Japan reportedly to end state of emergency in five prefectures at the end of the month
Kyodo News reports on the matter
This will apply to the prefectures of Osaka, Kyoto, Hyogo, Aichi, and Gifu – most of which were already anticipated since last week. Tokyo will likely have to wait until 7 March before its state of emergency is lifted but there’s still some debate on that before a formal decision
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ECB’s Lane: ECB is closely monitoring the evolution of long-term nominal bond yields
Remarks by ECB chief economist, Philip Lane
earlier in the week, it isn’t going to work here. As long as Treasuries continue to steepen, European bond yields will also face a similar phenomenon.
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Eurozone February final consumer confidence -14.8 vs -14.8 prelim
Latest data released by Eurostat – 25 February 2021
– Economic confidence 93.4 vs 92.1 expected
– 91.5
– Industrial confidence -3.3 vs -5.0 expected
– Prior -5.9; revised to -6.1
Euro area economic confidence improves slightly in February as there is some degree of optimism flowing about the outlook ahead of the summer. However, present conditions continue to
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AUD/USD hits 0.8000 for the first time in over three years
The aussie has hit the key milestone, what’s next?
AUD/USD is extending gains on the day as the dollar remains pressured, with the pair now touching above 0.8000 for the first time since 2 February 2018.
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Eurozone January M3 money supply +12.5% vs +12.5% y/y expected
Latest data released by the ECB – 25 February 2021
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Yields continue to ramp higher on the session
10-year Treasury yields up nearly 6 bps on the day now
10-year yields are up nearly 6 bps to 1.43% currently while 30-year yields are up a little over 6 bps and closing in on 2.30% in European morning trade.
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Oil looks to keep the rally going into the month-end
WTI crude is up another 0.7% to $63.70 today
The gains in oil this month have been rather unrelenting, with the rally even looking past news that OPEC+ may be looking to decide on increasing production starting from April at its next meeting in March.
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Dollar fails to take comfort in higher yields so far today
EUR/USD climbs to a six-week high of 1.2200
Despite yields ticking higher to start European morning trade, the dollar is actually tracking lower across the board – except against the yen – in the major currencies space.
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AUD/JPY climbs to fresh three-year high as the yen comes under pressure again
AUD/JPY up 0.5% to 84.76, its highest levels since February 2018
The pair is looking to hold a push past the March to June 2018 highs around 84.48-53 and that may very well pave the way for buyers to target October 2017 and January 2018 highs just above 89.00 in the bigger picture of things.
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European equities open higher to start the day
Europe keeps the optimism flowing despite a pullback in US futures
The risk mood in Europe remains undeterred for now but just be mindful of the potential for negative spillovers from higher yields, that is if it starts to threaten broader market sentiment later on in the day – especially going into US trading.
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