (Apr. 30 High), a break above could take it near 0.7002 (May 6 High).

NZD/USD: The New Zealand dollar plunged to a 7-month trough, as analysts feel an easing by the RBA would renew pressure for even lower rates, despite the Reserve Bank of New Zealand already cutting its rates earlier this month. The Kiwi trades 0.4 percent down at 0.6510, having touched a low of 0.6510 earlier, its lowest level Oct. 26. FxWirePro's Hourly Kiwi Strength Index was at -96.02 (Slightly Bearish) by 0400 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6565 (10-DMA), a break above could take it near 0.6591 (May 14 High). On the downside, support is seen at 0.6474 (Oct. 4 Low), a break below could drag it below 0.6442 (Oct. 10 Low).



Equities Recap

Asian shares surged after Washington temporarily eased trade restrictions imposed last week on China's Huawei, although fears of a further escalation in tensions dented investor risk sentiment.

MSCI's broadest of Asia-Pacific shares outside Japan rallied 0.4 percent.

Tokyo's Nikkei  eased 0.2 percent to 21,251.15 points, Australia's S&P/ASX 200 index gained 0.3 percent to 6,493.10 points and South Korea's KOSPI rallied 0.5 percent to 2,067.19 points.

Hong Kong’s Hang Seng  traded 0.05 percent lower at 27,774.08 points. Taiwan shares added 0.6 percent to 10,464.50 points

Shanghai composite index rose 1.2 percent to 2,904.22 points, while CSI 300 index traded 1.3 percent up at 3,664.87 points.



Commodities Recap

Crude Oil prices rose on escalating tensions between the United States and Iran and on signs that producer cartel OPEC will continue withholding supply this year. International benchmark Brent crude was trading 0.2 percent higher at $72.14 per barrel by 0430 GMT, having hit a high of $73.39 on Monday, its highest since Apr, 26. U.S. West Texas Intermediate was trading 0.4 percent up at $63.41 a barrel, after rising as high as $63.79 on Monday, its highest since the May 1.

Gold prices eased, extending losses for the sixth straight session, as strong dollar diminished bullion's safe-haven appeal, although heightening U.S.-China trade tensions limited downside. Spot gold declined 0.1 percent to $1,275.61 per ounce by 0435 GMT, having touched a low of $1,273.56 on Monday, its lowest since May 3. U.S. gold futures eased 0.1 percent to $1,276.10 an ounce.






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Asia Roundup:
Euro eases as EU likely to start disciplinary steps against Italy, dollar gains against yen amid improving risk-sentiment, Asian shares surge – 

Tuesday, May 28th, 2019







Market Roundup

Divided pro-EU leaders open talks after tense election

EU likely to start disciplinary steps vs Italy in June over debt

Germany's SPD head proposes vote on floor leadership after election rout

Japan says Trump's comment reflected hope for progress in trade talks by August

Trump expects Japan's military to reinforce United States in Asia and beyond

UK PM hopeful Gove offers free passport to EU nationals in Brexit UK

Brexit helps New York take top finance spot from London – survey

Canada takes a first step toward ratifying trade deal with U.S., Mexico



Economic Data Ahead

(0400 ET/0800 GMT) EZ Apr Money-M3 Annual Growth, 4.4% f'cast, 4.5% prev

(0500 ET/0900 GMT) EZ May Consumer Confidence Final, -6.5 f'cast, -6.5 prev

(0500 ET/0900 GMT) EZ May Business Climate, 0.40 f'cast, 0.42 prev

(0500 ET/0900 GMT) EZ May Economic Sentiment, 104.0 f'cast, 104.0 prev

(0500 ET/0900 GMT) EZ May Industrial Sentiment, -4.3 f'cast, -4.1 prev

(0500 ET/0900 GMT) EZ May Services Sentiment, 11.0 f'cast, 11.5 prev



Key Events Ahead

N/A Roundtable with Bank of Japan's Yuko Kawai and Peoples Bank of China’s Jin Mei in London



FX Beat

DXY: The dollar index gained as Trump sought to pressure Japan to take measures to reduce its trade surplus with the United States. The greenback against a basket of currencies traded 0.05 percent up at 97.78, having touched a high of 98.37 on Thursday, its highest since May 2017. FxWirePro's Hourly Dollar Strength Index stood at -56.34 (Bearish) by 0500 GMT.

