Posted Apr 24, 0:36

Total Data Domination

All Industry Activity Index (FEB) (m/m) Apr 24 04:30
New Home Sales (MAR) (m/m) 0.481M
New Home Sales Change (MAR) (m/m) -11.4%
Markit Manufacturing PMI (APR) [P] 54.2
Nomura/ JMMA PMI Manufacturing (APR) [P] 49.7
Durable Goods Orders (MAR) Apr 24 12:30
Durable Goods Orders ex Transportation (MAR) Apr 24 12:30
BoJ Deputy Governor Nakaso Speech Apr 24 03:00
More Events...
Apr 24: 

The Fed repeatedly said its data dependent and trades have evidently taken it to heart as markets have grown extremely sensitive to economic data. It was on display Thursday as the US dollar fell in New York trading after a round of soft numbers. The Japanese services PPI and the all-industry index are due later. The Premium long in EURUSD opened on ECB Day just over 1.0600 is nearing the final target. NZDUSD,  GBPAUD, EURGBP and GBPUSD are the other Premium trades currently in progress. During many periods, markets ignore the second and third tier US economic data and focus on the general trend but with the Fed undecided on raising rates and the market suddenly less-confident in a US growth pickup, every release is market moving. We can't remember a time – at least since 2007 – when markets were so hung-up on data.

On Thursday it was the combination of new home sales, initial jobless claims and the Markit PMI. All were moderately weaker than expected and combined to send the US dollar into a spiral. Stocks also rallied to a record high and Treasury yields slipped; the combination points to expectations of a more-dovish Fed.

PREMIUM INSIGHTS Update: Apr 22, 19:10
FTSE braces for Election ucertainty Apr 23, 2015 17:22: 

Dealing with the challenges associated with a Labour-SNP coalition (fiscal tightening for businesses and the wealthy & likelihood of undershooting budget targets) and those from Conservatives (pushing for referendum on UK's EU status) has already become a topic of discussion among traders, to the extent that they may no longer cast such a negative spell on the stock market. Full chart & analysis.


Franc in the Tank Apr 23, 2015 0:34: 

The SNB made a small move that sends a large signal about how it feels about the franc. The CHF was easily the worst performer on the day while the pound surged to lead the way. The China flash manufacturing PMI from HSBC is due later.  Following today's SNB announcement on ending negative interest rate expemptions. EURUSD, NZDUSD and GBPAUD premium trades in the money, while EURGBP and GBPUSD are currently in the red.