Global Markets:
- Asian stock markets: Nikkei down 0.75 %, Shanghai Composite fell 0.95 %, Hang Seng declined 0.50 %, ASX 200 closed
- Commodities: Gold at $1234 (+0.40 %), Silver at $17.00 (+0.55 %), WTI Oil at $43.10 (-1.30 %), Brent Oil at $44.60 (-1.10 %)
- Rates: US 10 year yield at 1.88, UK 10 year yield at 1.60, German 10 year yield at 0.23
News & Data:
- Japan PPI Services (YoY) Mar: 0.2% (exp 0.2% prev 0.2%)
- PBoC Fixes Yuan At 6.5120 (prev 6.4898)
- Asia stocks, dollar edge lower as markets await Fed, BOJ meetings – RTRS
- Yen hindered by BOJ easing hopes, pound up after Obama's UK visit – RTRS
- Oil falls as traders cash in after three weeks of gains – RTRS
- Fed seen holding rates this week with hike still on horizon – RTRS
CFTC Positioning Data:
- EUR short 47K vs. 52K short prior week
- GBP short 55K vs. 51K short prior week
- JPY long 72K vs 66K long prior week
- CAD long 7K vs 2K long prior week
- CHF long 9K vs. 8K long prior week
- AUD long 44K vs 35K long prior week
- NZD long 5K vs 4K long prior week
Markets Update:
EUR/USD rose overnight, from 1.1220 at the open to a high of 1.1247. Offers are seen at 1.1280 and 1.13, while bids rest at 1.1215 and ahead of the 1.12 level. GBP/USD rallied to 1.4470 at the open, but gave up its gains later in the session and declined to 1.4430.
USD/JPY retraced after the big rally on Friday and fell from 111.90 at the open to a low of 111.04. Bids are noted at 110.50 and 110.30, while resistance lies at 112.00 and 112.50.
The commodity currencies are slightly weaker. AUD/USD fell from 0.7710 to 0.7690, while NZD/USD declined from 0.6865 to 0.6840. Liquidity was lower than usual overnight as Australian and New Zealand markets were closed for a public holiday.
Upcoming Events:
- 08:00 BST – Spanish PPI
- 09:00 BST – German IFO Business Climate
- 15:00 BST – US New Home Sales
- 15:30 BST – US Dallas Fed Manufacturing Index
The Week Ahead:
Tuesday, April 26th
- 08:30 BST – Swedish PPI
- 13:30 BST – US Durable Goods Orders
- 13:55 BST – US Redbook
- 13:55 BST – Bank of Canada Governor Poloz speaks
- 14:45 BST – US Services PMI
- 15:00 BST – US CB Consumer Confidence
- 15:00 BST – US Richmond Manufacturing Index
- 21:35 BST – US API Weekly Crude Oil Stock
- 23:45 BST – New Zealand Trade Balance
Wednesday, April 27th
- 02:30 BST – Australian CPI
- 07:00 BST – German GfK Consumer Climate
- 09:00 BST – Euro Zone M3 Money Supply
- 09:30 BST – UK GDP
- 15:00 BST – US Pending Home Sales
- 15:30 BST – US Crude Oil Inventories
- 19:00 BST – FOMC Statement
- 22:00 BST – RBNZ Interest Rate Decision
- 22:00 BST – RBNZ Statement
Thursday, April 28th
- 00:30 BST – Japanese CPI
- 00:30 BST – Japanese Household Spending
- 00:30 BST – Japanese Unemployment Rate
- 00:50 BST – Japanese Industrial Production
- 00:50 BST – Japanese Retail Sales
- 04:40 BST – Bank of Japan Interest Rate Decision
- 06:00 BST – Bank of Japanese Outlook Report
- 07:30 BST – Bank of Japan Press Conference
- 08:00 BST – Spanish CPI
- 08:30 BST – Swedish Retail Sales
- 08:55 BST – German Unemployment Change
- 08:55 BST – German Unemployment Rate
- 09:00 BST – Norwegian Unemployment Rate
- 10:00 BST – Euro Zone Consumer Confidence
- 13:00 BST – German CPI
- 13:30 BST – US GDP
- 13:30 BST – US Initial Jobless Claims
Friday, April 29th
- 02:00 BST – New Zealand Consumer Confidence
- 02:30 BST – Australian PPI
- 04:45 BST – RBA Assistant Governor Debelle speaks
- 06:30 BST – French GDP
- 07:00 BST – German Retail Sales
- 07:45 BST – French CPI
- 08:00 BST – Spanish GDP
- 09:00 BST – SNB Chairman Jordan speaks
- 10:00 BST – Italian CPI
- 10:00 BST – Euro Zone CPI
- 11:30 BST – FOMC Member Kaplan speaks
- 13:00 BST – BoE Member Cunliffe speaks
- 13:30 BST – US Core PCE Price Index
- 13:30 BST – US Personal Spending
- 13:30 BST – US Personal Income
- 13:30 BST – Canadian GDP
- 14:45 BST – US Chicago PMI
- 15:00 BST – US Michigan Consumer Sentiment
- 20:30 BST – US CFTC Positioning Data
