Morning wrap (27.03.2024)

• Sentiment in Asia-Pacific markets proved mixed today. Japan and India were particularly good, with indices there posting 0.75% gains. Chinese markets were losing today. The Hang Seng fell 1.1%, and the Shanghai benchmark fell 0.5%. 
• European futures point to a higher opening of the trading session on the Old Continent.
• The USDJPY pair is trading slightly below the 152.00 zone, the highest barrier since 1990. The BOJ's Tamura says the central bank is likely to maintain accommodative monetary policy for now.
• The New Zealand Treasury is lowering its inflation forecast for 2024 to 3.3% from 4.1% previously. GDP growth forecasts were also reduced.
• From Australia, monthly CPI data for February arrived today. The headline rate came in slightly below expectations, but at 3.4% y/y still well above the upper end of the Reserve Bank of Australia's target range (which is 2 to 3%). Core inflation rates were higher.
• Data from China showed that industrial profits reached their highest level in 25 months at 10.2% y/y (down 7.2% y/y a year ago) in the first two months of 2024.
• Highlights of the day include CPI data for March from Spain, Riskbank's decision, Eurozone business climate data for March, and US oil inventory change data. 
• HSBC Bank raised its year-end target for the S&P 500 to 5,400
• API's private survey of changes in crude oil inventories shows a much larger increase in US crude reserves than expected.
• The Swiss franc and the US dollar are currently the best performing currencies in the FX market. The British pound and the Japanese yen are currently trading under downward pressure. 
• Cryptocurrencies are trading up slightly at the start of the day. Bitcoin is back above the $70,000 zone, while Ethereum is above $3,600.

The USDJPY pair today tested psychological resistance levels set by the round 152.00 zone. Source: xStation