23 Apr: FX, Stocks, Bonds quiet. Oil higher as US ratchets up Iran tensions. US corporate reports in focus this week.

By | April 23, 2019

 

It has been a mostly sideways session on Monday, with little interest due to the ongoing holiday. The main interest has been in Oil, which jumped sharply (+3%) on news that the US is preparing to cease all waivers of Iranian oil sanctions, which will expire on May 2. Countries currently buying Iranian oil without facing US sanctions include China, Japan, South Korea, Taiwan,  India, Italy, Greece, and Turkey, who will all be forced to look elsewhere if they wish to continue to trade with the US. This would likely send the price even higher, especially given the limited supplies now available from Libya/Venezuela. Note that the API Weekly Crude Oil Stock Inventory is also due today.

Looking ahead today has a rather empty calendar, with nothing to come from Asia/Europe, and just the Philadelphia Fed Mfg Survey and the March New Home Sales/House Price Index due from the US. The main focus will be on the US corporate reporting season which gears up this week, with 30% of all S+P companies due to present their figures. The big hitters today will include State Street, Proctor & Gamble, Coca-Cola and Lockheed. Have a good day.

Economic data highlights will include:

Tue: NZ Credit card Spending, US House Price Index, New Home Sales, Richmond Fed Mfg Index, EU Preliminary China, API Weekly Crude Oil Stock Inventory

Market moves, in brief:

FX: DXY 97.28 (-0.1%)

Bonds: US10Y; 2.589% (+1.02%), German 10Y; 0.023% (+0.0%), UK 10Y; 1.196% (+0.07%), Australian 10Y; 1.960% (-0.05%), NZ 10Y; 1.98% (0.00%), China 10Y; 3.415% (+1.94%)

Stock Indices: DJI; -0.18%, S+P; +0.10%, NASDAQ; +0.31%, EUStoxx50; +0.02%, FTSE100; -0.15%, Shanghai Composite; -1.70%,

Metals: Gold $1274 oz (+0.02%), Silver $15.01 oz (0.07%), Copper $2.905 lb (+0.05%), Iron Ore $93.20 per tonne (+0.31%),

Oil: WTI $65.83 pb (+0.3.0%)

CURRENCIES
EURUSD: 1.1257
Res  1.1280  1.1305  1.1325
Sup  1.1225  1.1205  1.1185
USDJPY: 111.94
Res  112.15  112.40  112.65
Sup  111.80  111.50  111.20
GBPUSD: 1.2980
Res  1.3010  1.3050  1.3090
Sup  1.2960  1.2925  1.2890
USDCHF: 1.0158
Res  1.0170  1.0195  1.0220
Sup  1.0135  1.0110  1.0080
AUDUSD: 0.7134
Res  0.7150  0.7165  0.7185
Sup  0.7115  0.7100  0.7080
NZDUSD: 0.6675
Res  0.6695  0.6715  0.6730
Sup  0.6665  0.6650  0.6630
INDICES / COMMODITIES
S&P.fs: 2912.55
Res  2920.00  2930.00  2940.00
Sup  2905.00  2895.00  2885.00
DJ30.fs: 26514.50
Res  26565.00  26635.00  26735.00
Sup  26435.00  26345.00  26250.00
SPI200.fs: 6269
Res  6280  6300  6320
Sup  6250  6235  6215
XAUUSD: 1274.89
Res  1280.00  1285.00  1290.00
Sup  1270.00  1265.00  1260.00
XAGUSD: 15.01
Res  15.10  15.20  15.30
Sup  14.90  14.80  14.70
WTI.fs: 65.70
Res  66.50  66.00  67.00
Sup  65.00  64.40  63.80