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Stronger US data buoys Asian equities


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#1 ⇑ Haut ⇑ 04-02-2013 09:49:00

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Stronger US data buoys Asian equities

Morning Briefing : Stronger US data buoys Asian equities

What’s new:
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 %

Comments:
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

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