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11 Mar 2013
Forex Flash: Dollar bounced post NFP surprise - OCBC Bank
Emmanuel Ng of OCBC Bank notes that USD bounced on Friday following the way better than expected US NFP numbers, with USD/JPY briefly pushing above 96.50.
Elsewhere, he notes that AUD also found background support against the majors from a positive global data releases, with China’s February exports coming in stronger than expected. He writes, “Note however that over the weekend, the slew of mixed Chinese data releases (CPI, urban fixed asset investment, monetary aggregates) may not impart undue positivity for global markets amid nascent stagflationary concerns.” Looking ahead, Ng feels that investors may look to the global data calendar for further cues, with market reactions expected to be asymmetrically biased in favor of any positive US data readings. Meanwhile, the RBNZ is expected to remain static at 2.50% on Wednesday while the SNB also convenes on Thursday.
Elsewhere, he notes that AUD also found background support against the majors from a positive global data releases, with China’s February exports coming in stronger than expected. He writes, “Note however that over the weekend, the slew of mixed Chinese data releases (CPI, urban fixed asset investment, monetary aggregates) may not impart undue positivity for global markets amid nascent stagflationary concerns.” Looking ahead, Ng feels that investors may look to the global data calendar for further cues, with market reactions expected to be asymmetrically biased in favor of any positive US data readings. Meanwhile, the RBNZ is expected to remain static at 2.50% on Wednesday while the SNB also convenes on Thursday.