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Market Brief
The Nikkei printed a new 15-year high at 20,144.66 during the Asian session as Japan reported a trade surplus for March of ¥229.3bn verse ¥44.6bn expected (Feb revised down to ¥-425bn); last trade surplus was booked in June 2012. The surprise is due to imports which fell by 14.5% while analysts were looking for a drop of -12.6%. More than 20 minutes before the closing bell in Asia, the Nikkei is up 0.87%, the Hang Seng increases by 0.30%, the Shanghai Composite is still climbing and pockets 1.7%. USD/JPY is running out of steam as the dollar is moving closer to the 119.74 key level (Fib 38.2% on March sell-off and high from April 15). Furthermore, USD/JPY is losing momentum as the hourly RSI(14) is presenting a declining bias and is close to break the 50% level, indicating a stronger selling pressure.
Australia’s CPI grew 0.2%q/q in Q1 verse 0.1% consensus. Year over year CPI matched expectations and came in at 1.3%. The CPI trimmed mean came in at 2.4%y/y, higher than expected (%2.3y/y). Since the RBA’s favorite measure starts picking up slightly, we expect the RBA to cut interest rate in May as a weaker Aussie will help to heal the economy. Australian equities are down -0.77% while AUD/USD reacted positively to headlines by jumping instantaneously by 60pips. The pair is heading to the 0.7784 resistance (Fib 61.8% on March rally). If broken the following one stands at 0.7850 (highs from April 17 and 19), however we expect the Aussie to fail at breaking the latter resistance.
The Nikkei printed a new 15-year high at 20,144.66 during the Asian session as Japan reported a trade surplus for March of ¥229.3bn verse ¥44.6bn expected (Feb revised down to ¥-425bn); last trade surplus was booked in June 2012. The surprise is due to imports which fell by 14.5% while analysts were looking for a drop of -12.6%. More than 20 minutes before the closing bell in Asia, the Nikkei is up 0.87%, the Hang Seng increases by 0.30%, the Shanghai Composite is still climbing and pockets 1.7%. USD/JPY is running out of steam as the dollar is moving closer to the 119.74 key level (Fib 38.2% on March sell-off and high from April 15). Furthermore, USD/JPY is losing momentum as the hourly RSI(14) is presenting a declining bias and is close to break the 50% level, indicating a stronger selling pressure.
Australia’s CPI grew 0.2%q/q in Q1 verse 0.1% consensus. Year over year CPI matched expectations and came in at 1.3%. The CPI trimmed mean came in at 2.4%y/y, higher than expected (%2.3y/y). Since the RBA’s favorite measure starts picking up slightly, we expect the RBA to cut interest rate in May as a weaker Aussie will help to heal the economy. Australian equities are down -0.77% while AUD/USD reacted positively to headlines by jumping instantaneously by 60pips. The pair is heading to the 0.7784 resistance (Fib 61.8% on March rally). If broken the following one stands at 0.7850 (highs from April 17 and 19), however we expect the Aussie to fail at breaking the latter resistance.
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Customer Relationship
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FX PIP Signal
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Customer Relationship
and Promotion Dept.
FX PIP Signal
support@fxpipsignal.com
Website
http://www.fxpipsignal.com
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