4-1 Economic Calendar
HSBC Manufacturing PMI
China’s HSBC manufacturing PMI was 57; slightly better than the prior reading of 55.8.
Chinese Manufacturing PMI
China’s manufacturing PMI for March was 55.1; slightly better than the forecast of 55.0, but worse than the prior reading of 52.0
Aussie Trade Balance
The aussie dollar fell slightly on the back of a worse than expected February trade balance which came in at -1924M verses a forecast of -1340M and a prior showing of -1176M.
Japanese Tankan Manufacturing Index
The results of the first quarter manufacturing index out of Japan were better than expected, but the market was unimpressed by the reading. The details are as follows:
- Lge Mfg Index – Survey: -14 Actual: -14 Prior: -24
- Lge Mfg Outlook – Survey: -8 Actual: -8 Prior: -18
- Non-Mfg – Survey: -18 Actual: -14 Prior: -22
- Non-Mfg Outlook – Survey: -15 Actual: -10 Prior: -19
- Lge All Indust Capex – Survey: -0.4% Actual: -0.4% Prior: -13.8%
Australian MI Inflation Gauge
The AUD caught a slight bid after the release of better than expected March inflation gauge numbers. The details are as follows:
- TD Securities Inflation (m/m%) – Actual: 0.5% Prior: 0.1%
- TD Securities Inflation (y/y%) – Actual: 2.5% Prior: 1.9%
Kiwi Drops on IMF Comments
As the market remains thin ahead of the Tokyo open, the IMF commented that the Kiwi was possibly overvalued by 10-25% and that the government should further curb spending. This pushed the AUD/NZD pair back toward yesterday’s highs in the mid 1.29 handle, after finding support earlier in the session on the 50% retracement of the latest move, corresponding with the 100 hr moving average.
Aussie AIG Manufacturing Index
The JPY traded slightly lower across the board after the release of the AIG manufacturing index which came in at 50.2; lower than the prior reading of 53.8
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