Key overnight events:

  • Oil prices traded near its highest closing levels in 8 weeks in New York as a jump in US crude inventories was countered by a decline in oil production. Crude oil futures expiring in April climbed to a high of $35.32/bbl before settling 0.3% lower at $34.57/bbl. The EIA reported that US output fell for a sixth week to 9 million barrels a day, the lowest since Nov 2014.
  • The number of Americans applying for jobless benefits climbed unexpectedly by 6,000 to 278,000; the expected number was 270,000.
  • Elsewhere, factory orders for January rose by 1.6%, up from the prior decline of 2.9%, but slower than the expected 2.1% increase. ISM non-manufacturing came in at 53.4, better than the 53.1 expected.
  • The S&P 500 Index closed 0.4% higher, buoyed by energy and raw-material stocks, as investors await tonight’s non-farm payroll numbers.
  • In a note to clients, JPMorgan Chase & Co. lowered its recommendation on global equities to underweight, citing recession risk and “near-empty ammo box of policy makers”, and adding that should a recession hit this year, the S&P 500 could fall to around 1,400.
  • Gold rose as much as 2% earlier today, officially entering a bull market.
  • North Korean leader Kim Jon Un called for readiness to launch nuclear warheads, Korean Central News Agency reported this morning.



  • Spot 1.3861
  • The Singapore dollar looks set for its biggest weekly gain in almost 5 months, as USDSGD tested its 2016-low of 1.3860 earlier today.
  • Though currently well-supported, a break below the current support level, and the next floor of 1.3728 could be tested.



  • Spot 0.7364
  • Retail sales in January rose 0.3%, up from 0.0% the prior month, but missing the estimated rise of 0.4%.
  • AUDUSD climbed to a high of 0.7374 this morning, heading for its best week since October last year. 0.7385 remains a key resistance level.



  • Spot 1.3420
  • The Canadian dollar continued its recent strength, as USDCAD traded below the 1.3400 handle to reach a low of 1.3372.
  • Support below comes in the form the 200-day moving average at 1.3296.



  • Spot 6.5062
  • Onshore yuan rises for the fourth day after the PBOC raises its currency fixing by the most in almost 3 weeks.
  • PBOC Governor Yi said that the currency is not “strictly” pegged to the basket of currencies used as a reference.
  • USDCNH slumped to a low of 6.5037 earlier, the lowest in more than 2 weeks.
  • Chinese leaders will gather on Saturday for the annual National People’s Congress; they are expected to temper depreciation expectations for the yuan and set 2016 growth and fiscal deficit targets.



  • Spot 8.5842
  • USDNOK fell by as much as 1.1% to a low of 8.5662 early today, taking out the 100-day moving average which has been acting as a support over the past week.
© Jachin Capital Pte Ltd

UEN: 201419754M

The contents of this document are for information only and is taken or compiled from sources that we, Jachin Capital Pte Ltd, believe to be reliable. To the maximum extent permitted by law, we do not make any representation or warranty (express or implied) that this information is accurate, timely or complete and it should not be relied upon as such. Opinions expressed are our current opinions as at the date of this document only and are subject to change without notice. We endeavour to update on a reasonable basis the information discussed but regulatory, compliance or other reasons may prevent us from doing so. The publication and distribution of this document is not and does not imply any form of endorsement of any person, entity, service or product described or appearing here. This is not and does not constitute or form an offer to buy or sell nor the solicitation of an offer to buy or sell any security or financial instrument nor to participate in any particular trading or investment strategy. We are not soliciting any action based on this document. The information, services and products described or appearing here are intended only for Accredited Investors (as currently defined in the Securities and Futures Act) and are not intended for nor targeted at the public in any specific jurisdiction. This information does not take into account the particular investment objectives, financial situations or needs of individual investors. Investors should seek independent financial, tax or legal advice or make independent investigations as considered necessary or appropriate before making an investment decision. Investments involve risk. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment instrument.

Essential SSL