Markets Set For A Quiet Move Into G7 Weekend

Wakeup Call: Markets Set For A Quiet Move Into G7 Weekend

G7 meeting starting today. All talk and no action as usual? They are usually not able to coordinate anything, but a call for 'greater flexibility'.

Overnight News Bullets

• SW Ind. Prod. MoM/YoY (Feb) out at 0.3%/1.9% vs. 0.4%/3.3% expected.
• SW Ind. Orders MoM/YoY (Feb) out at -3.5%/1.6% vs. -8.4%/-0.7% prior.
• SW AMV Unemployment Rate (Mar) out at 3.2% as expected.
• NO PPI MoM/YoY (Mar) out at 0.4%/18.5% vs. 1.8%/20.1% expected.
• NO CPI MoM/YoY (Mar) out at 0.1%/3.2% vs. 0.3%/3.5% expected.
• NO CPI Underlying MoM/YoY (Mar) out at 0.6%/2.1% as expected.
• UK Total Trade Balance (Feb) out at -£4439 vs. -£4200 expected.
• UK BoE Rate Announcement out at 5.00% (-25 bps) as expected.
• E-Z ECB Rate Announcement out at 4.00% (unchanged) as expected.
• US Trade Balance (Feb) out at -$62.3B vs. -$57.5B expected.
• US Initial Jobless Claims out at 357K vs. 383K expected.
• US Contiuing Claims out at 2940K vs. 2935K expected.
• US EIA Natural Gas Storage Change out at -14 vs. -15 expected.
• US ICSC Chain Store Sales YoY (Mar) out at -0.5% vs. 0.9% expected.
• US Monthly Budget Statement (Mar) out at -$48.1B vs. -$70B expected.
• JN Domestic CGPI MoM/YoY (Mar) out at 0.5%/3.9% vs. 0.3%/3.5% expected.

Markets

• FX: USD got rejected at new lows. EURUSD at a crossroads. USDJPY likely testing 102.95.
• EQ: European session moderately lower. US higher, especially Tech Stocks. Nikkei up by 2.69%.
• FI: Edging lower, especially JGB's. STIR Futures expectations: 42% chance of 50 bps. cut at the 30th of April.
• FUT: Gold & Silver following the stronger USD, closing lower and losing additionally overnight. Crude May contract testing highs y'day at $112.20, but unable to go higher. Now below $110.