Daily Market Commentary
Markets reopened is Asia, with Chinese Manufacturing PMI data stronger than expected, boosting equity markets, while the Japanese Tankan reports was negative for large Manufacturing. The USD gained some momentum, as bond yields spiked, despite the Fed's favourite inflation indicator, the PCE. showing inflation was contained. The US ISM Manufacturing number moved into positive territory, which an expansion of growth, but this only added to speculation that interest rate cuts may be deferred until the second half of the calendar year. The rising US Dollar pounded the EUR, which fell to 1.0740, while the GBP slumped to 1.2540.
The rising reserve hit the vulnerable commodity currencies, with the NZD stumbling to 0.5940, while the AUD slipped below 0.6500. The long Easter break, with two consecutive shortened trading weeks, will open with attention firmly on inflation and growth. US markets will have a heavy focus on a series of Jobs reports, lead out by the Jolts Report and culminating with the all-important Non-Farm Payrolls.
Weekly Market Calendar
2/4 ISM Manufacturing PMI, Australia Manufacturing PMI, RBA Minutes, UK House Prices, Australia Commodity Prices, UK/France/German/EU Manufacturing PMI, German CPI
3/4 US Factory Orders, Jolts Jobs Report, NZ Dairy Prices, Japan/China Services/Composite PMI, EU CPI, US Weekly Mortgage Applications, ADP Jobs Report, US/Canada Services/Composite PMI
4/4 ISM Services PMI, NZ Building Permits, Australia Services/Composite PMI, Australia Building Permits/Retail Sales, UK/France/German/EU Services/Composite PMI, EU PPI, Challenger Jobs Report, US Trade Exports/Imports, US Weekly Jobless Claims
5/5 Australia Trade Exports/Imports, German Factory Orders, France Industrial Production, EU Retail Sales, US Non-Farm Payrolls/Employment
Paul Bettany I Collinson Forex Limited Collinson & Co. Private Banking
I Mobile +64 0406-744-923
Countries: NZ 0800 338 838 I AU 1800 143 415 I UK 0800 028 5834
I US 1888 625 7833