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24 / 05 / 19

香港辦事處

 

British Pound

FXStreet: Even if the UK PM May’s future leadership status is in limbo, the GBP/USDpair is on the road to recovery as it trades near 1.2665 at initial Asian session on Friday. British political drama offered another busy day to global watchers after the coup against the Prime Minister Theresa May is finally playing its role towards her likely offering of the departure date on Friday as per the Mirror report. However, investors were more concerned about the US Dollar (USD) weakness as disappointing purchasing manager index (PMI) and new home sales data joined negative vibes from the trade spat with China.

 

With the PM May has already postponed putting her Brexit plan on the discussion today, political plays surrounding her leave timetable will be on the spotlight. At the economic front, investors may now concentrate on the UK retail sales and the UK durable goods orders for April. None of these readings are bearing upbeat expectations and may keep pushing market players in the direction to follow macros for fresh positive impulse.

 

While a break of 1.2600 could open the door for the quote’s slump to 1.2480 and then to January lows near 1.2430, an upside clearance of 1.2710 highlights February bottom around 1.2770 and 1.2800 as next resistances to watch during the recovery.

 

US Dollar

Reuters: The dollar held steady on Friday, having come off two-year highs on lower U.S. yields in the previous session amid fears that a trade war with China will hurt the U.S. economy more than previously thought. Against a basket of key rival currencies, the dollar was largely unchanged at 97.906, having fallen from a two-year high of 98.371 overnight. The index is still up 1.8% for the year. “Global risk aversion stemming from the intensifying U.S.-China trade tension is causing the stronger yen,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities. “Markets are pricing in the potential negative impact on the U.S. economy and the U.S. equity markets,” he said, referring to U.S.-China trade tensions.

 

Against the yen, the dollar edged up to 109.695 yen, having giving up two-thirds of a percent overnight to record its steepest drop in a single session in two months. The greenback is still 0.6% above a three-month trough of 109.02 yen touched on May 13. The Australian dollar held steady at $0.6904, putting it on track to finish the week with a 0.5% gain, its first positive weekly performance in six weeks. Elsewhere in the foreign exchange market, the euro was flat at $1.1183, having bounced from a two-year low of $1.11055 during the previous session.

 

Japanese Yen

FXStreet: USD/JPY is currently trading at 109.69 between a range of 109.47 and 109.71 on the bid. Risk off markets overnight kicked into early Asia, but yen on backfoot in Tokyo. USD/JPY is correcting 23.6% of Wall Street's slide. USD/JPY has managed to climb about 23.6% of Wall Street's slide in the last Asian trading session this week with USD/JPY currently trading at 109.69 at the time of writing, moving up between a range of 109.47 and 109.71 on the bid. 

 

Markets overnight were risk-off following deepening sentiment for a prolonged trade spat between the US and China as U.S. and Chinese officials exchanged insults over Huawei and trade in general. The mood sent the yen higher, rallying across the board and up from 110.60's to over a big figure higher to the 109.40s vs the greenback. "The US 10yr treasury yield fell from 2.38% to 2.29% (the lowest since Oct 2017), steadying at 2.32%. The 2yr T-note yield slipped from 2.21% to 2.12% then to 2.14%. The chance of a Fed rate cut by December, implied by Fed fund futures, rose from 100% to 130%,"

 

Global Markets

Reuters: Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute between the world’s two largest economies, pushing investors to safe-haven assets. MSCI’s broadest index of Asia-Pacific shares outside Japan stood flat, hovering near its fresh four-month low marked on Thursday, and was on track for a third straight weekly loss, down 0.9% so far on the week. Japan’s Nikkei average dropped 0.6%.

 

In commodity markets, oil prices plunged on Thursday, with WTI crude losing nearly 6% as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months. In early Asian trade, U.S. crude rebounded 0.6% to $58.25 a barrel, after Thursday’s 5.7% fall that too it to the lowest in two months. Brent crude futures also bounced back 0.4% to $68.05 per barrel, after falling 4.6% in the previous session.

 

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