Author Topic: - MACRO EVENTS & NEWS OF 19th April 2018.  (Read 438 times)

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    • View Profile - MACRO EVENTS & NEWS OF 19th April 2018.
« on: April 19, 2018, 01:17:40 PM »
Date : 19th April 2018.

MACRO EVENTS & NEWS OF 19th April 2018.

FX News Today

European Outlook: The global stock market stabilisation continued in Asia and volatility is receding as optimism in the global growth outlook returns following a cautiously optimistic Beige Book from the Fed. Fed’s Beige Book said economic activity remained “modest” to “moderate” across all 12 Districts.  That’s pretty much been the characterization for several years, and those were the adverbs that described many sectors.  Energy companies are underpinned by rising oil prices as inventory levels fall.  10-year Treasury yields meanwhile are up from earlier lows, but still down -0. 4 bp on the day at 2. 869%, while 10-year JGB yields rose 0. 3 bp to 0. 031%.  Elsewhere in Asia long yields are also higher as equity markets recover.  The Nikkei gained 0. 23%, Hang Seng and CSI 300 rallied a further 1. 3% and 1. 1% amid rumours of state intervention in China.  U. S.  stock futures are also in the green, with NASDAQ futures outperforming.  The WTI future is trading at USD 68. 94 per barrel. Today’s data calendar has Eurozone current account and BoP data as well as U. K.  retail sales numbers.

FX Update: The dollar has been trading near net steady so far today, while yen weakness remained a theme.  EURUSD has settled in the upper 1. 2300s, holding below the three-week high seen earlier in the week at 1. 2414.  USDJPY edged out a three-session high at 107. 51, EURJPY a two-month high, just above 133. 00, while AUDJPY managed a to post a four-session peak.  The generally more risk positive backdrop has continued to weigh on the yen as residual safe haven premium unwinds and markets return focus to bullish fundamental arguments for USDJPY (specifically yield differentials, which have markedly gapped in the dollar’s favour this year).  Following the Trump-Abe meeting this week, Trump said he wants a bilateral trade deal with Japan, and there was reportedly no discussion of currency levels between the two leaders.  On the trade front, China’s commerce ministry repeated today that it is prepared to respond to U. S.  trade threats.  The Australian dollar came under pressure following a miss in Australian employment data before quickly turning higher.  AUDUSD lifted out of its 0. 7773 low to post a five-week high at 0. 7812.

Charts of the Day

Main Macro Events Today

* UK Retail sales –  a 0. 5% m/m decline anticipated  in March, which will be payback for the strong 0. 8% m/m gain in the month prior.

* US Unemployment Claims –  expected to fall slightly at 230K from 233K reported last week.

* US Philly Fed Manufacturing Index – April’s Philly Fed index is expected to slip to 21. 0 after falling 3. 5 points to 22. 3 in March.

* FOMC Brainard, UK’s MPC Cunliffe, Fed’s Quarles, & FOMC Mester Speak

Support & Resistance Levels

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Please note that times displayed based on local time zone and are from time of writing this report.

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Andria Pichidi
Market Analyst

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« on: April 19, 2018, 01:17:40 PM »

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