Asia extends Friday’s positive mood


Positive trends remain in place

Asian markets were steady to firmer in muted, holiday-thinned trade due to the start of the week-long Japanese holidays. Equity markets took their cue from the positive close on Wall Street on Friday while currency markets showed mild risk-on tendencies.

AUD/USD climbed 0.23% to 0.7055 while AUD/JPY added 0.29% to 78.73. USD/JPY only managed gains of 0.05% to 111.60, just above the 200-day moving average at 111.50.

USD/JPY Daily Chart

Source: OANDA fxTrade

Next leg of US-China trade talks set to begin

US press reported that US Treasury Secretary Mnuchin was upbeat ahead of the next round of trade talks due to begin in Beijing tomorrow. He commented that negotiations with China were “in the final laps”, repeating similar comments made a couple of weeks ago.


Dodging the information avalanche


EUR/USD edging higher after Spanish election

EUR/USD managed to eke out small gains as Spanish PM’s Socialists Party wins 123 seats with 97% of the votes counted. While he appears not to have the required majority of 176 seats, and will need to form a coalition government, the lack of a major political shift was seen as a positive. EUR/USD is up 0.12% at 1.1157.

EUR/USD Daily Chart

Source: OANDA fxTrade

Calm on the data front

It’s a relatively slow start to the week on the data front, but will gradually build up steam into the US non-farm payroll report on Friday,

Today we see numerous Euro-zone confidence indicators for April, ranging from consumer confidence to business climate to economic sentiment. Forecasts are suggesting either a steady or deteriorating bias. The US calendar features personal consumption expenditure price indices, both headline and core, and estimates are implying not much change from the previous month’s reading.

The full MarketPulse data calendar can be viewed at

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Andrew Robinson

Andrew Robinson

Senior Market Analyst at MarketPulse
A seasoned professional with more than 30 years’ experience in foreign exchange, interest rates and commodities, Andrew Robinson is a senior market analyst with OANDA, responsible for providing timely and relevant market commentary and live market analysis throughout the Asia-Pacific region. Having previously worked in Europe, since moving to Singapore he worked with several leading institutions including Bloomberg, Saxo Capital Markets and Informa Global Markets, proving FX strategies based on a combination of technical and fundamental analysis as well as market flow information. Andrew began his career as an FX dealer with NatWest and the Royal Bank of Scotland in the UK.
Andrew Robinson

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