Latest oil note from GS published a little earlier 3 April – assuming 1.8mln bpd vs consensus of 1.4-1.6mln bpd – sees US oil production rising by 0.2-0.3mln bpd per quarter during 2018 One for you oil traders and GS followers.
A reversal of fortunes for most pairs during this session today 3 April What doesn’t go up further must inevitably come down and we’ve seen GBPUSD fail at 1.4090 to post 1.4035 while EURUSD now down at 1.2289 from 1.2236 session highs.
S&P 200 day MA at 2590.64 today. The US stocks are opening higher in early tradings: Higher opening but we will see if the momentum can continue.
USD demand generally prevailing but that’s not the whole story 3 April EURUSD down to 1.2262, GBPUSD 1.4045 and USDJPY up to 106.50 with USDCHF also up to session highs of 0.9588. USDCAD has found support at 1.2830 to bounce a little to 1.2846
Trump meeting with Baltic heads of state – Says he has great respect for Xi but says the US has a problem with China over the trade deficit – Says will discuss trade with Baltic heads of state The US is pivoting from a ‘US versus the world’ trade war to a ‘US vs China’…
March auto sales – Prior was 16.96m – Domestic sales 13.42m vs 13.10 expected – Prior domestic sales 12.94m That’s a great sign for the consumer.
Closing changes for the main equity bourses – UK FTSE 100 -0.3% – German DAX -0.7% – French CAC -0.2% – Spain IBEX -0.5% – Italy MIB +0.55% It’s the first day of trading this week/month for European stock markets after a four-day weekend.
It’s all hot air, according to a BBG source The broader market bounced on this headline, pulling USD/JPY higher as well. I’m hoping I wake up tomorrow and I’m no longer living in the alternate reality where the most-important thing in markets is a Twitter war with Trump and Amazon.
The latest GlobalDairyTrade numbers – GDT index -0.6% – Whole milk powder +1.6% to $3278/MT Prices have been relatively steady since the big jump at the start of the year.
The Canadian dollar rally is impressive but not enormous The Canadian dollar is the top performer today, climbing almost 1% against the US dollar and more against a few other currencies.