Collinson Forex Daily Market Commentary and Market Calendar

Daily Market Commentary

US equity markets resumed their slide, following the ban on 'chip' sales to China, hitting Chip Manufacturers (like market darling Nvidia) extremely hard. The NASDAQ plummeted, as tech heavy stocks took a beating. This follows gains in Asian markets, boosted by the strong economic data coming from China. China Q1 GDP beat expectations, coming in at an annualised 5.4% growth, while Industrial Production and Retail Sales both boomed. This is historical data and will be impacted by any long-term disruption of trade. US Retail Sales also surged to 4.6% annually, while inflation appears to be beaten. The US Dollar remained under pressure with Gold reaching all-time record highs. The EUR jumped back to 1.1370, while the GBP broke above 1.3200, but Gilts are nervous.

 

The weaker reserve allowed the commodity currencies to consolidate, with the NZD trading up to 0.5900, while the AUD looks to regain 0.6350. The NZD will be under the spotlight locally, as inflation data is released, expected to show signs of reignition. Australian Employment data may also impact locally, although most of market attention, is focused on global trade.

Dates & Headline

14/4 NZ Business PSI, NZ Credit Card Spending, China Trade Exports/Imports, Japan Industrial Production

 

15/4 NZ food Price Index, RBA Minutes, German Wholesale Price Index, France CPI, EU/German ZEW Economic Sentiment, Canada CPI, Empire State Manufacturing Index, US Trade Exports/Imports

 

16/4 China GDP, China Industrial Production/Retail Sales, UK CPI, EU Current Account, EU CPI, US Retail Sales, US Industrial Production, US Weekly Mortgage Applications

 

17/4 NZ CPI, Japan Trade Export/Imports, German PPI, ECB IRD, US Building Permits Housing Starts, US Weekly Jobless Claims, Philly Fed Manufacturing Index, NAHB House Market Index

 

18/4 GOOD FRIDAY, EASTER, Japanese CPI/PPI

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  

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