EUR/USD: The euro declined below the 1.1200 handle after the European Union parliamentary elections showed a polarisation of the 28-member block. Moreover, the selling pressure intensified after euro zone officials stated that the European Commission is likely to start disciplinary steps against Italy on June 5 over the country's rising debt and structural deficit levels. The European currency traded 0.1 percent down at 1.1182, having touched a high of 1.1215 on Monday, its highest since May 16. FxWirePro's Hourly Euro Strength Index stood at -17.92 (Neutral) by 0500 GMT. Investors’ attention will remain on the Eurozone economic sentiment, ahead of the U.S. consumer confidence. Immediate resistance is located at 1.1229 (Apr. 30 High), a break above targets 1.1262 (April 22 High). On the downside, support is seen at 1.1166 (May 16 Low), a break below could drag it below 1.1118 (April 25 Low).

USD/JPY: The dollar rose, extending previous session gains, as risk sentiment improved after Japan's Economy Minister Toshimitsu Motegi stated the U.S. President's comment probably reflected his hope for quick progress in negotiations. On Monday, Trump said that he expected the two countries to make announcements probably in August that could be beneficial for both countries on trade. The major was trading 0.05 percent up at 109.48, having hit a low of 109.27 on Friday, its lowest since May 15. FxWirePro's Hourly Yen Strength Index stood at 23.48 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. consumer confidence. Immediate resistance is located at 110.11 (May 11 High), a break above targets 110.67 (May 21 High). On the downside, support is seen at 109.01 (May 13 Low), a break below could take it lower at 108.80 (Jan. 30 Low).

GBP/USD: Sterling consolidated within narrow ranges, as PM May's departure will deepen the Brexit crisis as a new leader is likely to want a more decisive split, raising the chances of a confrontation with the European Union. The major traded 0.05 percent up at 1.2685, having hit a high of 1.2747 on Monday; it’s highest since May 21. FxWirePro's Hourly Sterling Strength Index stood at -113.23 (Highly Bearish) 0500 GMT. Immediate resistance is located at 1.2774 (38.2% retracement of 1.3047 and 1.2605). a break above could take it near 1.2827 (50.0% retracement). On the downside, support is seen at 1.2647 (May 24 Low) a break below targets 1.2581 (Jan. 2 Low). Against the euro, the pound was trading 0.1 percent up at 88.20 pence, having hit a low of 88.50 on Friday, it’s lowest since Jan. 21.

AUD/USD: The Australian dollar steadied after easing from a 1-1/2 week peak in the previous session, as markets are almost fully priced for a rate cut from the Reserve Bank of Australia next week. The Aussie trades 0.1 percent up at 0.6926, having hit a high of 0.6938 on Monday, it’s highest since May 15. FxWirePro's Hourly Aussie Strength Index stood at 85.27 (Slightly Bullish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6890 (May 20 Low), a break below targets 0.6864 (May 17 Low). On the upside, resistance is located at 0.6961 (Apr. 30 High), a break above could take it near 0.6997 (May 9 High).



Equities Recap

Asian shares surged, boosted by gains in Chinese stocks, however, broad uncertainties over trade and economic growth limited upside.

MSCI's broadest of Asia-Pacific shares outside Japan advanced 0.3 percent.

Tokyo's Nikkei surged 0.4 percent to 21,260.14 points, Australia's S&P/ASX 200 index rallied 0.5 percent to 6,484.80 points and South Korea's KOSPI gained 0.2 percent to 2,048.83 points.

Hong Kong’s Hang Seng  traded 0.1 percent higher at 27,324.99 points. Taiwan shares shed 0.2 percent to 10,312.31 points.

Shanghai composite index rose 0.6 percent to 2,909.91 points, while CSI 300 index traded 0.9 percent up at 3,672.26 points.



Commodities Recap

Crude Oil prices rose to a 5-day peak as supply cuts led by producer cartel OPEC and U.S. sanctions on Iran's and Venezuela's fuel exports outweighed concerns about an economic slowdown. International benchmark Brent crude was trading 0.2 percent higher at $70.09 per barrel by 0452 GMT, having hit a low of $66.99 on Thursday, its lowest since Mar, 28. U.S. West Texas Intermediate was trading 0.1 percent down at $59.14 a barrel, after falling as low as $57.32 on Thursday, its lowest since the Mar. 13.

