UD has been quite active over the last 24 hours, and may continue to be with more news on the way. RBA Governor Stevens latest efforts to talk down the dollar and end the recent rally were successful. The dollar has stabilized following the RBA minutes which suggested that today’s Australian Q1 consumer inflation report could be a key indicator as to whether the RBA may feel the need to cut interest rates again or not. AUD may also remain active against NZD with the two dollars doing a parity dance.
Meanwhile, today may indicate whether stocks in Shanghai, Hong Kong, Tokyo and Singapore are ready to resume their advances once again. Recent consolidation in wide ranges can be seen as common following very strong advances of late and today we may see if stocks in these markets are ready to resume their uptrends of if more backing and filling may be needed.
US indices were mixed today with the NASDAQ climbing while the Dow gave up early gains to drift back into the red while the S&P finished flat on the day. Biotech stocks led the charge rallying in tandem with Mylan after Teva Pharmaceuticals launched a takeover bid for it. Lam Research rallied on the back of its positive earnings report.
On the other hand, the broader indices were impacted by soft guidance from DuPont which indicated a growing potential impact of the strong USD on earnings this year and from Harley Davidson where an emerging price war among suppliers suggested consumer spending on big ticket items may be weakening.
Crude oil drifted back in what looks like ongoing consolidation of recent gains but that did weigh on CAD a bit. So far the Canadian federal budget has had no impact on trading in the loonie.
Amgen $2.48 vs street $2.10 raises 2015 year guidance to $9.35-$9.65 from $9.05-$9.40
Chipotle Mexican Grill $3.88 vs street $3.65
Yahoo $0.15 vs street $0.18, sales $1.04B vs street $1.06B guides revenue ex TAC to $1.01-$1.05B vs street $1.04B
Significant announcements released overnight include:
Sweden unemployment rate 8.0% vs street 8.3%
Germany ZEW current 70.2 vs street 56.5
Germany ZEW expectations 53.3 vs street 55.3
Eurozone ZEW expectations 64.8 vs previous 62.4
Eurozone 2015 Government Debt to GDP 91.9% vs previous 90.9%
Upcoming significant announcements include:
9:50 am AEDT Japan trade balance street ¥44.6B
9:50 am AEDT Japan exports street 8.5%
9:50 am AEDT Japan imports street (12.6%)
11:30 am AEDT Australia Q1 consumer prices street 1.3% vs previous 1.7%
9:30 am BST Bank of England minutes
10:00 am BST Italy retail sales previous 1.7%
9:00 am EDT US house price index street 0.5%
10:00 am EDT US existing home sales street 5.03M
10:30 am EDT US crude oil inventories street 2.5 mmbbls
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