*Chinese imports and exports disappoint
*ACCC investigate why Big 4 Aussie banks didn't pass through rate cuts
*Gold dips as risk appetite holds
FX:
- FX markets were quieter than usual with liquidity light from US, Japan and Canada taking a bank holiday. The US Dollar was slightly up +0.1% as markets await more trade news.
- NZDUSD -0.4% stood out as the biggest G10 mover with high sensitivity to a poor Chinese trade print. Imports -6.2%; est. -2.3%. Exports -0.7%; est. 1.5%.
- AUDUSD -0.06% was largely unchanged.
- USDJPY -0.08% edged lower. The pair has tested 108.46 three times now in the last two months and could be seeing a triple top.
- USDCAD +0.11% trades around 1.321 having heavily sold-off on Friday's strong Canadian jobs report.
- GBPUSD -0.33% chopped around a bit.
- USDCNH -0.4% finds relief from Friday's "partial trade deal".
- Elsewhere, EMs are benefitting from the trade truce. USDZAR -0.45%. USDTWD -0.2%.
Equities:
- Equities were buoyed as expected by the trade news delivered on Friday.
- ASX Futures +0.6% finished higher.
- ASX Cash +0.54% jumped 55pts at open but faded late. E&P oil and gas stock Santos (STO.AX) charged to a +5.6% gain on pre-open news that ConocoPhillips would sell its Northern Australian assets to Santos for $1.4bn.
- S&P +0.1% edged higher.
- Nikkein Futures +1.1% rallied strongly.
- CSI 300 +1.2% saw strong gains.
Fixed Income:
- Yields have ticked slightly lower over the session after a solid run-up late last week.
- US 10y yields -2bps.
- AUS 10y yields -3bps.
Commodities:
- Brent Crude Futures -0.6% retreats from the 60 handle driven by a slightly stronger USD.
- Gold spot -0.15% falls on firmer risk appetite.
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