There have been to big stories dominating today’s North American and European trading sessions. In North America, the focus has been on Wednesday’s FOMC meeting. Speculation that the Fed could confirm that interest rate liftoff is likely to be delayed due to recent soft US economic reports send USD sharply lower. Today’s softer US flash service PMI and Dallas Fed reports provided more evidence to support a later start to interest rate hikes. Precious metals have been the main beneficiaries of the USD selloff with gold gaining nearly $25/oz and regaining the $1,200 level, while silver posted a 4.0% gain on the day. The USD effect on currency has been trading has been so powerful that CAD and NOK have topped the league of major paper currencies even though crude oil has traded lower to start the week. Other resource currencies like AUD and NZD have also capitalized on the weaker greenback. In Europe, the big story today was the reshuffling of the Greek negotiating team after recent meetings with Finance Minister Varoufakis ended in name calling and acrimony and weekend polls indicated Greeks favour remaining in the Euro. Hopes that new faces at the table could lead to some progress sent European stocks higher on the day with the Dax posting a 1,9% gain. EUR continues to drag behind its peers with currency traders apparently more focused on action than talk. What can I say about Apple earnings? Its incredible run of success continues driven by iPhone growth continues with the company beating the street on sales and earnings and increasing its program to return cash to shareholders. Tomorrow, we’ll see if that is going to be enough to build on today’s gains and push the shares to new highs, and also what impact this news may have in trading in technology stocks in general with the NASDAQ index up at all-time highs. It’s another busy week for earnings so we may see more trading ahead of and off of results with Twitter headlining tomorrow’s slate. Today kicks off a busy week for Japanese economic reports that could keep JPY active over the next several days. Tomorrow morning, GBP could be active with Q1 GDP arriving as the last major economic figure before next week’s closely fought election. Bank of Canada testimony, particularly comments related to the impact of the lower oil price and lower CAD on the economy could impact rate cut expectations and spark action in the loonie. SEK may also attract attention with several Swedish reports due that may give a better indication of which way the Riskbank could move next. Corporate News Apple $2.33 vs street $2.15, revenues $58.0B vs street $55.9B, 61.1 million iPhones shipped, guides next Q sales to $46-48B, 11% dividend increase and increases its buyback program to $140B from $90B, company to return $200B of cash to shareholders over the next two years, up 50%. Economic News Significant announcements released overnight include: US flash service PMI 57.8 vs street 58.8 vs previous 59.2 US Dallas Fed (16.0) vs street (12.0) and previous (17.4) ECB QE purchases €85.0B since program start vs previous €73.3B Upcoming significant announcements include: 9:50 am AEST Japan retail sales street (7.5%) 10:00 am AEST Australia leading index previous 0.4% 8:00 am BST Sweden consumer confidence street 100.8 8:00 am BST Sweden manufact confidence street 102.1 8:30 am BST Sweden trade balance street SEK 2.0B 8:30 am BST Sweden producer prices previous 1.9% 8:30 am BST Sweden retail sales street 3.4% 9:30 am BST UK Q1 GDP street 2.6% 8:45 am EDT Bank of Canada Poloz and Wilkins house testimony 10:00 am EDT US consumer confidence street 102.2 10:00 am EDT US Richmond Fed street (2) vs previous (8)
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