Quote:
‘Try to avoid painting in places where they still point at aeroplanes.’ Banksy (?-)
The News:
Australian March Employment Change –34.7K (biggest in 6 years), Unemployment 5.7% (high 1991).
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP February Machine Orders +1.4% M/M, -30.1% Y/Y, versus –3.2% and –39.5% January.
06:45 CH March Jobless 3.3% versus 3.1% February.
07:00 JP March Machine Tool Orders –84.5% Y/Y vs -84.4% Feb. 07:00 DE March final HICP –0.2% M/M/+0.4% Y/Y.
09:00 EZ15 April ECB Monthly Report.
09:30 GB March PPI Input (0% to +2.2% M/M, -1.7% to +0.6% Y/Y, versus +0.6% and +0.5% February).
09:30 GB March PPI Output (0% to +0.6% M/M, +2.0% to +3.2% Y/Y, versus +0.1% and +3.1% February).
09:30 GB February Trade Balance (-£7.7B to -£7.1B, Non-EU -£5.7B to -£4.8B, versus -£7.7B and -£5.7B January).
11:00 DE February Industrial Production (-9.0% to +1.0% M/M, -26.6% to –18.5% Y/Y, vs –7.5% and –19.3% Jan).
12:00 GB Bank of England interest rate decision (all expect no change except 2 who call for a 50 bp cut from 0.50%).
12:00 CA March Employment Change (-90K to -38K, Unemployment 7.8% to 8.4%, versus -82.6K and 7.7% February).
13:30 US March Import Price Index (-0.3% to +2.8% M/M, -15.2% to –12.7% Y/Y, versus –0.2% and –12.8% Feb).
13:30 US Weekly Jobless Claims (645K to 700K, Continuing Claims 5740K to 5850K, vs 669K and 5728K prior week).
13:30 US February Trade Balance (-$39B to -$30B versus –$36B January).
13:30 CA February Trade Balance (-C$2.0B to –C$0.3B versus –C$1.0B January).
13:30 CA February New Housing Price Index (-1.0% to –0.4% M/M versus –0.6% January).
17:00 US 10-year TNote auction result. 17:15 US Fed’s Stern speaks on the economy; Hoenig at 18:00.
The Psychology:
Easter holidays in many countries from today to Monday; US markets close early.
The Risk:
Presidential elections in Algeria and Parliamentary ones in Indonesia today.
Today’s most interesting chart: Spot Platinum
Rallying steadily, as is Palladium.
