Global Markets:
- Asian stock markets: Nikkei down 3.10 %, Shanghai Composite fell 1.30 %, Hang Seng declined 1.10 %, ASX 200 lost 0.25 %
- Commodities: Gold at $1236 (+0.15 %), Silver at $16.18 (-0.85 %), WTI Oil at $39.85 (-4.45 %), Brent Oil at $41.35 (-4.05 %)
- Rates: US 10 year yield at 1.73, UK 10 year yield at 1.41, German 10 year yield at 0.13
News & Data:
- New Zealand CPI (QoQ) Q1: 0.2% (exp 0.1% prev -0.5%)
- New Zealand CPI (YoY) Q1: 0.4% (exp 0.4% prev 0.1%)
- UK Rightmove House Prices (MoM) Apr: 1.3% (prev 1.3%)
- UK Rightmove House Prices (YoY) Apr: 7.6% (prev 7.6%)
- China Property Prices (YoY) Mar: 4.9% (prev 3.6%)
- PBoC Fixes Yuan At 6.4787 (prev 6.4908)
- No Agreement On Oil Freeze At Doha Meeting — WSJ
- Asian shares skid, crude tumbles after Doha deal fails – RTRS
- Oil prices tumble 5 percent after producers fail to coordinate output – RTRS
- Commodity currencies hit hard, yen rallies after Doha disappoints – RTRS
CFTC Positioning Data:
- EUR short 52K vs. 53K short prior week
- GBP short 51K vs. 47K short prior week
- JPY long 66K vs. 60K long prior week
- CAD long 2K vs. 0.1K long prior week
- CHF long 8K vs. 6K long prior week
- AUD long 35K vs. 27K long prior week
- NZD long 4K vs. 3K long prior week
Markets Update:
USD/CAD opened at 1.2950 last night, up roughly 130 pips from Friday's close, after the OPEC meeting in Doha disappointed. WTI Oil fell around 6 % on the open and traded briefly below $37. It has now recovered slightly and is back above $38, but could fall back towards $30 this week as fundamentals remain bearish.
The other commodity currencies were also hit overnight. AUD/USD gapped down to 0.7650 at the open and fell as low as 0.7635 later in the session. NZD/USD declined to 0.6875, but quickly reversed losses after a stronger than expected CPI release.
EUR/USD started the day around 1.13, slightly higher from Friday's close. GBP/USD was mostly unchanged at the open, but fell later to 1.4160, down 0.20 %.
Upcoming Events:
- 13:30 BST – FOMC Member Dudley speaks
- 15:00 BST – US NAHB Housing Market Index
- 17:30 BST – FOMC Member Kashkari speaks
The Week Ahead:
Tuesday, April 19th
- 09:00 BST – Euro Zone Current Account
- 10:00 BST – German ZEW Economic Sentiment
- 10:00 BST – Euro Zone Economic Sentiment
- 13:30 BST – US Building Permits
- 13:30 BST – US Housing Starts
- 13:55 BST – US Redbook
- 14:30 BST – RBA Governor Stevens speaks
- 15:30 BST – BoE Governor Carney speaks
- 16:00 BST – BoC Governor Poloz speaks
Wednesday, April 20th
- 00:50 BST – Japanese Trade Balance
- 07:00 BST – German PPI
- 09:30 BST – UK Unemployment Rate
- 09:30 BST – UK Claimant Count Change
- 09:30 BST – UK Average Earnings
- 13:30 BST – Canadian Wholesale Sales
- 15:00 BST – US Existing Home Sales
- 15:30 BST – US Crude Oil Inventories
Thursday, April 21st
- 07:00 BST – Swiss Trade Balance
- 08:30 BST – Riksbank Rate Decision
- 09:30 BST – UK Retail Sales
- 12:45 BST – ECB Rate Decision
- 13:30 BST – ECB Press Conference
- 13:30 BST – US Initial Jobless Claims
- 13:30 BST – US Phily Fed Manufacturing Index
- 14:00 BST – US House Price Index
Friday, April 22nd
- 03:00 BST – Japanese Manufacturing PMI
- 08:00 BST – French Manufacturing PMI
- 08:00 BST – French Services PMI
- 08:30 BST – German Manufacturing PMI
- 08:30 BST – German Services PMI
- 09:00 BST – Euro Zone Manufacturing PMI
- 09:00 BST – Euro Zone Services PMI
- 10:00 BST – Italian Retail Sales
- 13:30 BST – Canadian CPI
- 13:30 BST – Canadian Retail Sales
- 14:45 BST – US Manufacturing PMI
