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April 27, 2016

April 27, 2016

Time (GMT) Currency Event Previous Forecast
01:30 AUD CPI q/q 0.4% 0.3%
08:30 GBP Prelim GDP q/q 0.6% 0.4%
14:00 USD Pending Home Sales m/m 3.5% 0.3%
14:30 USD Crude Oil Inventories 2.1M 1.4M
18:00 USD FOMC Statement
18:00 USD Federal Funds Rate <0.50% <0.50%
23:30 JPY Household Spending y/y 1.2% -4.0%
23:30 JPY Tokyo Core CPI y/y -0.3% -0.3%
23:50 JPY Retail Sales y/y 0.4% -1.4%

Global Commentary 

Asian markets ended Tuesday mixed as traders were looking ahead to the U.S. Fed meeting today and the Bank of Japan meeting tomorrow.  The Nikkei in Japan was the worst performing index as it posted a 0.49% loss.  The Australian benchmark S&P/ASX 200 fell 0.30% on softness from the raw commodities sector.  Over in mainland China the Shanghai Composite rallied in the final hour of the day to post a 0.61% gain.  Hong Kong’s Hang Seng was lifted by the mainland gains as well and finished 0.48% higher.  In Singapore the Straits Times Index was off by 0.19%, while South Korea’s Kospi added 0.25% after preliminary first quarter GDP for the country was better than expected.  European markets snapped a three session losing streak on a broad basis, but were mixed at the country level.  The Stoxx Europe 600 finished the day with a 0.18% gain, while Germany’s DAX was off by 0.34% and the CAC 40 in France lost 0.28%.  U.S. markets were mixed with little change as U.S. investors also remained cautious ahead of the Fed meeting today.  At the close the S&P 500 was 0.19% higher, the Dow tacked on 0.07%, while the Nasdaq fell 0.15% as poor results from Apple weighed on the broader index. 

FOREX

EUR – The Euro continued to show strength against the USD and Yen, firming against both yesterday, but falling versus the Pound.

GBP – The Pound was broadly firmer versus rival currencies yesterday as traders continue to discount the idea of a Brexit in June.

USD – The USD was mostly weaker Tuesday, falling against the Pound and Euro.  Versus the Yen the USD recovered from early losses and finished the day just slightly higher.

JPY – The Yen weakened broadly on Tuesday ahead of the Bank of Japan monetary policy decision due out tomorrow.

TRY – The Lira finished Tuesday broadly firmer against rivals as traders were encouraged by a speech given by Turkey’s new central bank chief.

RUB – With crude rising to a 2016 high, the Ruble got a boost as well, firming broadly against major currencies.

Commodities

Metals – Precious metals gained Tuesday as outside markets remained firmly bullish for the metals.  June gold was up $3.30 at $1,243.50 an ounce. July silver was up $0.101 at $17.16 an ounce.

Oil – Crude hit a new 2016 high Tuesday as traders continue to be bullish over falling production and the rally in the gasoline market.  June WTI crude rose $1.40, or 3.3%, to settle at $44.04 a barrel.

Indices 

S&P500 – The S&P jumped higher at the open, but quickly gave back the gains and spent the rest of the day trading around unchanged levels.  At the close the index was 0.19% higher as investors remained on the sidelines ahead of today’s Fed policy meeting.

DAX – The DAX began the day higher, but slid steadily throughout the day on weak sentiment among German investors.  By the end of the session the German benchmark index was 0.34% lower.

Nikkei – After trading flat for most of the morning the Nikkei dove just before the lunch break.  After falling further after lunch the index was down by as much as 1.5% before a recovery began.  The market gained throughout much of the afternoon, but not enough to erase a loss of 0.49% for the day.


Stocks

Twitter – Shares of the real-time social media company plummeted 13.46% in after hours trading yesterday when the company reported revenues and earnings after the bell.  The company beat earnings estimates handily, reporting earnings of $0.15 a share versus estimates of $0.10 a share.  However they missed on the revenue front, as they reported revenues of $595 million versus expectations of $608 million.  What was worse though is that the company’s guidance for the second quarter was reduced dramatically, prompting the selloff in the stock.  The company’s shares continue to decline as investors see little hope for increased growth.  While the company did add 10 million users in the first quarter, it saw no growth in the U.S.

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