Asian Session Recap – April 1, 2014

  • AU AIG manufacturing index at 47.9 vs. 48.6 previous
  • JP Tankan manufacturing index prints at 17 vs. 16 expected
  • JP Tankan non-manufacturing index at 24 vs. 20 previous
  • China manufacturing PMI at 50.3 vs. 50.1 expected
  • China HSBC final manufacturing PMI at 48.0 vs. 48.1 expected
  • RBA keeps rates at 2.50%, says AUD is still “high by historical standards”
  • Nikkei closes with 0.24% loss
  • Euro Zone and UK manufacturing PMIs on tap

With major reports scheduled during the Asian session you would think that we’d see significant moves from the major currencies. Instead, we only saw action from the Aussie, which benefited from the RBA keeping its rates steady at 2.50%.

While the RBA hinted that the Aussie is still “high by historical standards,” the central bank also said that the currency’s drop from its highs last year is helping the economy achieve a balanced growth.

Japan’s Tankan reports and China’s manufacturing PMI numbers could have also influenced price action today. But since the reports mostly came in as expected or just slightly missed expectations, traders didn’t show significant reaction over it.

Let’s see if we’ll get more action during the London session. At 7:15 am GMT Spain will release its manufacturing PMI report, followed by Switzerland’s SVME PMI report at 7:30 am GMT. Then, between 7:50 am GMT to 9:00 am GMT the euro zone will release manufacturing PMI reports from Italy, France, Germany, and the euro zone and employment numbers from Germany and the euro zone. Keep close tabs on Germany’s reports as they could influence sentiment for the euro!

Another possible big mover in the London session is the U.K. manufacturing PMI scheduled at 8:30 am GMT. The report is expected to show a 56.7 index reading from last month’s 56.9 figure but watch the newswires closely in case we see upside or downside surprises!

See also:

U.S. Session Recap

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