Online Forex Trading News

ASIA SUMMARY

Asia opened the week with the US dollar weaker from Friday’s closing prices after continued concern of retaliation by China after the US imposed trade sanctions on Friday. However, dollar buyers stepped in to close the gap in front of the much anticipated Japanese Tankan report.

The Tankan report came out mixed with the Large Manufacturing Index coming in at 23 vs. expectations of 24 and the Capital Expenditures number coming in at 2.9% vs. expectations of 1.7%. We saw an initial pop higher in USD/JPY followed by a quick move lower and then a sharp rally through the session highs and above 118.

Later in the session Australia released their February retail sales figures which came in at .9% month over month vs. expectations of .4%. The better than expected numbers sent AUD/USD above Friday’s highs to multi-year highs. With the RBA due to meet on interest rates this week, the market may have taken the hot retail numbers as a cue that further interest rate increases may be needed.

In London we have:

France: (3:30am EST) PMI Manufacturing survey expected 54 vs. previous 53.4.

France: (3:30am EST) PMI Manufacturing survey expected 54 vs. previous 53.4.

EC: (4am EST) PMI Manufacturing survey expected 55.7 vs. previous 55.6.

UK: (4:30am EST) PMI Manufacturing survey expected 55.1 vs. previous 55.4.