· For a change last night was relatively quiet. Basically we feel it was mostly profit taking on a long Dollar trades and resulted in some Dollars being sold off. USDJPY tracked back towards 102.00 while AUDUSD track back towards 0.9900.
· USDMYR still trading around the 3.0000 handle and like I mentioned yesterday key tmrw is where USDMYR closes
on Friday. This will determine the trading range to start next week. Range this week still at 2.9700-3.0200. Downside of too strong a Ringgit could see Negara come in and support the level I suspect.
· AUDMYR at 2.9800, GBPMYR at 4.5800 and SGDMYR at 2.4180.
· The data were mostly soft. French, German then Italian GDP all disappointed early. CBA lower their EU 2013 GDP forecast to -0.7% on the back of those figures.
· Despite fairly dull data equites across the board are all up. Around 1:00am (after all data) the S&P500 broke previous highs and looked to trigger another round of stop buying. Both S&P500 & Eurostoxx50 +0.50%, the FTSE +0.11%.
· UK ILO Unemployment was a soft print for Q1. Wage pressures are increasing. Future jobs forecasts look sluggish but bear in mind UK employment was fairly resilient through the leanest recent quarters. The BoE raised growth forecasts upward....they expect GDP growth of 0.5% this qtr from 0.3% in the last. They also see inflation topping out at 3.1% in 3rd Qtr.
· US Empire Manufacturing slipped back under 00 unexpectedly in its 3rd straight monthly decline.
· US NAHB Housing Market Index improved in a rare positive surprise but still well in negative territory.
· US Industrial Production also slipped back into negative territory, this was the worst US figure of the evening with prior revisions ruling out earlier weakness being due to Easter/seasonal factors.
· US PPI was as expected (steepest drop in 3yrs on tumbling fuel & food costs). There’s no inflation threat in the pipe.
· Despite fairly dull data equites across the board are all up. Around 1:00am (after all data) the S&P500 broke previous highs and looked to trigger another round of stop buying. Both S&P500 & Eurostoxx50 +0.50%, the FTSE +0.11%.
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