China Import/Export News Triggers Renewed Interest in Risky Assets
equity markets are expected to open stronger as traders renew their demand for
higher risk, higher yielding assets. Without any economic reports to concern
investors, expectations are trend day.There may be a break early in the session as U.S. traders have been reluctant to
chase this market after higher openings. Earnings season begins after the close
Demand for higher yields is pressuring the March Treasury
Bonds and March Treasury Notes.Traders
are attempting to raise the yields in Treasuries to keep up with the high
yields in the stock market.
The weaker Dollar triggered a strong surge in February
Gold.The first upside objective at
$1151.30 was reached fairly easily overnight.The next upside target is $1169.30.
News of strong demand from China during December helped
trigger an upside breakout in March Crude Oil.Imports were up a whopping 24% during the month. Upside momentum,
increased demand and a weaker Dollar could drive this market to 90.00 this
The U.S. Dollar is trading sharply lower as China reported
a 17.7% increase in exports and a 55.9% increase in imports.The surge in exports was the first rise in 14
months.Pre-report guesses were for only
a 4% increase. Due to the timing of the report, and its extreme bullishness,
the Australian and New Zealand Dollars both had rare gap openings Sunday night.
Dollar bulls are still reeling from the soft U.S. Non-Farm
Payrolls report on Friday.Traders had
been looking for the report to show that job losses had remained flat or
perhaps that new jobs had been created during December.Instead the government reported that 85,000
new jobs were lost.
Adding more fuel to the bearishness were comments from St.
Louis Fed President James Bullard who signaled that interest rates werenâ€™t
going to move higher over the near-term.Bullard said, â€śinterest rates may remain low for quite some timeâ€ť.He also added that the Fedâ€™s zero interest
rate policy is â€śon holdâ€ť.He couldnâ€™t
have made his position any clearer. In addition to talking about the future
direction of interest rates, Bullard said the Fed faces a challenge when
adjusting its asset-purchase program because of the possibility of inflation.
With the light economic calendar today, traders will have a
chance to digest Fridayâ€™s Non-Farm Payrolls report and its impact on the
economy.So far the bets have been
placed on a weaker Dollar and renewed interest in higher yielding assets as
evidenced by the surge in equity and commodity prices.Traders should note that the soft employment
report has not changed the outlook for a recovery, but it has pushed back the
Fedâ€™s timetable for increasing interest rates.
Later during the trading session, Atlanta Federal Reserve
President Dennis Lockhart speaks to the Rotary Club of Atlanta.Look for him to reiterate what Bullard
already said last night.His comments
are expected to be dovish.
The March U.S. Dollar Index is in a downtrend.Expectations are for the weakness to continue
until this index reaches a major 50% price level at 76.53.
The March Euro is trading higher as investors reduce bets
that the Fed will raise rates after last weekâ€™s weaker-than-expected U.S. jobs
report.Technically, the Euro broke
through Gann angle resistance at 1.4539.It also broke out to the upside after forming a support base.The first upside target is 1.4677, followed
The March British Pound broke away from a retracement zone
at 1.6036 to 1.5988.A new higher bottom
was also formed at 1.5890.The main
trend will turn up on a trade through 1.6235.The first upside target is 1.6351, followed by 1.6475.
The March Japanese Yen is trading stronger after confirming
last Fridayâ€™s closing price reversal bottom on the overnight move through
1.0843.At this time a Gann angle at
1.1049 is the next upside target.Look
for an acceleration to the upside if this angle is broken.The chart indicates there is room to the
downside with 1.1273 to 1.1401 the next upside target.
The March Swiss Franc broke a downtrending Gann angle at
9800 and a 50% price at .9806. This move helped to accelerate the rally to the
.618 retracement level at .9873.The
next upside target is a slower moving Gann angle at .9945.Gains could be limited because of the threat
of an intervention by the Swiss National Bank.Although this action will be meant to curtail the Swiss Francâ€™s rise
versus the Euro, it should also have a positive effect on the U.S. Dollar.Overnight, Swiss central bank President
Hildebrand said intervention was possible to prevent â€śany excessive
appreciationâ€ť.He also added that the
SNB will â€śmonitor exchange market developments very closely.â€ť
Surges in natural gas, crude oil and gold have put the
Canadian Dollar in a strong position.Overnight
the March Canadian Dollar exceeded the October 20, 2009 top at .9740.This sets up a further rally to the October
15th top at .9792.Gann angle support is
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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