Gold prices declined after rising for three straight sessions, as the dollar rebounded from multi-week lows after the European Union parliamentary election results and amid simmering U.S.-China trade tensions. Spot gold was 0.1 percent down at $1,282.44 per ounce by 0458 GMT, having touched a high of $1,287.27 on Monday, its highest since May 17. U.S. gold futures were down 0.1 percent at $1,282.30 an ounce.





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Asia Roundup:
Kiwi steadies as RBNZ says financial system resilient, dollar falls against yen as U.S. Treasury yields slump, Asian shares plunge on global risk aversion –
Wednesday, May 29th, 2019







Market Roundup

China ready to hit back at U.S. with rare earths – ruling party newspaper

U.S. Treasury says nine trade partners deserve scrutiny over currency practices

Huawei asks U.S. court to declare defence bill 'unconstitutional'

China c.bank makes biggest daily net OMO injection in over 4 mths

EU leaders agree to pick new 'Mr or Ms Europe' next month

British Labour leader Corbyn set to back 2nd Brexit referendum -report

BOJ's Kuroda signals room for more flexible inflation target

New Zealand central bank says financial system resilient, but risks remain elevated

New Zealand business confidence improves in May – ANZ survey

Canada to present bill on ratification of new North American trade pact -source



Economic Data Ahead

(0355 ET/0755 GMT) Germany May Unemployment Change SA, -8k f'cast, -12k prev

(0355 ET/0755 GMT) Germany May Unemployment Rate SA, 4.9% f'cast, 4.9% prev

(0400 ET/0800 GMT) Italy May MFG Business Confidence, 100.4 f'cast, 100.6 prev

(0400 ET/0800 GMT) Italy May Consumer Confidence, 110.0 f'cast, 110.5 prev



Key Events Ahead

N/A Bank of Italy Governor Ignazio Visco presents “Final Considerations” on occasion of presentation of 2018 annual report in Rome

N/A ECB's Bostjan Vasle speaks at banking conference in Ljubljana

(0300 ET/0700 GMT) Bundesbank's Jens Weidmann speaks at Bundesbank conference in Frankfurt

(0330 ET/0730 GMT) ECB's Yves Mersch speaks at conference in Frankfurt
(0400 ET/0800 GMT) ECB's Luis de Guindos presents bank's regular Financial Stability Report in Frankfurt

(0500 ET/0900 GMT) ECB's Andrea Enria participates in roundtable discussion on “Experience of five years of SSM – view of supervisors and banks” in Ljubljana

(1000 ET/1400 GMT) Bank of Canada key policy interest rate announcement in Ottawa

(1700 ET/2100 GMT) Reserve Bank of New Zealand holds Financial Stability Report media conference in Wellington



FX Beat

DXY: The dollar rose, extending gains for the third straight session after data showed U.S. consumer confidence jumped in May as households grew more upbeat about the labor market. The greenback against a basket of currencies traded 0.05 percent up at 97.93, having touched a high of 98.37 on Thursday, its highest since May 2017. FxWirePro's Hourly Dollar Strength Index stood at 25.61 (Neutral) by 0500 GMT.

EUR/USD: The euro steadied after falling to a near 1-week low earlier on uncertainty surrounding the euro zone economy and the bloc's political future. On Tuesday, Italian Deputy Prime Minister Matteo Salvini called for a new role for the European Central Bank, which should guarantee government debt in order to keep bond yields low. The European currency traded flat at 1.1163, having touched a high of 1.1215 on Monday, its highest since May 16. FxWirePro's Hourly Euro Strength Index stood at -52.89 (Bearish) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, ahead of the Richmond Fed manufacturing index. Immediate resistance is located at 1.1229 (Apr. 30 High), a break above targets 1.1262 (April 22 High). On the downside, support is seen at 1.1150 (May 20 Low), a break below could drag it below 1.1118 (April 25 Low).

