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April 26, 2016

April 26, 2016

Time (GMT) Currency Event Previous Forecast
12:30 USD Core Durable Goods Orders m/m -1.3% 0.6%
12:55 CAD BOC Gov Poloz Speaks
13:45 USD Flash Services PMI 51.3 52.3
13:50 CAD BOC Gov Poloz Speaks
14:00 USD CB Consumer Confidence 96.2 95.8

Global Commentary 

Markets across Asia were broadly lower Monday as investors paused in caution ahead of the central bank meeting of the U.S. and Japan later in the week.  Japan’s Nikkei was also hampered by a stronger Yen against the dollar and finished the day 0.76% lower.  In mainland China the Shanghai Composite continued its downward trend and finished 0.42% lower as investors are concerned about slowing stimulus from the People’s Bank of China.  Hong Shares followed the mainland lower and the Hang Seng was off by 0.76%.  In South Korea the Kospi edged lower by 0.05%, while Singapore’s Straits Times Index led the region lower with a loss of 1.37%.  Australian markets were closed for a national holiday.  European markets ended broadly lower after Germany posted a surprise drop in business sentiment.  The pan-European Stoxx Europe 600 finished the day 0.51% lower, with Germany’s DAX falling 0.76% and the CAC 40 in France off by 0.52%.  London’s FTSE was also 0.78% lower as the malaise in Europe spread the U.K. and mining shares slumped on weaker commodity prices.  U.S. markets were also broadly lower as investors got some lackluster earnings results and decided to remain cautious ahead of Wednesday’s Federal Reserve meeting.  At the close the S&P 500 was off by 0.18%, the Dow dropped 0.15%, and the Nasdaq was 0.21% lower. 

FOREX

EUR – The Euro gained on the USD, but ended the day flat against the Pound and the Yen.

GBP – The Pound gained on the USD, but after bouncing back and forth was unchanged versus the Yen and Euro.

USD – The USD weakened broadly Monday as traders remain convinced that the Fed will strike a dovish tone in their monetary policy statement this Wednesday.

JPY – The Yen firmed against the USD while ending the session unchanged versus the Pound and the Euro.

TRY – After bouncing back and forth during the session the Lira ended nearly unchanged against all the major currencies.

RUB – Crude was weak Monday and so was the Ruble, dropping against most major currencies, but ending the session unchanged versus a very weak USD.

Commodities

Metals – Precious metals bounced on Monday as bargain hunting and short covering lifted the markets.  A weaker USD index helped as well and at the end of the session June gold was up $10.00 at $1,240.00 an ounce, while May silver was up $0.085 at $16.98 an ounce.

Oil – Crude finished lower Monday as signs of increased global production had traders skittish.  June WTI crude fell $1.09, or 2.5%, to settle at $42.64 a barrel.

Indices 

S&P500 – The S&P opened lower and sagged further early in the day on weak corporate earnings.  There was a slight recovery, but investors remained mostly cautious ahead of this week’s Fed meeting.  At the close the S&P was 0.18% lower.

DAX – The DAX fell sharply at the open after the German Ifo reading on business sentiment unexpectedly dropped.  There was some recovery during the rest of the session, but the index never made it very far and finished with a loss of 0.76%.

Nikkei – The Nikkei opened lower due to the strength of the Yen at the open and kept sinking throughout the morning.  As the Yen stabilized, so did the Nikkei and it turned sideways in the afternoon, finishing 0.76% lower.

Stocks

Apple – The innovative tech company reports revenues and earnings after the bell today and is widely expected to report its first year over year drop in iPhone unit sales.  Needless to say, even if it is expected, the news of a drop in iPhone sales could send the stock reeling.  The stock has already seen losses in the past week as traders prepare for the bad news and is currently sitting at the 50 day moving average, ready to break lower on bad news or bounce if the news is better than expected.  A drop could see the stock falling to the $95 level from its current price of $105.08 a share, while a bounce would likely take it back to the $112 level.

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