Asian equities trade flat as traders will now be closely watching the new economic data points and policymakers’ rhetoric before key Central Banks’ decisions in this final month of the 1st quarter. The intraday cautiousness of price action should remain in play ahead of this week’s key events starting with Fed Chair Powell’s testimony in Congress later today and tomorrow, with participants waiting for any guidance ahead of the US Nonfarm Payrolls date on Friday.
On the macro front, cyclical stocks and sectors were under pressure as China set a modest economic growth target of about 5% for 2023, the slowest growth target in over two decades, and CPI around 3%. After China’s NPC meeting, desks seem to be pushing back on a potentially strong economic growth from China as there is no visible step-up from the government in either fiscal or monetary easing in the short-term.
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.