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USD slipped from highs, Yields held onto gains, Stocks rallied and Gold & Oil dived. USDJPY hit a new 20-yr high at 129.40 before a sharp reverse. Kashkari (Dove) re: Inflation, Fed will “have to do more” The IMF & World Bank significantly cut global economic growth. Stocks rallied (NASDAQ +2.15%), Netflix lost 200k subscribers in Q1, (first subscriber loss in 10 years) shares dived -18% after hours having gained +3.18% at the close. Asian Markets broadly higher (Nikkei +0.86%), Chinese markets lower.

• USDIndex spiked over 101.00 & trades at 100.75 as USD cools & Yields hold up. 


• Equities – USA500 +70 (+1.61%) at 4462. – Recovering 4400. US500FUTS lower at 4438. NFLX will be marked lower on open after subscriber decline and weak outlook. AAL & UAL gained +5.66% & +4.5% respectively. 


• Yields moved significantly higher, 10-yr moved within a smidge of 3.00% earlier from a close at 2.913%


• Oil  & Gold both tumbled from Monday highs. USOil tanked from $109.75 to under $102 and trades at $102.80 now. Gold fell from $2 short of $2000 to $1940 now. 


• Bitcoin recovered from 39.5k on Monday to over 41.3k now.  


• FX markets – EURUSD has recovered 1.0800 from 1.0760 lows yesterday. USDJPY cooled from decade highs to trade at 128.65 and Cable recovered from 1.2980 lows to 1.3025 now. 

Overnight – Japan – big miss for Trade balance (-0.90T vs -.058T) (Imports higher due to Energy costs, Exports down due to China lockdowns), Industrial Activity missed  significantly (-1.35 vs +0.3%). PBOC did not move rates again, German PPI hotter again (+4.9% vs 1.4% last month).

Today -  EZ Industrial Production, Canadian CPI, US Existing Home Sales, French Election TV Debate, Speeches from Fed’s Daly & Evans. Earnings ASML (beat)  Carrefour, Danone (beat), Heineken, P&G and United Airlines.

Biggest FX Mover @ (07:30 GMT) AUDUSD (+0.55%) Rallied from lows under 0.7340 yesterday to 0.7430 highs today. Next resistance 0.7450. MAs aligned higher, MACD signal line & histogram moving higher, RSI 65 & rising, Stochs in OB zone. H1 ATR 0.0015, Daily ATR 0.0071.

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Stuart Cowell

Head Market Analyst

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