Wall Street stocks down as US bond yields hit new highs

Investors were attracted by the rise in bond yields and dropped stocks. US stocks down led by technology stocks, Apple is down 4.1% on the day.  The three main US indices closed lower on the last day of the week. The S&P 500, the Dow Jones and the Nasdaq all closed below thei ...

WTI crude above $68.00 unfazed by Trump’s attack on OPEC

Trumps‘s tweet criticizing OPEC cuts sends crude oil lower but then black gold recovers losses quickly. Longer-term fundamentals for oil are still well in place for oil.  Crude oil WTI is trading at around $68.38 per barrel virtually unchanged as the commodity traded mainl ...

USD/MXN: Mexican peso rally ends abruptly, worst performer of the week

Profit taking and Presidential election polls send the Peso sharply lower.  USD/MXN rises almost 3% in 2 days.  The Mexican peso ended the week as the worst performer among the most-traded currencies. It dropped sharply during the last two days and the slide still has room t ...

Eurozone: Data and ECB meeting on the agenda next week – Danske Bank

According to analysts from Danske Bank, next week, the European Central Bank will keep rates unchanged and they see that the flash PMI will indicate whether the euro area cycle is weakening further.  Key Quotes:  “In the euro area, we are awaiting the PMI figures due for release o ...

Canada: Retail Sales data consistent with softer GDP growth  – NBF

Jocelyn Paquet, an analyst at National Bank of Canada, points out that the Canadian February Retail Sales report will no be enough to salvage the performance of the economy during the first quarter.  Key Quotes: “Canada’s retail sales increased a consensus-matching 0.4% i ...

NZD/USD hits 2-week lows, back to 0.7200 handle amid stronger US dollar

NZD/USD back to the 0.7200 handle on stronger USD  Last week’s long NZD/USD trade on upbeat China’s President comments has now been totally retraced. The NZD/USD is trading at around 0.7206 down 0.88% on Friday. The NZD/USD is falling for the fourth day in a row and has no ...

ECB Preview: Asset Purchases program to end by the end of 2018 – Wells Fargo

According to analysts from Wells Fargo, the European Central Bank will keep rates unchanged on Thursday. They see the end of the QE program by year-end.  Key Quotes:  “The Eurozone economy is growing steadily, but the inflation data there remain benign as evidenced by the 1. ...

US next week data: Q1 GDP, PMI and Goods Orders – Danske Bank

Data to be released next week in the US includes GDP, PMIs, and capital goods orders. Analysts from Danske Bank, look for US Q1 GDP to be around 2.0% q/q annualized. Key Quotes:  “In the US, the preliminary Q1 GDP growth estimate is due for release on Friday. There are signs tha ...

AUD/USD slide finds support near critical level

AUD/USD ends week lower after a significant 2-day slide.  Slide finds support slightly above key technical support.  The AUD/USD pair dropped sharply on Friday for the second-day in-a-row. In a few hours, the pair erased April’s gains.  From Thursday’s high los ...

Brazil: USD/BRL projected to end year at 3.30 – Rabobank

Mauricio Oreng, Senior Brazil Strategist at Rabobank, points that they project USD/BRL at 3.30 for the end of this year and 3.70 for the end of next year, as they anticipate an election-led rally late in 2018 and a re-pricing on lower global liquidity in 2019. Key Quotes:  “The BRL ha ...

USD/JPY fails to break above 107.90 amid drop in US stocks

US stocks are down on Friday, the safe-haven yen is stronger across the board.  US dollar also up thanks to US bond yields which are at multi-week high.  The USD/JPY is trading at around 107.55 up 0.18% as bulls made an attempt to break above April 13 high in the late Europea ...

UK Q1 GDP: growth slowed, the question is by how much – Danske Bank

Analysts from Danske Bank, estimate that next Friday, GDP data from Q1 will show an annual growth rate of 1.4% Key Quotes:  “The most important release in the UK next week is the first estimate of GDP growth in Q1 due out on Friday. According to indicators, GDP growth slowed in Q ...

Eurozone Consumer Confidence: April is a mixed bag – ING

Bert Colijn, Senior Economist at ING, explained that Eurozone consumer confidence rebounded in April but warned that underlying data reveals deterioration in consumer sentiment.  Key Quotes:  “The ZEW Index dropped sharply earlier this week but consumer confidence rebounded quit ...

Canada: Weak inflation in March – NBF

According to Matthieu Arseneau, National Bank of Canada’s analysts, weakness seen in the March inflation report, is not the beginning of a new trend.  Key Quotes: “Canada’s consumer price index rose just 0.1% (m/m) in March in seasonally adjusted terms but due to the bas ...