US stocks continue to find demand for now on dips, the S&P looks to be turning its attention back to...
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In Tokyo morning trade, JGB futures are weaker, -38 compared to settlement levels, extending overnight weakness on Friday.
The AUD found decent demand sub 0.6400 on its initial look down there. This morning risk has gapped higher on the positive US-China meeting over the weekend. The S&P is up 1.25% this morning, can this be sustained without any actual details of what a trade deal would look like ? For now though the AUD is benefitting across the board and gapped higher on the crosses in early trading.
Fig 1: AUD/JPY spot Daily Chart
Source: MNI - Market News/Bloomberg
Japan's March trade balance and current account figures were close to market expectations. The trade balance printing at ¥516.5bn, versus ¥547.7bn forecast. The Feb balance was ¥712.9bn. In seasonally adjusted terms, the current account was ¥2723.1bn, slightly above forecasts, while in unadjusted terms we printed, ¥3678.1bn, slightly below market expectations.