Global Markets:
- Asian stock markets: Nikkei up 0.55 %, Shanghai Composite fell 1.60 %, Hang Seng rose 0.65 %, ASX 200 fell 0.35 %
- Commodities: Gold at $1288 (-0.45 %), Silver at $17.45 (-0.40 %), WTI Oil at $45.60 (+2.05 %), Brent Oil at $46.05 (+1.50 %)
- Rates: US 10 year yield at 1.79, UK 10 year yield at 1.42, German 10 year yield at 0.15
News & Data:
- China Trade Balance (Apr): USD 45.56bln (exp USD 40.00bln prev USD 29.86bln)
- China Exports (YoY) Apr: -1.8% (exp 0.0% prev 11.5%)
- China Imports (YoY) Apr: -10.9% (exp -4.0% prev -7.6%)
- Latest UK EU YouGov Poll: 42% Remain 40% Leave
- BoE Prepares For Rate Cut In Event Of Brexit — Sunday Times
- Asia subdued after soft U.S. jobs data, crude oil soars – RTRS
- Oil up 2 percent as wildfires threaten Canada supply, Saudi moves eyed – RTRS
- Dollar off to subdued start, Aussie unmoved by China trade data – RTRS
CFTC Positioning Data:
- EUR short 23K vs. 40K short prior week
- GBP short 40K vs. 49K short prior week
- JPY long 61K vs 66K long prior week
- CAD long 19K vs 12K long prior week
- CHF long 7K vs. 9K long prior week
- AUD long 52K vs 59K long prior week
- NZD long 9K vs 7K long prior week
Markets Update:
The US Dollar strengthened against most currencies overnight, despite the weaker than expected NFP number on Friday. EUR/USD opened around 1.1395 yesterday and fell to a low of 1.1380, before bouncing back to 1.14. GBP/USD rose initially to 1.4435, but declined to 1.4405 in the later session. USD/JPY started the new trading week around 107.05 and rallied to a high of 107.60 after the Tokyo open.
The commodity currencies are slightly higher this morning. AUD/USD opened around 0.7350 and reached a high of 0.7385, while NZD/USD rose from 0.6820 to 0.6850. USD/CAD fell from 1.2950 to 1.2915.
Upcoming Events:
- 08:15 BST – Swiss CPI
- 08:30 BST – UK Halifax House Price Index
- 09:30 BST – Euro Zone Sentix Investor Confidence
- 13:15 BST – Canadian Housing Starts
- 15:00 BST – US CB Employment Trends Index
- 18:00 BST – FOMC Member Kashkari speaks
The Week Ahead:
Tuesday, May 10th
- 02:30 BST – Chinese CPI
- 02:30 BST – Chinese PPI
- 07:00 BST – German Industrial Production
- 07:00 BST – German Trade Balance
- 08:15 BST – FOMC Member Dudley speaks
- 09:00 BST – Norwegian CPI
- 09:30 BST – UK Trade Balance
- 15:00 BST – US JOLTs Job Openings
- 15:00 BST – US Wholesale Inventories
- 21:35 BST – US API Weekly Crude Oil Stock
- 22:05 BST – RBNZ Governor Wheeler speaks
Wednesday, May 11th
- 01:30 BST – Australian Westpac Consumer Sentiment
- 02:30 BST – Australian Home Loans
- 09:30 BST – UK Manufacturing Production
- 09:30 BST – UK Industrial Production
- 15:00 BST – UK NIESR GDP Estimate
- 15:30 BST – US Crude Oil Inventories
Thursday, May 12th
- 00:50 BST – Japanese Current Account
- 02:00 BST – Australia MI Inflation Expectations
- 07:00 BST – German WPI
- 07:45 BST – French CPI
- 08:30 BST – Swedish CPI
- 09:00 BST – Norwegian GDP
- 10:00 BST – Norges Bank Rate Decision
- 10:00 BST – Euro Zone Industrial Production
- 12:00 BST – Bank of England Rate Decision
- 12:00 BST – Bank of England Inflation Report
- 12:45 BST – Bank of England Governor Carney speaks
- 13:30 BST – US Initial Jobless Claims
- 13:30 BST – Canadian New Housing Price Index
- 16:00 BST – FOMC Member Mester speaks
- 16:45 BST – FOMC Member Rosengren speaks
- 18:30 BST – FOMC Member George speaks
- 23:45 BST – New Zealand Retail Sales
Friday, May 13th
- 04:30 BST – Bank of England Governor Kuroda speaks
- 07:00 BST – German GDP
- 07:00 BST – German CPI
- 09:00 BST – Italian GDP
- 10:00 BST – Italian CPI
- 10:00 BST – Euro Zone GDP
- 13:30 BST – US PPI
- 13:30 BST – US Retail Sales
- 15:00 BST – US Michigan Consumer Sentiment
- 20:30 BST – US CFTC Positioning Data
