Forex Preview: Dollar Steady, Aussie Recovers

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1. Forex Preview: Dollar Steady, Aussie Recovers
The dollar held gains against its peers early on Friday, bolstered by a rise in U.S. yields, while the Aussie clawed back some of its recent plunge on upbeat central bank comments and easing concerns about China’s ban on Australian coal imports. The Aussie’s bounce came after the government downplayed the ban on the country’s coal by a Chinese port, Rodrigo Catril, currency strategist at National Australia Bank said. In addition, upbeat remarks from the country’s central bank chief earlier in the day also boosted the currency. The Australian dollar gained 0.4% against the JPY at 78.80 and 0.39% against the NZD at 1.0463 as of 8:40 GMT. Meanwhile the British pound steadied at $1.3043 after inching lower overnight.*

2. Tesla Slumps On Consumer Reports Statements
Tesla shares dropped more than 3% Thursday, below $300, after Consumer Reports said it could no longer recommend the Model 3 due to a variety of problems the publication’s members have raised. “Consumer Reports can no longer recommend the newest Tesla — the Model 3 electric sedan — because members say they’ve identified a number of problems with their cars, including issues with its body hardware, as well as paint and trim. CR members reported these results in our annual reliability survey, which includes data on about 470,000 vehicles,” Patrick Olsen of Consumer Reports said. The customers interviewed also said they had problems getting the company to issue refunds for allowable reasons or cancel their reservations. Meanwhile Tesla (TSLA) Inc has started delivering Model 3 cars in China slightly ahead of schedule, as it looks to revive its sales that have been hit hard by Sino-U.S. trade tensions. TSLA closed 3.74% lower yesterday at $291.23.**

3. Series of Speeches & Canadian Retail Sales in Focus
The market awaits a series of speeches from the Eurozone and the United State today as well as some major data releases. Firstly, CAD Core Retail Sales m/m , due at 13:30 GMT today, will reveal thea change in the total value of sales at the retail level, excluding automobiles. A higher number of retail sales signals a growth in the economy. It should be noted that Canadian retail sales have dropped four times in a row during the previous four months. Today, economists are expecting another drop of -0.5% in Canadian retail sales, which means that the Loonie is likely to stay in trouble today. Other important news include FOMC Member Williams’ speech at 15:15 GMT, ECB’s President Draghi speech at 15:30 GMT, FOMC Member Clarida’s speech at 17:00 GMT, FOMC Member Bullard panel discussion at 18:30 GMT and FOMC Member Quarles panel discussion around 18:30 GMT.***

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*Source: Reuters, Feb 22, 2019 3:25 AM GMT
**Source: Investing, Feb 22, 2019 3:16 AM GMT
***Source: Business Insider Markets, Feb 22, 2019 3:03 AM ET

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