TARIFFS: Reciprocal Tariffs Are In Addition To Existing Tariffs: CNBC's Javers
The announced reciprocal tariff rates appear to be in ADDITION to existing rates - so for example th...
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ASIA: Coming Up In The Asia-Pac Session On Tuesday
| 2145GMT | 0545HKT | 0845AEDT | New Zealand Jan Building Permits |
| 2300GMT | 0700HKT | 1000AEDT | SK Jan Industrial Production |
| 2330GMT | 0730HKT | 1030AEDT | Japan Jan Jobs Data |
| 2350GMT | 0750HKT | 1050AEDT | Japan 4Q Capital Spending |
| 2350GMT | 0750HKT | 1050AEDT | Japan Feb Monetary Base |
| 0001GMT | 0801HKT | 1101AEDT | UK Feb BRC Shop Price Index |
| 0030GMT | 0830HKT | 1130AEDT | Australia 4Q BoP Current Account Balance |
| 0030GMT | 0830HKT | 1130AEDT | South Korea Feb S&P Global South Korea PMI Mfg |
| 0030GMT | 0830HKT | 1130AEDT | Australia RBA Minutes of Feb. Policy Meeting |
| 0030GMT | 0830HKT | 1130AEDT | Australia Jan Retail Sales |
| 0335GMT | 1135HKT | 1435AEDT | Japan to Sell 10-Year Bonds |
AUD: A$ Sinks As US Imposes 20% Tariffs On China, RBA Minutes Later
US President Trump has signed an order for 20% tariffs on China rather than the 10% announced. This has driven risk- and China-exposed Aussie lower with AUDUSD falling from a peak of 0.6254 to 0.6199, a drop of 0.9%. It is recovering and currently 0.2% higher on the day and around 0.6223 having found support at 62c. AUDUSD rose earlier driven by disappointing US ISM data which weakened the US dollar. The USD index is off its intraday low but is still down 0.4%.
- AUDUSD has remained above support at 0.6193, 28 February low. A break of 0.6171 would strengthen a bearish theme. Initial resistance is at 0.6309, 50-day EMA.
- The yen has done well in the heightened risk environment leaving AUDJPY down 0.5% to 93.07 but off the recent low of 92.54.
- AUDNZD is down 0.1% to 1.108 after falling to 1.1070 following a high of 1.1107.
- The euro had strengthened following slightly higher-than-expected inflation data. AUDEUR is down 0.8% to 0.5936 after a trough of 0.5924. AUDGBP is 0.7% lower at 0.4900 off the low of 0.4891.
- Equities were mixed with the Euro stoxx up 1.4% but S&P down 1.8%, which was already trending down before the tariff news but slid further afterwards. Oil prices are lower with Brent -2.0% to $71.34/bbl. Copper rose 0.9%, while iron ore is lower at $101.50/t.
- Today the February RBA minutes are published. Q4 current account data including the net export contribution to GDP, which is forecast to be -0.1pp, and January retail sales print. The public demand contribution to Q4 GDP is also released.
USDCAD TECHS: Holding On To Its Recent Gains
- RES 4: 1.4793 High Feb 3 and key resistance
- RES 3: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 2: 1.4548 61.8% retracement of the Feb 3 - 14 bear leg
- RES 1: 1.4472 50.0% retracement of the Feb 3 - 14 bear leg
- PRICE: 1.4441 @ 16:40 GMT Mar 3
- SUP 1: 1.4288 50-day EMA
- SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
- SUP 3: 1.4011 Low Dec 5 ‘24
- SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
The USDCAD correction that started Feb 14 remains in play for now and the pair is holding on to its recent gains. Resistance at 1.4380, the Feb 10 high, has been breached. This opens 1.4472 next and 1.4548, Fibonacci retracement points. The short-term bear trigger has been defined at 1.4151, the Feb 14 low. Initial firm support to watch lies at 1.4288, the 50-day EMA. A break of this average would highlight an early reversal signal.
