Key overnight events:

  • US non-farm payrolls rose 215,000 in March, more than the expected 205,000. Average hour earnings rose 0.3% month-on-month, more than the 0.2% forecasted, while manufacturing payrolls dropped by 29,000, missing the 2,000-rise estimated.
  • ISM manufacturing for March came in at 51.8, beating the 51.0 expected
  • WTI futures expiring in May sank 3.9% on Friday to settle at $36.79/bbl, after Saudi Arabia’s deputy crown prince Mohammed bin Salman said the nation will only freeze oil output if Iran and other major producers do so too.
  • The S&P 500 Index added 0.6% last Friday, advancing to its highest levels this year. Health care and technology stocks led gainers, offsetting declines in energy shares.

 

USDSGD:

  • Spot 1.3503
  • USDSGD ended Friday with a 1.5% decline for the week, after sinking to a 9-month low of 1.3415.
  • PMI for March is due out tonight and is expected to improve to 48.9, from 48.5 previously.

 

AUDUSD:

  • Spot 0.7638
  • Retail sales for February came in unchanged, missing the 0.4% month-on-month increase that was expected.
  • AUDUSD fell as much as 0.5% lower to 0.7637 following the disappointing retail sales release.
  • The RBA is expected to leave its benchmark rate unchanged tomorrow, despite the Aussie dollar strengthening more than 12% since mid-January this year.

 

USDCAD:

  • Spot 1.3038
  • Manufacturing PMI improved to 51.5 in March, from 49.4 previously.
  • USDCAD continues to be supported above the 1.3000 handle after rebounding off near the key support of 1.2832 late last week.
  • Driven by oil’s slump on Friday, USDCAD rebounded to a day-high of 1.3147.

 

USDCNH:

  • Spot 6.4691
  • China may allow banks to convert 1 trillion yuan of bad loans into equity in the initial phase of the plan, Caixin Weekly reported, citing an unidentified executive from China Development Bank.
  • USDCNH ended 0.8% lower for the week to close at 6.4714.
  • Financial markets in Hong Kong and China remain shut today due to a national holiday.

 

USDNOK:

  • Spot 8.3030
  • Manufacturing PMI for March slumped to 46.8, worse than the 48.0 forecasted. The prior month’s figure was revised 0.1 lower to 48.3.
  • USDNOK rebounded from more than a 5 month low of 8.2511, back to 8.3500, on the back of oil’s declines on Friday

 

© Jachin Capital Pte Ltd

UEN: 201419754M


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