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USD boomed, breaching 100.70, Yields rallied significantly, Stocks sank amid thin trade into holiday-extended weekend. The potential aggressive 50 bp rate hikes from the FOMC in May, and likely June too, kept markets cautious. China's PBoC announced a 25 bp reduction in the reserve requirement ratio (RRR) for big banks, and 50 bp for smaller banks, on the heels of Wednesday's call from the State Council for such action. It will take effect on April 25. China's GDP expanded by 4.8% in Q1. USDJPY had a short lived rally this morning to 126.78, before both Bank of Japan Governor Haruhiko Kuroda and Finance Minister Shunichi Suzuki voiced concerns. - "Kuroda made clear on Monday that while a weak yen could impact corporate profits, it was premature to debate any exit from that easy policy."

• Stocks lower (NASDAQ at 4360.88) Nikkei closed down 1.08% at 26,799.71 on Monday with US, China and Japan the only ones open today.


• USDIndex retests  100.70 highs.


• Equities – USA500 at 4360 lows. 


• Oil gapped up to $108.54 over supply concerns again as Libya halted operations at El Feel oilfield due to protests, and US oil drilling, output moving higher with energy prices.


• Gold spiked to $1990 – Thin liquidity, firm yields risk aversion?


• Bitcoin sank to 38,444.  


• FX markets – Yen 10% weaker since beginning of March. EURUSD steady below 1.0800 (2-year lows), Cable tumbled at 1.3017, AUDUSD near 1-month low at 0.7350 (breaking 50-day SMA).

Today - Comments from Fed Chair Powell, BOE Bailey and ECB President Lagarde on Thursday will be interesting but we do not expect any new ground to be broken. There is little on this week’s calendar data-wise and today’s slate has just the NAHB housing market index. There is Fedspeak from Bullard.

Biggest FX Mover @ (07:30 GMT) XAGUSD (+1.40%) Breached R1 at 25.90. MAs aligned higher, MACD signal line & histogram moving higher, RSI 58 but flattenning,  H1 ATR 0.1021, Daily ATR 0.556.

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Andria Pichidi

Market Analyst

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