Stock markets rallied +2.43% Friday, Asia markets higher (Nikkei +1.4%) in thin Lunar Holiday trading, USD & Yields & Oil all remain bid with Gold heavy. Markets have a busy week ahead, with China closed, tensions in Ukraine/Russia not subsiding and North Korea firing missiles into Sea of Japan.
This Week: BOE, ECB, RBA, ISM PMI’s, and NFP
- USD (USDIndex 97.10) holds 1.7% gains for the month
- US Yields 10-yr closed at 1.782% & trades at 1.78%.
- Equities – USA500 +105 (+2.43%) 4431 – (APPLE +6.98%) USA500 FUTS hold 4428.
- USOil – Breached $87.00 on Friday now $86.30
- Gold – down to $1788 afrom highs over $1850 last week
- Bitcoin remains under $40,000 back to test $37,100,
- FX markets – EURUSD back to 1.1170 USDJPY now 115.40 & Cable back to 1.3433.
Overnight – Chinese Factory data missed & Japanese Consumer confidence, Housing Starts and Construction spending all missed significantly too.
European Open – The March 10-year Bund future is up 31 ticks, underperforming versus Treasury futures, which are also in the red. European stock futures meanwhile are higher, with the DAX up 1.3% and set for a strong rebound after the sharp sell off on Friday that came in the wake of weaker than expected German GDP numbers. Still, risk appetite remains supported ahead of BOE & ECB this week.
Today – German CPI, EZ GDP (Flash, Prelim.), FED’s Daly & George.
Biggest FX Mover @ (07:30 GMT) AUDCHF (+0.92%) Rallied from 3 day fall at 0.6490 to 0.6560 now. MAs aligned higher, MACD signal line & histogram rising over 0 line RSI 65 & rising, H1 ATR 0.00125 Daily ATR 0.0060.
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Stuart Cowell
Head Market Analyst
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