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Big week for resource Dollars continues

CMC Markets

US indices continued as traders responded favourably to a rebound in Europe and a flood of US earnings reports. Apple and Texas Instruments led the technology sector higher and boosted the NASDAQ to a 2% gain. Although soft iPad sales kept Apple from capitalizing on its strong earnings and guidance, it did regain $100.00 although the 52-week high near $104.00 remains a big challenge, leaving us to wonder what it’s going to take to drive Apple higher. Positive earnings helped Harley-Davidson to rally today while slower guidance knocked Chipotle Mexican Grill back. ECB speculation also played a significant role in trading. ECB bond purchases have started this week and speculation that corporate bond purchases could be included made the rounds before being dismissed. Hope of a more aggressively dovish ECB sent European indices up 1.5-2.5% for the most part, ignited a breakout in gold and sent EUR lower. Resource dollars got a big boost from yesterday’s Chinese GDP report which was not quite as bad as feared. CAD has been particularly strong climbing to the top of the league standings ahead of tomorrow’s Bank of Canada meeting and retail sales report. AUD has also been active and may see interest from traders today around the Australian leading index and inflation reports. A failed breakout attempt by NZD above $0.8000 indicates that the fear/risk of an RBNZ intervention above that level remains high. GBP may attract attention tomorrow morning with the release of Bank of England meeting minutes This was the first meeting after the Scotland referendum and traders may be watching for signs of when the central bank may raise interest rates and if anyone else has joined the ranks of hawkish dissenters. Corporate News Yahoo! $0.52 excluding items vs street $0.32, revenue $1.09B above street $1.05B guides Q4 EBITDA to $340-$380M vs street $348M Celestica $0.26 vs street $0.24, guides adjusted EPS $0.21-$0.27 vs street $0.26, president and CEO to retire end of 2015 Canadian National $1.04 vs street $1.05, maintains guidance for the year Economic News Significant announcements released overnight include: UK public sector borrowing £11.1B vs street £9.4B Upcoming significant announcements include: 10:00 am AEDT Australia conf board leading index previous 0.5% 10:30 am AEDT Australia Westpac leading index previous 0.1% 11:30 am AEDT Australia consumer prices street 2.3% vs previous 3.0% 10:50 am AEDT Japan trade balance street (¥780B) 10:50 am AEDT Japan exports street 6.5% 10:50 am AEDT Japan imports street 2.7% 9:30 am BST UK Bank of England meeting minutes 8:30 am EDT US consumer prices street 1.6% 8:30 am EDT US core CPI street 1.7% 10:30 am EDT US crude oil inventories street 3.0 mmbbls 8:30 am EDT Canada retail sales street 0.0% 8:30 am EDT Canada retail sales ex autos street 0.2% 10:00 am EDT Canada interest rate 1.00% no change expected 10:00 am EDT Bank of Canada monetary policy report 11:15 am EDT Bank of Canada Poloz and Wilkins press conference 15:30 am EDT Bank of Canada Poloz and Wilkins testimony to Commons committee

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