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Asian Market Update : 23/04/2012
China HSBC flash PMI recovers but still in contraction; Weak Aussie PPI points to rate cut; Dutch govt collapses
Economic Data
(CN) CHINA APR HSBC FLASH MANUFACTURING PMI: 49.1 V 48.3 PRIOR (6th month of contraction)
(AU) AUSTRALIA Q1 PRODUCER PRICE INDEX (PPI) Q/Q: -0.3% V +0.5%E (first decline since Q4 of 2009); Y/Y: 1.4% V 2.2%E (lowest since Q2 of 2010)
(SG) SINGAPORE MAR CPI M/M: 0.8% V 0.3%E; Y/Y: 5.2% V 4.7%E
(JP) JAPAN MAR NATIONWIDE SUPERMARKET SALES Y/Y: -2.4% V +0.3% PRIOR
(JP) JAPAN FEB FINAL LEADING INDEX: 96.3 V 96.6 PRELIM; COINCIDENT INDEX: 95.0 V 93.7 PRELIM
(HU) HUNGARY APR ECONOMIC SENTIMENT: -19.3 V -19.0 PRIOR; BUSINESS CONFIDENCE: -9.0 V -8.1 PRIOR; CONSUMER CONFIDENCE: -48.8 V -49.9 PRIOR
Markets Snapshot (as of 04:30GMT)
Nikkei225 -0.1%
S&P/ASX -0.2%
Kospi -1.2%
...
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Technical analysis of the XAU/USD (Gold) pair on April 23th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD is currently falling below 1640 points.
The pair is still moving into a short term bearish channel (purple lines) and is now moving below the lower band of its long term bullish channel.
All indicators are bearish.
We continues to advise short positions as far as 1660 points is resistance.
The breakout of 1630 points will give a new sell signal and open the way towards 1600 points.
In case of return above 1660 points, we will wait the breakout of 1680 points to advise long positions.
See the previous analysis of the XAU/USD pair of April 20th, 2012
XAU/USD Analysis
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Technical analysis of the AUD/USD parity on April 23th, 2012
Commentary of the AUD/USD parity:
The pair AUD/USD has faked a return above 1.0350 last friday and is currently falling below this level.
The pair continues to move above the upper band of its medium term bearish channel (purple lines).
All indicators are bearish.
We now advise to trade the pair according to the key level at 1.04:
- Only short positions below 1.04. The breakout of 1.03 will give a new sell signal.
- Only long positions above 1.04. The breakout of 1.0450 and 1.05 will both give a new buy signal.
See the previous analysis of the AUD/USD parity of April 20th, 2012
AUD/USD Analysis
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Technical analysis of the USD/CAD pair on April 23th, 2012
Commentary of the USD/CAD pair :
The pair USD/CAD continues to move below the upper band of its bearish channel (purple lines).
Indicators are globaly bullish.
We continues to advise short positions as far as 0.9960 is resistance.
A return below 0.9911 will comfort our bearish feeling.
The breakout of 0.9866 will give a new sell signal and open the way towards 0.98.
In case of return above 0.9960, we will wait the breakout of 1.0 to advise long positions.
See the previous analysis of the USD/CAD pair of April 20th, 2012
USD/CAD Analysis
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Euro retreats as IMF provides little boost
(Reuters) - The euro retreated from two-week highs against the dollar on Monday, pausing after its best weekly performance since February and drawing limited support from the weekend decision to double the International Monetary Fund's war chest.
Worries about upcoming debt auctions in Italy and the Netherlands and concerns about a possible political backlash against austerity measures could keep the single currency in check in coming days, traders said.
The Australian dollar slid after local producer price data cemented expectations of a rate cut by the Reserve Bank of Australia next week while sterling clung to its newfound market-darling status in the wake of upbeat UK retail sales data.
"The increase in the IMF is just a safety net. That alone is not enough to boost risk assets," ...
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Asian weekly top events
Last week was full of major economic data concerning many Asian economies, where eyes were centered on the International Monetary Fund that expected more expansion for the global economy during this year, as signs of recovery from the American economy supported the global economy’s outlook as well as the easing European sovereign debt crisis.
The start was with the Japanese economy that released its merchandise trade balance total for March, where the actual reading showed a deficit of 82.6 billion yen compared with a previous reading of 32.9 billion yen revised to 29.4 billion yen, while expectations was leading to a deficit of 223.2 billion yen.
Adding that Japanese economy released exports trade balance for March where the reading inclined by 5.9%, compared with a previous decline of ...
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Weekly Focus: Caught Between Crisis and Upswing
Market movers ahead
US growth was probably a little on the low side in Q1, which we expect to be reflected in the week's press conference with Ben Bernanke, who is likely to continue to downplay the growth outlook but is still some way from announcing further easing.
The Bank of Japan, on the other hand, may do just that.
There is a good chance of rising PMIs in the euro area after three months of moving sideways. The first round of the French presidential elections is unlikely to tell us much.
A raft of important data is set to shed light on the Swedish economy's performance this spring and so the outlook for interest rates.
Global update
Despite some relatively successful debt auctions, there are growing concerns about public finances, especially ...
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Canadian Core and Headline Inflation Rates Dipped in March
Canadian Core and Headline Inflation Rates Dipped in March
The all-items Canadian CPI for March 2012 rose 0.4%, thereby marking the third monthly increase of this magnitude and a slightly smaller gain than the 0.5% expected.
On a year-over-year basis, the inflation rate eased to 1.9% from 2.6% in February.
Core measure rose 0.3%, thereby matching expectations; the core inflation rate dipped to 1.9% from 2.3% in February.
The easing in Canada's inflation rates relative to March 2011 reflected slower monthly increases compared to those recorded a year earlier although both measures posted healthy monthly gains this year as well. Some of this pressure reflected renewed upward momentum in energy prices complemented by the core inflation rate rising by 0.3%. Today's report was ...
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Spanish Debt Auction Leads to Moderate Euro Losses
The euro took moderate losses against its main currency rivals during yesterday's trading session, following a Spanish long-term debt auction. While the auction was successful, it came at a higher than expected cost to the Spanish government, and did little to ease investor fears regarding the overall euro-zone debt crisis. Turning to today, traders will want to pay attention to the German Ifo Business Climate. A positive figure may help boost confidence in the euro-zone economic recovery ahead of markets closing for the week.
Economic News
USD - Dollar Turns Bullish vs. EUR
The US dollar turned bullish against several of its main currency rivals during yesterday's trading session, following a Spanish long-term debt auction which failed to convince investors that the euro-zone debt ...
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