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12 Mar 2015
Market Movers: DXY hits 100, Dollar pullback supports commodities – TDS
FXStreet (Barcelona) - Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities, summarizes the market performance during the Asian trade, key highlights being DXY hitting the 100 psychological level, NZD coming out as the best performer and commodities staging a rebound.
Key Quotes
“The USD powered onwards and upwards in US trade overnight, adding 1% as the Euro was trashed. The upside momentum continued in Asia, the DXY hitting the 100 psychological level, not seen since 2003, but the extension was brief. The break above 100 saw accounts booking profit, pushing the DXY to levels seen at the start of our session.”
“The NZD is the best performer today, on the lack of dovish cues in today’s RBNZ statement, +0.6%, making a fresh’s day’s high of US$0.7354. The AUD is up +0.3% to US$0.7630, with little change across most other crosses.”
“Asian equity markets are firm across the board, with Japanese and Chinese stocks up close to +1.5% with Korean, Australian and Indian stocks up between 0.5-1%.”
“Bond yields fell again today, the larger moves in Australia, 3yrs –5bps, 10yrs –8bps even with employment coming in as expected, while NZ bond yields are down only a moderate 2bps across the curve.”
“The pullback in the USD is giving the commodity space a bid, with gold up US$10 to US$1160, copper +0.75%, brent futures +1%.”
Key Quotes
“The USD powered onwards and upwards in US trade overnight, adding 1% as the Euro was trashed. The upside momentum continued in Asia, the DXY hitting the 100 psychological level, not seen since 2003, but the extension was brief. The break above 100 saw accounts booking profit, pushing the DXY to levels seen at the start of our session.”
“The NZD is the best performer today, on the lack of dovish cues in today’s RBNZ statement, +0.6%, making a fresh’s day’s high of US$0.7354. The AUD is up +0.3% to US$0.7630, with little change across most other crosses.”
“Asian equity markets are firm across the board, with Japanese and Chinese stocks up close to +1.5% with Korean, Australian and Indian stocks up between 0.5-1%.”
“Bond yields fell again today, the larger moves in Australia, 3yrs –5bps, 10yrs –8bps even with employment coming in as expected, while NZ bond yields are down only a moderate 2bps across the curve.”
“The pullback in the USD is giving the commodity space a bid, with gold up US$10 to US$1160, copper +0.75%, brent futures +1%.”