FX News Today
- 10-year Treasury yields are down -0.4 bp at 2.519% and JGB rates up 0.2 bp at -0.052%, as Asian stock markets traded narrowly mixed, with threats of new tariffs on European goods from President Trump adding to the cautious tone in the markets.
- Topix and Nikkei are down -0.26% and 0.06% respectively, the Hang Seng is up 0.22% and CSI 300 and Shanghai Comp up 0.11% and down -0.27% respectively, while the ASX closed down -0.01%, despite better than expected loans data.
- US futures are also posting slight losses and overall it seems investors are in a holding position ahead of the earnings season and with no firm agreement on US-Sino trade talks yet.
- Trump’s renewed threat of tariffs on European goods meanwhile acts as a reminder that geopolitical trade tensions are far from resolved.
- Oil prices meanwhile continue to hold above USD 64 per barrel amid fighting in Libya.
Charts of the Day
- EURUSD stabilized around the 1.125 level, unable to break past the 1.1276 level. Support stands at 1.1256, with indicators showing mixed signs.
- GBPUSD broke through the 1.3067 level and is currently bound by the 200HMA at 1.3090, after positive news regarding a meeting between May, Merkel, and Macron. Support remains at 1.3067.
- USDJPY continues its downwards move towards the 111.22 level capped by the 200HMA, as soft Resistance is at 111.50. Indicators are suggesting a pause of the movement.
- XAUUSD is trading between the 1295-1300 marks, above its 200HMA and with indicators showing a slight downwards movement.
Main Macro Events Today
- JOLTS Job Openings (USD, GMT 14:00) – Job vacancies are expected to have declined to 7.55M in February, compared to 7.58M in January.
Support and Resistance
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Dr Nektarios Michail
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