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16 Mar 2015
Market Movers: ACGBs outperform, NZD top performer in G10 – TDS
FXStreet (Barcelona) - Prashant Newnaha, Asia-Pacific Macro Strategist at TD Securities, summarizes the market performance in the Asian trade, the key highlights being – RMB fix, firmer Bond markets, USD mildly offered and NZD best performing G10 cross.
Key Quotes
“It was a fairly quiet session in Asian trade with no major regional data releases out today. There were a few comments out over the weekend that while bearish on the headline prompted no real market response.”
“First S&P suggested on Saturday as highly unlikely that Greece will be able to regain market access to alternative funding sources. Against this were comments made by Premier Li yesterday on wrapping up the National People’s Congress that authorities have tools to address the risk of growth falling below 7%.”
“Bond markets are overall slightly firmer, UST 10yrs close to 2bps lower in yield, with NZGBs down by the same amount, while ACGBs have outperformed, 3yrs –3.5bps, 10yrs –5bps.”
“In FX, the USD was initially bid but then had a mild offered tone after the RMB fix this morning, possibly as the market scales back prospects the trading band will be widened soon.”
“The NZD is the best performing G10 cross, +0.45% at US$0.7360, the Euro +0.1% pivoting around US$1.05 while the CAD is the worst performer, -0.2% to CAD$1.28, the lowest in six years as WTI slips to the lowest levels since March 2009."
“Japanese equity markets have taken a breather, unchanged as is India. Australian stocks are down 0.3%, but Chinese stocks are up a good 2%.”
“Commodities are mixed. Oil –1.5%, gold is flat, copper +0.35%. Iron ore futures are +6%, but on negligible volumes.”
Key Quotes
“It was a fairly quiet session in Asian trade with no major regional data releases out today. There were a few comments out over the weekend that while bearish on the headline prompted no real market response.”
“First S&P suggested on Saturday as highly unlikely that Greece will be able to regain market access to alternative funding sources. Against this were comments made by Premier Li yesterday on wrapping up the National People’s Congress that authorities have tools to address the risk of growth falling below 7%.”
“Bond markets are overall slightly firmer, UST 10yrs close to 2bps lower in yield, with NZGBs down by the same amount, while ACGBs have outperformed, 3yrs –3.5bps, 10yrs –5bps.”
“In FX, the USD was initially bid but then had a mild offered tone after the RMB fix this morning, possibly as the market scales back prospects the trading band will be widened soon.”
“The NZD is the best performing G10 cross, +0.45% at US$0.7360, the Euro +0.1% pivoting around US$1.05 while the CAD is the worst performer, -0.2% to CAD$1.28, the lowest in six years as WTI slips to the lowest levels since March 2009."
“Japanese equity markets have taken a breather, unchanged as is India. Australian stocks are down 0.3%, but Chinese stocks are up a good 2%.”
“Commodities are mixed. Oil –1.5%, gold is flat, copper +0.35%. Iron ore futures are +6%, but on negligible volumes.”