Global Markets:
- Asian stock markets: Nikkei down 0.05 %, Shanghai Composite fell 1.30 %, Hang Seng and ASX 200 closed for holiday
- Commodities: Gold at $1292 (+0.30 %), Silver at $18.59 (+0.45 %), WTI Oil at $52.75 (-0.80 %), Brent Oil at $55.45 (-0.80 %)
- Rates: US 10 year yield at 2.21, UK 10 year yield at 1.05, German 10 year yield at 0.19
News & Data:
- China GDP QoQ 1.3 % (exp 1.6 % prev 1.7 %)
- China GDP YoY 6.9 % (exp 6.8 % prev 6.8 %)
- China Industrial Production 7.6 % (exp 6.3 % prev 6.3 %)
- China Retail Sales 10.9 % (exp 9.6 % prev 9.5 %)
- China first-quarter GDP grows faster than expected 6.9 percent, steel output hits record – RTRS
- Japan says it’s committed to G20 agreement on forex policy – RTRS
- Dollar hits five-month low vs. yen as North Korea tensions mount – RTRS
CFTC Positioning Data:
- EUR short 19K vs 11K short last week. Shorts increase by 8K
- GBP short 106K vs 100K short last week. Shorts increase by 6K
- JPY short 35K vs 46K short last week. Shorts trimmed by 11K
- CHF short 10K vs 14K short last week. Shorts trimmed by 4K
- CAD short 32K vs 30K short. Shorts increased by 2K
- AUD long 45K vs 50K long. Longs trimmed by 5K
- NZD short 15K vs 15K short last week. No change
Markets Update:
It was another risk-off session overnight, as tensions between the US and North Korea keep traders worried. The Yen appreciated overnight, while the Dollar declined against most other major currencies. Gold rallied to $1295, a fresh 6-month high. Strong resistance is seen at $1300-10 however, and the commodity is looking slightly overbought in the short-term.
Even stronger than expected Chinese data did not help to improve market sentiment. The Shanghai Composite index fell more than one percent overnight. Japan’s Nikkei 225 finished the trading day with a loss as well.
Volatility should remain rather low in the upcoming session, as most markets in Europe remain closed for a public holiday. However, US markets will reopen today, so it might pick up again in the afternoon.
Upcoming Events:
- 13:30 GMT – US NY Empire State Manufacturing Index
- 15:00 GMT – US NAHB Housing Market Index
The Week Ahead:
Tuesday, April 18th
- 01:30 GMT – RBA Meeting Minutes
- 13:30 GMT – US Building Permits
- 13:30 GMT – US Housing Starts
- 14:15 GMT – US Industrial Production
- 14:15 GMT – US Manufacturing Production
Wednesday, April 19th
- 10:00 GMT – Euro Zone CPI
- 10:00 GMT – Euro Zone Trade Balance
- 15:30 GMT – US Crude Oil Inventories
- 23:45 GMT – New Zealand CPI
Thursday, April 20th
- 00:50 GMT – Japanese Trade Balance
- 07:00 GMT – German PPI
- 13:30 GMT – US Initial Jobless Claims
- 13:30 GMT – US Philadelphia Fed Manufacturing Index
Friday, April 21st
- 08:00 GMT – French Manufacturing PMI
- 08:00 GMT – French Services PMI
- 08:30 GMT – German Manufacturing PMI
- 08:30 GMT – German Services PMI
- 09:00 GMT – Euro Zone Manufacturing PMI
- 09:00 GMT – Euro Zone Services PMI
- 09:30 GMT – UK Retail Sales
- 13:30 GMT – Canadian CPI
- 14:45 GMT – US Manufacturing PMI
- 14:45 GMT – US Services PMI
- 15:00 GMT – US Existing Home Sales
