Markets in Details: 21 February 2019

21 February, 2019

News

  • Japan and South Korea both reported significant declines in shipments to China, thus providing evidence that the ongoing trade war can negatively impact other economies.
  • China placed the indefinite ban on imports of coal from Australia, thus sending the Australian dollar almost one percent down on Thursday morning. The ban is seen as retaliation against steps to curtail its 5G technology expansion; Australia followed the U.S. in banning Chinese company Huawei from its 5G network.

The focus of attention

  • Markets are starting to believe that the deadline of March 1 (for imposing new tariffs on Chinese imports) will be extended after President Trump’s recent remark that there was “no magical date” in the trade talks.

Expected events. All times GMT.

  • 0900 EU will release manufacturing and services PMIs.
  • 1200 Andy Haldane, BOE’s Chief Economist, will speak in Glasgow.
  • 1330 U.S. will release data on jobless claims.
  • 1445 U.S. will release manufacturing and services PMIs.

Technical Analysis

  • On Thursday, the AUD/USD pair dropped sharply to 0.7105 with no immediate counter-trend movement. The decline broke the short-term uptrend line, and the RSI broke the momentum support at 33%. Expect the pair to return to the EMA9 before it breaks it to reverse upwards or remains below it for a continuation of the trend.


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