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15 Jan 2015
AUD and INR major movers in Asia – TDS
FXStreet (Barcelona) - The TD Securities Team shares the performance of the Asian markets, noting that in the FX space INR and AUD were outright gainers following a surprise rate cut by RBI and a strong employment report in Australia.
Key Quotes
“The AUD and the INR are the major movers in Asia, following the blockbuster employment report in Australia and the surprise Indian rate cut.”
“On the AUD, it hit a high near US$0.8220, spiking from US$0.8140 and currently remains near the day highs to be +0.7%. The NZD was pushed modestly higher on the AUD rally to be +0.1% at US$0.7730, but the gains in the NZD were limited as short AUDNZD positions were stopped out.”
“Otherwise the remainder of the G10 space is trading weaker vs the USD, on average by 0.2%, with the ¥ the worst performer –0.45% at ¥ 117.85.”
“In rates, we saw ACGBs underperform, 10yr yields are up 10bps, front end 8 bps. At the short end, we saw the market push out the first RBA cut from June to July and cut the odds of a another cut later in the year. NZGBs are unchanged in yield, but US yields are up between 2.5bps in the 2yrs and 4 bps in the 10s as risk assets were bid.”
“Equities are staging a sharp run up, the Nikkei +1.6%, Shanghai +1.5%, India +2%, but the ASX is down –0.4%.”
“Copper is in recovery mode following a surge in Chinese credit growth to be +2%, iron ore futures +1.2%, gold is unchanged while Brent futures are off 0.4% at US$48.50.”
Key Quotes
“The AUD and the INR are the major movers in Asia, following the blockbuster employment report in Australia and the surprise Indian rate cut.”
“On the AUD, it hit a high near US$0.8220, spiking from US$0.8140 and currently remains near the day highs to be +0.7%. The NZD was pushed modestly higher on the AUD rally to be +0.1% at US$0.7730, but the gains in the NZD were limited as short AUDNZD positions were stopped out.”
“Otherwise the remainder of the G10 space is trading weaker vs the USD, on average by 0.2%, with the ¥ the worst performer –0.45% at ¥ 117.85.”
“In rates, we saw ACGBs underperform, 10yr yields are up 10bps, front end 8 bps. At the short end, we saw the market push out the first RBA cut from June to July and cut the odds of a another cut later in the year. NZGBs are unchanged in yield, but US yields are up between 2.5bps in the 2yrs and 4 bps in the 10s as risk assets were bid.”
“Equities are staging a sharp run up, the Nikkei +1.6%, Shanghai +1.5%, India +2%, but the ASX is down –0.4%.”
“Copper is in recovery mode following a surge in Chinese credit growth to be +2%, iron ore futures +1.2%, gold is unchanged while Brent futures are off 0.4% at US$48.50.”