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- Trading day in one post 05/04/2017
Trading day in one post 05/04/2017
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Loading...Asian markets traded higher on Wednesday.
The Australian ASX rose by 0.3%. Nikkei added 0.5% and Kospi remained at the same levels. Shanghai composite gained 0.98%, Shenzhen composite increased by 1.45% and Hang Seng was up by 0.24%.
Crude oil prices on Tuesday U.S. time rose close to a one-month high, after an unplanned production outage in the North Sea.
The most important data today is services PMI in Europe and several EU members as well as in the US, and also ADP employment for March, ISM Non-Manufacturing PMI and later release of FOMC meeting minutes.
Economic calendar data for the European and American trading session 04/05/2017:
10:50 - France - Services PMI
10:55 - Germany - Services PMI
11:00 - Europe - Services PMI
11:30 - UK - Services PMI
15:15 - US - ADP Nonfarm Employment
16:45 - USA - Services PMI
17:00 - US - ISM Non-Manufacturing Employment
17:00 - US - ISM Non-Manufacturing PMI
17:30 - US - Crude Oil Inventories
21:00 - USA - FOMC Meeting Minutes
USD - The dollar remained relatively stable during the Asian market session. Today we expect data on ADP employment in the nonfarm sectors of the US, as with better data we can see appreciation of the dollar during the day.
JPY - The yen is the strongest currency today, as it is most likely investors directed or hedged their funds to safe refuge because of the upcoming elections in France. Rumors and speculation that Le Pen could win the presidential election would strengthen the yen, as it would lead to political and economic uncertainty in the Euro zone.
GBP - Investors are waiting for the start of the negotiations between Britain and the EU, after the activation of Article 50. The British pound remains highly undervalued currency, but there is no guarantee that it will keep getting cheaper. If there is negative results of the negotiations or initiate new independence referendum in Scotland, we can see a second flash crash. We remain negative on GBP.
CAD - The Canadian dollar weakened against the greenback overnight to three-week low after an unexpected trade deficit data was posted and exports in February collapsed. On the other hand the rise in oil prices maintain the strong Canadian currency, as it has a direct correlation with it.
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