The dollar was mixed heading into the weekend after a choppy session although it fell to a two-week low against the yen as traders begin to doubt that we are likely to see any swift tax reform or infrastructure spending from the Trump administration, causing some mild safe haven demand. Elsewhere, stocks were flat, while the metals had another positive day, while oil was choppy and finished a little lower on oversupply concerns. In terms of data, New Home Sales rose less than expected in January, by 3.7%, below the expectations of 6.3%.
The coming week is going to b e pretty active throughout although much of the data will be secondary. Highlights will include the US Durable Goods Orders & Pending Home Sales (Monday), the US Q4 Provisional GDP (Tues), global Manufacturing PMIs, US Personal Consumption/Expenditure, Australian Q4 GDP (Wed), EU Unemployment, CPI (Thur), global Services/Composite PMIs (Fri). It is going to be active but I suspect that it will again be politics that dictates the direction, with the Trump agenda, Brexit and Greece making the headlines. Trump is expected to address a joint session of Congress on Tuesday, with investors hoping that he will give more clarity on his tax reform and stimulus proposals.
EURUSD: Choppy, largely unchanged over the session. A busy week of economic data coming up.
USDJPY: Risk-off trade increased demand for the Jpy against all counterparts.
GBPUSD: Pre weekend profit taking saw Sterling fall back into the middle of the range.
AUDUSD: A little heavy. Australian Q4 GDP, China Feb NBS and Caixin Mfg PMIs are the major mid-week data risks
NZDUSD: Choppy. A little lower.
US STOCKS: Flat.
ASX SPI: The ASX fell on Friday, led by the miners as Chinese iron ore future fell by around 5%.
METALS: Gold and Silver took advantage of a heavy dollar to finish at 2 month highs
OIL: WTI reversed gains from the previous session to settle slightly lower on Friday, after the latest Baker Hughes U.S. oil rig count rose by 5, topping 600 for the first time since October 2015.
The levels in this table are a guide only. For more in depth analysis please go the “Articles” tab at the op of the page and scroll down.
|INDICES / COMMODITIES|
|ASX SPI: 5703|
|OIL (WTI): 53.97|