0.29% % Forex Market 2.52% -1.58% JAPANESE YEN EURO. 1M %chg

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Darren Gilmore
5 years ago
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1 Tue, 09 Apr 2019

2 Forex Market JAPANESE YEN CLOSE M %chg 3M %chg 0.29% 2.52% -The Yen was better-bid yest during yest's Asian session on account of USD/JPY selling and the sluggishness in Japanese/Chinese equities. -That said, the Yen then erased it's initial gains and fell into the red on the crosses (EUR/JPY lifted by pre-ecb adjustments, AUD/JPY and CAD/JPY lifted by the commodity rally). -Thus far today, the Yen is slightly firmer on account of mild losses in Japanese/Chinese equities but trade flows are fairly thin. -Japan's Econ Min Motegi has confirmed that he will travel to Washington for US-Japan trade talks btwn Apr. -USD/JPY fell to a low of o/n before ending at on late HFT book-squaring. -Sell on strength at , targeting a run down to , placing stops at EURO CLOSE 1M %chg % 3M %chg -1.58% -EUR/USD surged up to a 1-1/2wk high of yest on leveraged/model/momentum shortcovering (pre-ecb adjustments). -It is quietly consolidating around /69 thus far today amidst thin trade flows. -Bids around /55, and /25. Offers around /80 and pre to As we mentioned previously, our models indicated that beyond interim consolidation around /50, there was scope for a rebound towards /1319 and we advocated buying on dips for a s/t tactical trade. -We are now eyeing an extension to our topside targets. -At current levels, there's no favourable risk-reward to establish fresh longs.

3 Forex Market POUND STERLING CLOSE 1M %chg 3M %chg % 2.71% -GBP/USD's initial rally yest was kept in check by signs that a May-Corbyn compromise isn't yet in sight, after reports that the UK govt presented the Labour Party with a Brexit offer that didn't include a customs union (which is Labour's key demand). -It however saw a late bout of leveraged short-covering lift it to a day high of before ending at It has ticked up to today on macro short-covering after the amended Cooper-Letwin bill (which legally prevents a no-deal Brexit) was passed into law. -That said, we are not expecting a sustained impact given the markets had already priced out a nodeal scenario. -Choppy swings will likely continue over the next few days, and we would stay on the sidelines for the time being TURKISH LIRA CLOSE 1D %chg 1M %chg % 4.85% -The Turkish lira weakened more than 1 percent against the dollar on Monday after President Tayyip Erdogan kept up pressure for a recount of local elections in the largest city Istanbul. -The currency stood at against the dollar at 1110 GMT. -Earlier, it had weakened to as much as , down more than 1.5 percent from Friday's close of The lira has been pressured by initial results showing Erdogan's AK Party (AKP) narrowly lost control of both Ankara and Istanbul to main opposition party CHP

4 Commodities GOLD CLOSE 1D %chg 1W %chg % 0.76% -Gold inched higher on Tuesday, trading just below a more than one-week peak hit in the previous session, as Asian equities eased and the dollar weakened following sombre U.S. economic data. -Spot Gold was up 0.2 percent at $1, per ounce as of 0101 GMT, after touching its highest since March 28 at $1, in the previous session. -U.S. Gold futures gained 0.1 percent to $1, an ounce. BRENT CLOSE 1D %chg 1W %chg % 3.03% -Oil prices on Tuesday reached their highest since November as concerns over exports from wartorn Libya stoked tightness in the market, with global supply already hit by OPEC-led production cuts and U.S. sanctions on Iran and Venezuela. -International benchmark Brent futures touched their strongest level since last November at $71.34 per barrel on Tuesday, and were still at $71.16 at 0057 GMT, up 6 cents, or 0.1 percent, from their last close. -U.S. West Texas Intermediate (WTI) crude oil futures also hit a November 2018 high, at $64.77 per barrel, before easing to $64.58, which was still 18 cents, or 0.3 percent, above their last settlement.

5 Daily Market Report MARKET SUMMARY CENTRAL BANK OF KUWAIT INSTRUMENT OPEN HIGH LOW CLOSE %CHG 1D EUR % GBP % JPY % TRY % POLICY RATES INDICATOR As of Value Prior Change Dollar Idx % ON Repo Rate 20/Dec/' Brent % 1W Repo Rate 20/Dec/' WTC % 1M Repo Rate 20/Dec/' Gold % KWD ON Rate 20/Dec/' KWSE Index #N/A 0.00% Discount Rate 20/Dec/' UPCOMING ECONOMIC RELEASES Tenor Value Tenor INDICATOR Ctry / Regn Time For Prior Consensus ON M 2.59 Bank Lending YY JP 09/Apr 01:50 Mar 2.3 SW M 2.64 Machinery Orders MM JP 09/Apr 01:50 Feb M Y 2.75 Corp Goods Price MM JP 09/Apr 01:50 Mar M 2.54 Construction O/P Vol YY GB 10/Apr 10:30 Feb GDP Estimate MM GB 10/Apr 10:30 Feb KIBOR RATES KWD (CBK FIX) CLOSE LIBOR RATES OTHER C-BANK RATES 1D %chg 0.00% INDICATOR As of Value Prior Change FED Target Rate 19/Dec/' Tenor Value Tenor Value ECB Refinancing Rate 10/Mar/' ON M 2.69 BOE Bank Rate 02/Aug/' SW M 2.88 BOJ Prime Rate 10/Jul/' M Y 3.13 TRY ON Lending Rate 21/Sep/' Value

