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April 8, 2016

April 8, 2016

Time (GMT) Currency Event Previous Forecast
05:00 JPY Consumer Confidence 40.1 40.5
06:00 JPY Economy Watchers Sentiment 44.6 46.5
08:30 GBP Manufacturing Production m/m 0.7% -0.2%
08:30 GBP Industrial Production m/m 0.3% 0.1%
12:30 CAD Employment Change -2.3K 10.4K
12:30 CAD Unemployment Rate 7.3% 7.3%
14:00 USD Wholesale Inventories m/m 0.3% -0.2%

 

Global Commentary

 

Asian markets were broadly higher with muted gains Thursday.  The exception was the mainland Chinese Shanghai Composite, which found itself 1.38% lower at the close as investors sold on fears of what would happen when a three month ban on selling by large stock holders expires.  Australia’s S&P/ASX 200 was 0.37% higher, leading gains across the region as the energy sector did well.  Hong Kong’s Hang Seng was also higher on gains in energy, finishing up by 0.29%.  In Japan, the Yen continued to strengthen considerably against the USD, but the Nikkei managed to finish a volatile trading session with a gain of 0.22%.  South Korea’s Kospi ended the day 0.13% higher, and Singapore’s Straits Times Index edged higher by 0.08%.  Markets across Europe were broadly lower Thursday as concerns over global growth lingered in investors’ minds.  The Stoxx Europe 600 was 0.77% lower at the close, with Germany’s DAX finishing off by 0.98%, and the CAC 40 in France losing 0.90%.  The FTSE in London, which began the day higher, gave back its gains and finished 0.40% lower as the rally in crude disintegrated.  Worries over a slowdown in global growth extended to the U.S. session, leading to broad based losses for the U.S. indices.  At the close the S&P 500 was off by 1.20%, the Dow dropped 0.98%, and the Nasdaq was 1.47% lower.

 

FOREX

EUR – The Euro firmed against the Pound, but fell versus the USD and Yen, with the losses against the Yen being especially large.

GBP – The Pound continued to get beat up Thursday, falling broadly against rival currencies as trader’s fears of a Brexit have been intensifying following a failed referendum in the Netherlands on European Union-Ukraine trade relations.

USD – The USD continued to weaken against the Yen Thursday, but firmed against the Euro and Pound as U.S. Treasury yields soared to an eight week high.

JPY – The Yen showed amazing strength Thursday, firming broadly and strongly as investors sent their capital into safe haven plays.

TRY – The Lira continued to soften against major currencies Thursday as the global risk aversion sent traders out of emerging market currencies.

RUB – The Ruble ended the session broadly lower against major currencies following a drop in crude.


Commodities

Metals – Precious metals put in a solid rally Thursday as the USD index fell, and worries over the possibility of the U.K. leaving the EU helped safe haven assets in general.  June gold was up $15.00 at $1,238.90 an ounce.  May silver was up $0.151 at $15.205 an ounce.

Oil – Concerns over global growth bled into the crude market Thursday as well, reversing early gains and sending crude spiraling lower.  WTI crude for May delivery fell $0.49, or 1.3%, to $37.26 a barrel.

 

Indices

S&P500 – The S&P opened lower on the back of European weakness and continued to fall throughout the day as the global growth concerns weighed on U.S. investors’ minds.  By the close the S&P was 1.20% lower, slipping into negative territory for 2016.

DAX – The DAX began the day in positive territory, but by noon had slipped into the red as a rally in crude fizzled out, and concerns over global growth weighed on investors’ minds.  After trying to bounce back in the early afternoon, the market let itself fall, dropping steadily throughout the latter part of the afternoon and finishing with a 0.98% loss.

Nikkei – The Nikkei gained at the open, rising by 1% quickly, only to give back nearly all the gains just as quickly.  It then rebounded and moved back to session highs, only to fall to unchanged levels by the lunch break.  After opening lower following lunch, the index pulled back to the unchanged line and spent the afternoon trading back and forth over unchanged levels, finally ending with a 0.22% gain.


Stocks

Tesla Motors – Shares of the innovative battery powered automobile company have continued to soar following the unveiling of the new Tesla Model 3.  The company reported yesterday that it has received 325,000 orders for the new Model 3 already.  Despite this, the stock fell 3.10% yesterday in the broad based market selloff.  Still, the stock is up by 79% from its $254.51 February 10th low as it has put in a “V” shaped recovery off that level.  The stock is rapidly approaching the $275 level where it will encounter stiff resistance, making that a good area for traders to focus on.

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