- Forecast for RBNZ peak rate has fallen to 5.12%, from 5.38% 3 weeks ago - Not just SVB
- US February CPI data is due Tuesday, 14 March 2023 - Biden dropped a clue last week
- JP Morgan on never just one cockroach (carry trade) - Fed can't backstop all of 'em
- ANZ forecast gold to USD 2000 by end-2023
- Société Générale says the yen is an easier buy than the euro
- PBOC sets USD/ CNY mid-point today at 6.8949 (vs. estimate at 6.8933)
- Australian February business confidence -4 (vs. prior +6)
- US equity index pop - Uber story seems to be the trigger
- Australian monthly consumer confidence data "holds near 30 years lows"
- BlackRock sees no halt to Federal Reserve's rate hike campaign
- Deutsche Bank like US dollar shorts, against EUR, JPY & now CHF
- North Korea have launched another ballistic missile
- UK PM Sunak says China the biggest state threat to our economic interests
- Australia weekly consumer confidence is ugly, comes in at 77.0 (prior 79.9)
- Australian household spending data for February -0.1% m/m (prior -6.2%)
- Bank analysts hugely split on what to expect from the FOMC; from +50bp to -25bp forecast
- South Korean import and export prices are falling at a rapid rate
- ICYMI - don't forget the futures roll this week
- Nomura forecast a Federal Open Market Committee (FOMC) rate cut, 25bp, at March meeting
- US President Biden will speak to China President Xi in a call, scheduled after China's NPC
- Fed Chair Powell says SVB failure demands a 'thorough, transparent and swift' review
- US major indices close with mixed results and volatile up-and-down trading session
- Forexlive Americas FX news wrap: Dollar sinks as Fed hike expectations plunge
A degree of normality returned to the Asian session with smaller ranges for most major FX but a hefty one for yen. USD/JPY recorded lows for the session circa 133.05 before moving higher to approach, but not quite reach, 134.00. There was little to point to as a fresh smoking gun for the yen weakness.
Elsewhere the USD gained against EUR, AUD, GBP but in more limited ranges. Again, fresh news of much substance was absent.
On the data front the focus was the Australian February Business Survey from National Australia Bank. Confidence dipped back into net pessimism (below zero) but business conditions remained very solid indeed, down just a point from the January reading at a still strong 17. We had lower-tier data from Australia also, weekly and monthly consumer confidence readings. Both remained very weak. The monthly is stumbling along close to 30-year lows.
Traders are awaiting US inflation data due later today, 8.30 am US Eastern time.
Yields continued to slip, Australian, New Zealand and Japanese all lower again during the session. Yields on the 2-year UST rose a touch, albeit after its huge plunge Monday.
Asian equity markets:
Japan’s Nikkei 225 -1.9%
China’s Shanghai Composite -0.9%
Hong Kong’s Hang Seng -1.9%
South Korea’s KOSPI -1.9%
Australia’s S&P/ASX 200 -1.5%