Global Markets:
- Asian stock markets: Nikkei down 1.40 %, Shanghai Composite gained 1.80 %, Hang Seng rose 0.65 %, ASX 200 fell 0.15 %
- Commodities: Gold at $1253 (+0.80 %), Silver at $15.48 (+0.60 %), WTI Oil at $38.90 (+0.45 %), Brent Oil at $42.10 (+0.45 %)
- Rates: US 10 year yield at 1.72, UK 10 year yield at 1.37, German 10 year yield at 0.09
News & Data:
- China CPI (YoY) Mar: 2.3% (exp 2.4% prev 2.3%)
- China PPI (YoY) Mar: -4.3% (exp -4.6% prev -4.9%)
- Australia Home Loans (MoM) Feb: 1.5% (exp 2.0% prev -3.9%)
- Australia Investment Lending (MoM) Feb: 4.1% (prev -1.6%)
- Japan Machine Orders (MoM) Feb: -9.2% (exp -12.0% prev 15.0%)
- Japan Machine Orders (YoY) Feb: -0.7% (exp -2.4% prev 8.4%)
- PBoC Fixes Yuan At 6.4649
- Rising Bets On RBA Easing In May — Australian
CFTC Positioning Data:
- EUR short 53K vs. 64k short prior week
- GBP short 47K vs. 40K short prior week
- JPY long 60K vs. 54K long prior week
- CAD long 97 contracts vs. 6K short prior week
- CHF long 6K vs. 5K long prior week
- AUD long 27K vs. 23K long prior week
- NZD long 3K vs. 2K long prior week
Markets Update:
The US Dollar weakened against all major currencies overnight, while Asian stock markets are up on the day.
USD/JPY rallied initially, from 107.95 to 108.30, boosted by the rise in the Nikkei. However, it quickly reversed gains after the Tokyo open and fell back to a fresh low at 107.65. The pair remains under heavy pressure and further losses seem likely, with support now seen at 107.20 and 106.80.
EUR/USD rose from 1.1395 to a high of 1.1425, while GBP/USD climbed from 1.4105 to 1.4140. The commodity currencies were the best performing ones overnight as NZD/USD rallied from 0.6790 to 0.6820 and AUD/USD from 0.7530 to 0.7570. Meanwhile, USD/CAD was surprisingly quiet, despite the rally in Oil overnight.
Upcoming Events:
- 09:00 BST – Italian Industrial Production
- 09:00 BST – Norwegian CPI
- 13:30 BST – Treasury Secretary Lew speaks
- 14:25 BST – FOMC Member Dudley speaks
- 18:00 BST – FOMC Member Kaplan speaks
The Week Ahead:
Tuesday, April 12th
02:30 BST – Australian NAB Business Confidence
07:00 BST – German CPI
08:30 BST – Swedish CPI
09:30 BST – UK CPI
09:30 BST – UK PPI
09:30 BST – UK House Price Index
13:55 BST – US Redbook
14:00 BST – FOMC Member Harker speaks
20:00 BST – FOMC Member Williams speaks
21:00 BST – FOMC Member Lacker speaks
Wednesday, April 13th
01:30 BST – Australian Westpac Consumer Sentiment
03:00 BST – Chinese Exports
03:00 BST – Chinese Imports
03:00 BST – Chinese Trade Balance
07:45 BST – French CPI
08:00 BST – Spanish CPI
10:00 BST – Euro Zone Industrial Production
13:30 BST – US Retail Sales
13:30 BST – US PPI
15:00 BST – Bank of Canada Interest Rate Decision
15:30 BST – US Crude Oil Inventories
16:15 BST – Bank of Canada Governor Poloz speaks
19:00 BST – US Beige Book
Thursday, April 14th
02:30 BST – Australian Unemployment Rate
02:30 BST – Australian Employment Change
08:15 BST – Swiss PPI
09:00 BST – Italian CPI
10:00 BST – Euro Zone CPI
12:00 BST – Bank of England Interest Rate Decision
13:30 BST – US CPI
13:30 BST – US Initial Jobless Claims
15:00 BST – FOMC Member Lockhart speaks
15:00 BST – FOMC Member Powell speaks
Friday, April 15th
03:00 BST – Chinese GDP
03:00 BST – Chinese Retail Sales
03:00 BST – Chines Industrial Production
05:30 BST – Japanese Industrial Production
09:00 BST – Italian Trade Balance
10:00 BST – Euro Zone Trade Balance
13:30 BST – US NY Empire State Manufacturing Index
13:30 BST – Canadian Manufacturing Sales
14:15 BST – US Industrial Production
14:15 BST – US Manufacturing Production
15:00 BST – US University of Michigan Consumer Sentiment
