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USD continued to unwind, Yields dipped on profit taking and moved lower, Stocks very mixed; worst was NASDAQ -1.22%, NFLX -35%, FB -7.7%, IBM +7.10% and TSLA –4.96% (but recovered all of that after hours). Asian Markets also mixed (Nikkei +1.24%, Shanghai -1.77%).  Oil & Gold tested key support areas before recovering. Fed officials Daly & Evans talk 50 bp hike necessary in May.

The West is preparing a new military aid package for e. e calls for talks on Mariupol withdrawal,   tests new ICBM in show of  strength says Mariupol will fall on Thursday. Macron & Le-Pen TV face to face – no clear winner but Macron came out better. World faces hunger ‘catastrophe’ as food prices could rise by up to 37% from invasion. Xi, Modi & Serbia restate opposition to n sanctions. Johnson in India, calls dealing with Putin like dealing with a “crocodile”.

• USDIndex spikes lower  to 100.20 from a test of 101.00 yesterday as USD & Yields cool.  


• Equities – USA500 -2.76 (-0.06%) at 4459. – Holds 4400. US500FUTS tick higher at 4470. NFLX  wipe out (down –67.7% from Nov. highs as Pandemic stay at home winners suffer.) Ackman’s Pershing Square fund sold entire stake losing $430m from January $1.1 bln investment. TSLA significantly beat EPS & Revenue, profit up $3.3bln, deliveries up 68% at 310K, & supply chains not an apparent problem. MUSK pockets $23bln on results.    


• Yields moved significantly lower following 10-yr closed at 2.84% from the attempt at 3% earlier in the week. Trades at 2.87% now


• Oil  & Gold both had a volatile session pressured lower. USOil tested under $100.00 and trades at $103.40 now, having tumbled from $109.40 this week. Gold fell to test $1940 zone and trades at $1950 now, having rejected $2000 this week.


• Bitcoin continued to recover from sub 38.5k on Monday to over 41.6k now.  


• FX markets – EURUSD has recovered 1.0850 and now tests 1.0900 zone.  USDJPY cooled from decade highs to trade at 128.00 and Cable recovered from 1.3000 lows to 1.3075 now. 

Overnight –  NZD – surprise miss for CPI (1.8% vs 2.0% & 1.4%) PBOC reduced Yuan to November lows  after holding off Intertest rate changes.

Today -  EZ CPI (Final), US Weekly Claims & Philadelphia Fed, EZ Consumer Confidence (Flash), Speeches from Fed’s Powell, ECB’s Lagarde, BoE’s Bailey & Mann. Earnings from Meggitt, Nestle (in-line), American Airlines, AT&T and Phillip Morris.

Biggest FX Mover @ (06:30 GMT) EURNZD (+0.67%) Rallied from lows under 1.5930 yesterday to 1.6055 highs today. Next resistance 1.6100. MAs aligned higher, MACD signal line & histogram moving higher, RSI 64 & rising, H1 ATR 0.0031, Daily ATR 0.01571.

Click here to access our Economic Calendar

Stuart Cowell

Head Market Analyst

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