The USD continues to rotate (USDIndex at 101.60) as PMI information shocked to the upside (Composite hit a 11-mth excessive) and added to 25bp hike (CME Fed Funds Futures 89%) expectations subsequent week from the FOMC. Treasuries rose & the two/10 yield curve is now 60 bp inverted. Shares closed flat  10.4% JPY slips after Ueda recommend no change to coverage this week. AUD & NZD decrease. Oil continues to say no and USOil is beneath $77.00, Gold is at $1980 as USD holds and yields stay bid, & BTC is now beneath $28k, -9.00% since final Monday.     

In a single day  UK Home Value Inflation  cools to 0.2% from 0.8%. #BBBY recordsdata for Chapter.  

• FX – USDIndex continues to rotate however biased greater, trades at 101.50, EUR examined 1.1000 zone once more earlier, again to 1.0985 now. JPY exams again to 134.50 from 133.50 lows on Friday and Sterling holds over 1.2400 up from lows at 1.2370 on Friday.  
• Shares – US markets closed flat (+0.07% to 0.11%) (#Albermerle -10.00% (Chile nationalised Lithium manufacturing) & #AMZN +3.03% (analyst improve) & P&G +3.46% (Earnings beat) #US500 closed +3.73 (0.09%) at  4133. – US500 FUTS are decrease at this time at 4135 and beneath the important thing  resistance at 4175 & 4150. Microsoft, Meta, Amazon, Google & Intel all report this week. 5 of the main tech shares have accounted for over 65% of the S&P500’s features (7%) this yr, watch this house. Main tech bulls at Wedbush Securities are in search of upside surprises from the tech majors, with an accent on value reducing, job shedding and AI updates.

• Commodities – USOil – Futures slipped once more at this time, beneath $77.00 to check $76.70 as recession fears develop, Goutdated – continued to slide too, testing $1971 on Friday, & again to $1981 now. 
• Cryptocurrencies – BTC breached the important thing $28k on Friday to check $27.2k lows, again to $27.6k at this time. 

Immediately – Australia & New Zealand closed for ANZAC day, German Ifo, Speeches from ECB’s Panetta & de Guindos, Earnings Coca-Cola, Credit score Suisse (61.2bn CHF was withdrawn in Q1 as depositors & buyers exited). 

Largest FX Mover @ (06:30 GMT) EURAUD (+0.29%). Continued to realize from Friday’s rally from 1.6250 to 1.6460 now. MAs aligned greater, MACD histogram & sign line constructive however flat, RSI 73.26, OB but additionally flat, H1 ATR 0.00171 Day by day ATR 0.01211.

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Stuart Cowell

Head Market Analyst

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