USD/JPY: The dollar plunged to a 2-week low, as benchmark 10-year U.S. Treasury yields hit their lowest since September 2017 amid lingering fears of a further escalation in the U.S.-China trade dispute. Moreover, worries about Italy's budget policy and no-deal Brexit fears supported the Japanese yen's safe-haven appeal. The major was trading 0.1 percent down at 109.28, having hit a low of 109.14, its lowest since May 15. FxWirePro's Hourly Yen Strength Index stood at 183.77 (Highly Bullish) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the Richmond Fed manufacturing index. Immediate resistance is located at 109.74 (May 24 High), a break above targets 110.11 (May 11 High). On the downside, support is seen at 109.01 (May 13 Low), a break below could take it lower at 108.80 (Jan. 30 Low).

GBP/USD: Sterling consolidated near a 1-week low as investors refrained from taking big positions amid mounting Brexit tensions after foreign minister Jeremy Hunt said no-deal Brexit would amount to political uncertainty. The major traded 0.1 percent up at 1.2663, having hit a low of 1.2650 earlier; it’s lowest since May 24. FxWirePro's Hourly Sterling Strength Index stood at -13.11 (Neutral) 0500 GMT.  Investors’ attention will remain on the U.S. fundamental drivers, amid a lack of data from the UK docket. Immediate resistance is located at 1.2774 (38.2% retracement of 1.3047 and 1.2605). a break above could take it near 1.2827 (50.0% retracement). On the downside, support is seen at 1.2624 (May 22 Low) a break below targets 1.2581 (Jan. 2 Low). Against the euro, the pound was trading flat at 88.17 pence, having hit a low of 88.50 on Friday, it’s lowest since Jan. 21.

AUD/USD: The Australian dollar rose, extending previous session gains, as local gross domestic product data for the March quarter due out next week is likely to justify that dovish outlook with annual economic growth seen slowing to just 1.8 percent or less. The Aussie trades 0.05 percent up at 0.6926, having hit a high of 0.6938 on Monday, it’s highest since May 15. FxWirePro's Hourly Aussie Strength Index stood at 49.28 (Neutral) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6881 (May 24 Low), a break below targets 0.6846. On the upside, resistance is located at 0.6946 (May 15 High), a break above could take it near 0.6961 (Apr. 30 High).

NZD/USD: The New Zealand dollar steadied after the country's central bank in its half-yearly financial stability review stated that the financial system is resilient but the risks remained elevated, adding that current mortgage restrictions are appropriate for now. The Kiwi trades flat at 0.6539, having touched a low of 0.6481 on Thursday, its lowest level Oct. 26. FxWirePro's Hourly Kiwi Strength Index was at 50.63 (Bullish) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6591 (May 14 High), a break above could take it near 0.6614 (May 10 High). On the downside, support is seen at 0.6474 (Oct. 4 Low), a break below could drag it below 0.6442 (Oct. 10 Low).



Equities Recap

Asian shares declined as investor sentiment weakened over growing worries about world growth with trade tensions between Washington and Beijing showing no signs of easing.

MSCI's broadest of Asia-Pacific shares outside Japan plunged 0.5 percent.

Tokyo's Nikkei eased 1.2 percent to 21,003.37 points, Australia's S&P/ASX 200 index declined 0.7 percent to 6,440.00 points and South Korea's KOSPI slumped 1.2 percent to 2,024.40 points.

Hong Kong’s Hang Seng  traded 0.4 percent lower at 27,288.30 points. Taiwan shares added 0.1 percent to 10,301.78 points

Shanghai composite index rose 0.4 percent to 2,919.99 points, while CSI 300 index traded 0.05 percent down at 3,671.15 points.



Commodities Recap

Crude Oil prices declined on concerns the U.S.-China trade war could trigger a global economic downturn, however, relatively tight supply amid OPEC output cuts and political tensions in the Middle East limited downside. International benchmark Brent crude was trading 0.6 percent lower at $69.64 per barrel by 0505 GMT, having hit a high of $70.57 on Tuesday, its highest since May 23. U.S. West Texas Intermediate was trading 0.8 percent down at $58.52 a barrel, after falling as low as $57.32 on Thursday, its lowest since the Mar. 13.

Gold prices steadied as global economic concerns dented risk appetite, however, a strong dollar capped gains. Spot gold rose 0.2 percent to $1,281.11 per ounce by 0508 GMT, having touched a high of $1,287.27 on Monday, its highest since May 17. U.S. gold futures were up 0.2 percent at $1,279.20 an ounce.





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