6 Economic Calendar & News ECONOMIC CALENDAR - Upcoming shortly INDICATOR Ctry / Regn Time For Prior Consensus Bank Lending YY JP 09/Apr 01:50 Mar 2.3 Bank Lending YY JP 09/Apr 01:50 Mar 2.3 Corp Goods Price MM JP 09/Apr 01:50 Mar Corp Goods Price YY JP 09/Apr 01:50 Mar Machinery Orders MM JP 09/Apr 01:50 Feb Machinery Orders YY JP 09/Apr 01:50 Feb NFIB Business Optimism Idx US 09/Apr 12:00 Mar Redbook MM US 09/Apr 14:55 w/e 0.0 Redbook YY US 09/Apr 14:55 w/e 4.4 JOLTS Job Openings US 09/Apr 16:00 Feb RICS Housing Survey GB 10/Apr 01:01 Mar Foreign Bond Investment JP 10/Apr 01:50 w/e Broad Money* JP 10/Apr 01:50 Mar Foreign Invest JP Stock JP 10/Apr 01:50 w/e Construction O/P Vol MM GB 10/Apr 10:30 Feb Construction O/P Vol YY GB 10/Apr 10:30 Feb GDP Est 3M/3M* GB 10/Apr 10:30 Feb GDP Estimate MM GB 10/Apr 10:30 Feb GDP Estimate YY GB 10/Apr 10:30 Feb Industrial Output MM GB 10/Apr 10:30 Feb Industrial Output YY GB 10/Apr 10:30 Feb Manufacturing Output MM GB 10/Apr 10:30 Feb Manufacturing Output YY GB 10/Apr 10:30 Feb NEWS AND STREET BUZZ Global Top News -Asian shares struggled to make gains on Tuesday as investors braced for key events later in the week, including the start of the U.S. earnings season and a crucial Brexit summit, while broader concerns about slowing global growth checked sentiment. -British Prime Minister Theresa May will meet German Chancellor Angela Merkel and French President Emmanuel Macron on Tuesday to argue for a Brexit delay while her ministers hold crisis talks with Labour to try to break the deadlock in London. -U.S. officials are "not satisfied yet" about all the issues standing in the way of a deal to end the U.S.- China trade war but made progress in talks with China last week, a top White House official said on Monday. -Not for the first time, China's markets are marching to their own beat. Just as investors come to terms with a bleak outlook for global growth and earnings, with weak German industrial and trade data just the latest portents of gloom, China's economy may be bottoming out, helped by Beijing's early moves to prop up a stuttering economy. -The Saudi energy minister on Monday said it was premature to say whether a consensus existed among OPEC and its allies to extend oil supply cuts but a meeting next month would be key. -Saudi Aramco has received bids for more than three times the $10 billion it was expected to raise in a debut international bond issue, which is being watched as a gauge of potential investor interest in the oil company's eventual initial public offering. -Saudi Arabia and the United Arab Emirates, which head an Arab coalition fighting Iran-aligned Houthi forces in Yemen, will provide $200 million in aid to the country for use during the Muslim holy month of Ramadan, the UAE said on Monday. -Dubai's stock market rose for the eighth straight session on Monday and most major Gulf markets gained, as financial shares lifted the exchanges.

7 DISCLAIMER This document and its contents do not reflect the opinions, views, policies or positions of Thomson Reuters or its affiliates and they are prepared for Kuwait Finance House (KFH) s and their clients internal consumption only and do not constitute an offer, or the solicitation of an offer, or advice to buy or sell a security or to make a particular investment or follow a particular strategy or enter into any agreement. The information and any views expressed are given as of the date of writing and are subject to change. While the information has been obtained from sources believed to be reliable, Thomson Reuters does not warrant that it is accurate or complete and it should not be relied on as such. Responsibility for any decisions taken by KFH (including but not limited to its affiliates and subsidiaries) on the basis of information contained herein solely rest with the end user i.e. KFH s clients. Market Data and News Source is Thomson Reuters Eikon. Thomson Reuters its affiliates, subsidiaries, employees, and contractors accept no liability for any direct or indirect loss arising out of the use of this document or its contents COPYRIGHT NOTICE This is a publication of Kuwait Finance House (KFH). No part of this publication may be reproduced or duplicated without the prior written consent of KFH. Market & News sourced from Thomson Reuters

-0.14% % Forex Market 2.96% -1.57% JAPANESE YEN EURO. 1M %chg

-0.14% % Forex Market 2.96% -1.57% JAPANESE YEN EURO. 1M %chg Mon, 08 Apr 2019 Forex Market JAPANESE YEN 113.00 112.00 111.00 110.00 109.00 108.00 107.00 106.00 105.00 CLOSE 111.73 1M %chg 3M %chg -0.14% 2.96% -USD/JPY gyrated post-nfp, but found it's topside capped