Market Brief
The Usd was stronger in the Asian session, as risk appetite moderated. The EurUsd traded from 1.3269 to 1.3151, while the UsdJpy traded down from 99.51 to 98.56. The AudNzd cross has broken out of its 1.20-1.25 range and is threatening further upside. China 's Q1 GDP came in at 6.1% vs. 6.2% exp. This lower release was a blow to hopes that an early, strong Chinese rebound in growth would drive the global recovery. In addition, this indicator is another sign that the latest gains in global growth and corresponding optimism needs to be tempered. We expect continue bouts of risk aversion to benefit safe have currencies. Interestingly to note, ECB officials have recently been offering different views on inflation and deflation risks and ECB next steps. ECB's Governing Council Weber said he saw no strong deflation risk and is "critical of cutting the refinance rate below 1%". Yet he did state that the central bank will announce a package of unconventional policy measures in May. But ECB member Orphanides comment that risk of deflation has increased recently and that additional policy easing could be warranted, which could include reducing the refinance rate below 1%. The varying opinions by ECB policy makers has created uncertainly surrounding the ECBs strategy and will keep the Eur strength capped.
| Global Indexes | Current Level | % Change |
| Nikkei 225 Index | 8,755.26 | + 0.41 |
| Hang Seng Index | 15,582.99 | - 0.55 |
| Shanghai Index | 2,534.13 | - 0.76 |
| FTSE 100 Index | 3,977.04 | + 0.21 |
| DAX Index | 4,543.92 | - 0.12 |
| SMI Index | 5,101.56 | + 0.71 |
| DJIA futures | 7,931.00 | - 0.61 |
| World Markets | Current Level | % Change |
| Gold | 891.89 | + 0.09 |
| Silver | 12.76 | - 0.27 |
| VIX | 36.17 | - 3.98 |
| Crude wti | 50.56 | + 1.64 |
| USD Index | 85.09 | + 0.01 |
| Todays Calender | Estimates | Previous | Country / GMT |
| HICP, % m/m (y/y)Mar | 0.4 (0.6) | 0.6 "flash | EUR / 9.00 |
| HICP ex tobacco, index (2005 = 100) | -- | 107.26 | EUR / 9.00 |
| Industrial production, % m/m (y/y wda)Feb | -2.7 | -3.5,-17.3 | EUR / 9.00 |
| Retail sales, % y/y Feb | -- | 6.0 | BRL / 12:30 |
| Manufacturing shipments, %m/m Feb | -- | -5.4 | CAD / 12:30 |
| Building permits, mn units saar Mar | 0.550 | 0.564 | USD / 12:30 |
| Housing starts, mn units saarMar | 0.545 | 0.583 | USD / 12:30 |
| Initial jobless claims, thous (4wk mvg avg) Apr-11 | -- | 654 (657) | USD / 12:30 |
| Philadelphia Fed index Apr - | -32.0 | -35.0 | USD / 14:00 |
| CBT interest rate announcement, % Apr | 10.0 | 10.5 | TRY / 16:00 |
| FRB of Atlanta President Lockhart (FOMC voter) spe | -- | -- | USD / 17:00 |
| CPI, % q/q (y/y) | 0.3 (3.0) | -0.5 (3.4) | NZD / 22:45 |
| FRB of San Francisco President Yellen (FOMC voter) | -- | -- | USD / 23:30 |
Currency Tech
AUDUSD
R 3: 0.7817
R 2: 0.7738
R 1: 0.7355
CURRENT: 0.7220
S 1: 0.7149
S 2: 0.7034
S 3: 0.6976
EURJPY
R 3: 137.41
R 2: 135.57
R 1: 134.33
CURRENT: 130.10
S 1: 129.87
S 2: 128.24
S 3: 126.42
USDSGD
R 3: 1.5361
R 2: 1.5258
R 1: 1.5188
CURRENT: 1.4988
S 1: 1.4904
S 2: 1.4805
S 3: 1.4706
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
