The USD is mixed to start the US trading day. In the video above I take a look at the 3 major currency pairs to start the day and outline the key levels in play for each. Be aware. Be prepared.
The US – all stock markets – are lower to start the day. Pres. Trump said he will hit essentially all countries with tariffs this week which has investors worrying about global growth and inflation. That is the driving force today.
Overseas:
- Japan’s Nikkei fell -4.05%
- Hong Kongs Hang Seng index -1.31%
- Australia’s S&P ASX index -1.74%
- German DAX -1.92%
- France’s CAC -1.90%
- UK’s FTSE 100 -1.40%
- Spain’s Ibex -1.78%
- Italy’s FTSE MIB -2.06%
In the premarket for US stocks, thE futures are implying lower levels
- Dow industrial average -313 points
- S&P index -65 points
- NASDAQ index -300 points
Looking at the US debt market, the yields are lower:
- 2-year yield 3.856%, -5.4 basis points
- 5-year yield 3.921%, -5.7 basis points
- 10 year yield 4.195% -5.9 basis points
- 30 year yield 4.573%, -5.7 basis points
Gold has reached a new record high as it attracts safe haven buyers. The current price is up $38.60 or 1.25% at $3122.70. Looking at other commodities:
- Crude oil is trading up $0.21 or 0.30% $69.57
- Silver is trading up four cents or 0.01% at $34.12.
- Bitcoin is trading down $433 and $81,930. Although up modestly today, the price closed on Friday at $84,379. So it’s down sharply from Friday’s closing level.
German CPI was more or less as expected. The US economic calendar is empty other than the Chicago PMI at 9:45 AM ET. This week the RBA will announce their interest-rate decision on Tuesday (later tonight in the US). The expectations are for no change in policy. The RBA cut their rate at the last meeting but signals causes further easing.
The week will then begin the focus on the US jobs report which will be released on Friday. The schedule Cubans this week shows:
Monday, Mar 31
-
7:30pm AUD: Cash Rate – Forecast 4.10%, Previous 4.10%
-
7:30pm AUD: RBA Rate Statement
Tuesday, Apr 1
-
10:00am USD: ISM Manufacturing PMI – Forecast 49.6, Previous 50.3
-
10:00am USD: JOLTS Job Openings – Forecast 7.73M, Previous 7.74M
Wednesday, Apr 2
Thursday, Apr 3
-
2:30AM CHF: CPI m/m – Forecast 0.1%, Previous 0.6%
-
8:30am USD: Unemployment Claims – Forecast 227K, Previous 224K
-
10:00am USD: ISM Services PMI – Forecast 53.0, Previous 53.5
Friday, Apr 4
-
8:30am CAD: Employment Change – Forecast 9.9K, Previous 1.1K
-
8:30am CAD: Unemployment Rate – Forecast 6.7%, Previous 6.6%
-
8:30am USD: Average Hourly Earnings m/m – Forecast 0.3%, Previous 0.3%
-
8:30am USD: Non-Farm Employment Change – Forecast 139K, Previous 151K
-
8:30am USD: Unemployment Rate – Forecast 4.1%, Previous 4.1%
-
11:25am USD: Fed Chair Powell Speaks
