Posted on April 3, 2017 at 7:30 am GMT by the XM
Investment Research Desk
The aussie was one of the worst performing major currencies
following weak Australian retail sales data. The dollar index, which measures
the greenback against a basket of currencies, remained above the 100
psychological level.
The
yen was little changed after a report showed an improving outlook among Japan’s
largest firms. The Bank of Japan’s Tankan survey rose for a second
straight quarter to hit a one-and-a-half year high in March. The headline
index for big manufacturers’ sentiment stood at plus 12 in March compared
with a plus 10 seen in the previous survey in December, but was below forecasts
of a plus 14 reading.
In
other data out of Japan, the final March PMI showed manufacturing activity
slowed slightly to 52.4 from a final 53.3 in the previous month.
Data
out of Australia showed retail sales declined 0.1% month-on-month in February,
from a 0.4% increase the previous month and also came in below economists’
forecasts. The aussie / dollar plunged after the data to test the key $0.7600
level, after an earlier Asian session high of $ 0.7639.
The
US dollar stabilized after tumbling against the yen on Friday on dovish
comments made by New York Federal Reserve President William Dudley.
Dollar / yen bounced to an Asian session high of 111.58. The greenback came
under pressure when Dudley said there was no rush to raise interest rates.
The
dollar will be in focus this week as there are some important risk events
coming up that could have a large impact on the currency. On Friday, the US
non-farm payrolls report is due. A worse-than-expected reading would weigh on
the dollar. On Thursday, a two-day meeting between China’s President Xi and US
President Donald Trump will be held, with the US-China trade deficit at the top
of the agenda.
The
euro steadied against the dollar after Friday’s tumble to a 2-week low of
$1.0650. The single currency came under pressure last week after data showed
Eurozone inflation slowed. But also a dovish ECB stance and French election
risk are weighing on the euro.
Sterling
held onto gains made against the dollar last week and consolidated just above
the key $1.2500 level in Asian trading today.
In
commodities, WTI oil prices stayed close to a 3-week high reached last Friday
at $50.77 a barrel, while gold pulled back towards $1245.30 an ounce.
Looking
ahead to the rest of the day, markets will focus on final PMI data out of
Europe, the UK and the US. Speeches by FOMC members William Dudley and Patrick
Harker will also be eyed.
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