Global Markets:
- Asian stock markets: Nikkei down 3.60 %, ASX 200 lost 0.40 %, Chinese and HK markets closed for holiday
- Commodities: Gold at $1294.35 (+0.30 %), Silver at $17.80 (+0.06 %), Crude Oil at $45.53 (-0.85 %), Brent Oil at $46.85 (-1.10 %)
- Rates: US 10 year yield at 1.82, UK 10 year yield at 1.61, German 10 year yield at 0.27
News & Data:
- China Non-Manufacturing PMI (Apr): 53.5 (prev 53.8)
- China Manufacturing PMI (Apr): 50.1 (exp 50.3 prev 50.2)
- Japan Nikkei Manufacturing PMI (Apr, F): 48.2 (flash 48.0)
- Australia NAB Business Survey (Apr): -Conditions: 9 (prev 12) -Confidence: 5 (prev 6)
- Australia Melbourne Institute Inflation (MoM) Apr: 0.1% (prev 0.0%)
- Australia Melbourne Institute Inflation (YoY) Apr: 1.5% (prev 1.7%)
- Australia AiG PMI (Apr): 53.4 (prev 58.1)
- South Korea Nikkei Manufacturing PMI (Apr): 50.0 (prev 49.5)
CFTC Positioning Data:
- EUR short 40K vs. 47K short prior week
- GBP short 49K vs. 55K short prior week
- JPY long 66K vs 72K long prior week
- CAD long 12K vs 7K long prior week
- CHF long 9K vs. 9K long prior week
- AUD long 59K vs 44K long prior week
- NZD long 7K vs 5K long prior week
Markets Update:
The US Dollar weakened against most major currencies overnight. EUR/USD opened around 1.1455 in Asia and extended gains to 1.1480 later in the session. GBP/USD started the new trading week at 1.4580 and rallied to a high of 1.4620 after the Tokyo open.
USD/JPY fell initially, along with the Nikkei, but found good support at 106.20 and bounced to 106.65 from there.
USD/JPY fell initially, along with the Nikkei, but found good support at 106.20 and bounced to 106.65 from there.
AUD/USD opened around 0.7595 and reached a high of 0.7620 later, while NZD/USD rallied from 0.6975 to 0.7020, before it eventually ran out of momentum and fell back below 0.70.
Asian stock markets are lower this morning with the Nikkei again down more than 3 %. Chinese and Hong Kong markets are closed today for a public holiday.
Upcoming Events:
- 08:15 BST – Swiss Retail Sales
- 08:45 BST – Italian Manufacturing PMI
- 08:50 BST – French Manufacturing PMI
- 08:55 BST – German Manufacturing PMI
- 09:00 BST – Euro Zone Manufacturing PMI
- 10:30 BST – Bundesbank President Weidmann speaks
- 14:45 BST – US Manufacturing PMI
- 15:00 BST – US ISM Manufacturing PMI
- 15:00 BST – ECB President Draghi speaks
- 17:30 BST – SNB Chairman Jordan speaks
The Week Ahead:
Tuesday, May 3rd
- 02:30 BST – Australian Building Approvals
- 02:45 BST – Chinese Caixin Manufacturing PMI
- 05:30 BST – RBA Interest Rate Decision
- 05:30 BST – RBA Statement
- 09:30 BST – UK Manufacturing PMI
- 10:00 BST – Euro Zone PPI
- 17:30 BST – Bank of Canada Governor Poloz speaks
- 21:35 BST – US API Weekly Crude Oil Stock
- 23:45 BST – New Zealand Employment Change
- 23:45 BST – New Zealand Unemployment Rate
Wednesday, May 4th
- 07:45 BST – French Trade Balance
- 08:45 BST – Italian Services PMI
- 08:50 BST – French Services PMI
- 08:55 BST – German Services PMI
- 09:00 BST – Euro Zone Services PMI
- 09:30 BST – UK Construction PMI
- 13:15 BST – US ADP Nonfarm Employment Change
- 13:30 BST – US Trade Balance
- 13:30 BST – Canadian Trade Balance
- 14:45 BST – US Services PMI
- 15:00 BST – US Factory Orders
- 15:00 BST – US Non-Manufacturing PMI
- 15:30 BST – US Crude Oil Inventories
Thursday, May 5th
- 02:30 BST – Australian Retail Sales
- 02:30 BST – Australian Trade Balance
- 02:45 BST – Chinese Caixin Services PMI
- 09:30 BST – UK Services PMI
- 13:30 BST – Swiss Initial Jobless Claims
- 13:30 BST – Canadian Building Permits
Friday, May 6th
- 01:30 BST – RBA Monetary Policy Statement
- 13:30 BST – US NFP
- 13:30 BST – US Unemployment Rate
- 13:30 BST – US Average Hourly Earnings
- 13:30 BST – Canadian Unemployment Rate
- 13:30 BST – Canadian Employment Change
- 15:00 BST – Canadian Ivey PMI
