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Stronger US data buoys Asian equities
Asia: Equities in the green this morning
China: Non-Manuafacturing PMI stronger than expected
Australia: Inflation ticks slightly higher ahead of RBA decision tomorrow
Forex: Aussie in the positive this morning
Overnight rates and Indices:
EUR/USD 1.3603 1.366 -0.23 %
USD/CHF 0.9075 0.9097 -0.16 %
GBP/USD 1.5682 1.5714 0.10 %
USD/JPY 92.5 92.91 0.01 %
EUR/CHF 1.2371 1.24114 0.09 %
EUR/JPY 126.06 126.86 0.34 %
Dow Jones 13860.58 14019.78 1.07 %
Nasdaq 2740.66 2768.63 1.18 %
S&P 500 1498.11 1514.41 1.00 %
Nikkei 225 11194.74 11285.49 0.61 %
Shanghai 2417.59 2440.38 0.37 %
Gold spot 1665.20 1673.34 -0.04 %
Crude Oil 97.36 97.76 -0.37 %
Asian equity indices were higher this morning buoyed by the better than expected data out of the US last Friday. Change in Nonfarm payrolls for the month of January came out at 157k slightly softer than the expected 165k but we had a strong revision higher to 196k from the previously declared 155k for last month.
US PMI manufacturing data also issued last Friday was better than expected and well above the 50 levels, Consumer Sentiment rose and even EZ unemployment ticked slightly lower.
Overnight even China reported a better than expected Non-Manufacturing PMI for the month of January, with actual numbers out at 56.2 from the previous 56.1.
The EUR/USD currency pair rose to highs of 1.37109 last Friday after the US data but this morning seems to be on track to reversing most of Friday’s gains. For the day we expect 1.3720 – 1.3784 to cap the upside while to the downside 1.3582 – 1.3509 should provide support.
The Aussie rose over a basket of currencies this morning; a day ahead of the RBA’s interest rate decision. Overnight we had data showing that Y/Y inflation rose to 2.5% throughout the month of January. Expectations are for the RBA to remain on hold tomorrow.
Rudolf Muscat - Senior Trader - RTFX Ltd