***Economic Data*** - US MBA Mortgage Applications w/e May 14th -1.5% v 3.9% prior - Canada March Wholesale M/M: 1.4% v 0.6%e ***Economic Data*** - US MBA Mortgage Applications w/e May 14th -1.5% v 3.9% prior - Canada March Wholesale M/M: 1.4% v 0.6%e - US April Consumer Price Index M/M: -0.1% v +0.1%e; CPI Ex Food & Energy 0.0% v 0.1%E; CPI NSA 218.0 V 218.1e - US Q1 Mortgage Delinquencies 10.06% V 9.47% prior - US DoE Crude: +160K v +750Ke; Gasoline: -295K v -1Me; Distillate: -1M v +1Me; Utilization 87.94% v 88.4%e
- Events in Europe are once again driving trade this morning. The EUR/USD rollercoaster ride took a giant dip downwards yesterday afternoon after Germany announced it would ban naked short selling of certain bank stocks and CDS on Euro Zone debt. With uncertainty over the snowballing European debt crisis already at highly elevated levels, Germany's unilateral shook markets, and EUR/USD tested four year lows under 1.2150 in the Asian and European sessions. Other European governments reacted with as much surprise as the markets to the German announcement, with many EU member states clarifying that they have no intention of joining Germany in banning naked shorts on any asset classes, while the EU Commission commented that action on this front would be better taken at a European level. The move comes ahead of a key German parliamentary vote on Friday to support the big Euro Zone bailout package, and speculation has been rife regarding Germany's reasoning. US equities opened in the red, and after a brief pop into positive territory have been heading lower all morning. Around rumors made the rounds that the Greek finance minister was heard stating that Greece could consider leaving the Euro Zone, sending EUR/USD up more than a big figure. The Greek government denied the report, but the euro's gains are lasting for the moment. Gold is at one-week lows, back below the $1,200 handle crude prices are lower once again as the July contract now trades below $72. Money is again finding its way to the relative safety of US and German government bonds. The shatz yield is down more than 10% back to 0.5%, while the US 2-year is below 0.75%. The US benchmark 10-year yield now stands at 3.32%.
- Shares of Hewlett-Packard rose nearly 3% this morning ahead of the opening bell on the firm's better than expected Q2 results and an improved outlook for the full year. Executives stated that the demand environment continues to improve, while also warning that the Euro Zone accounts for of its revenue. Shares of HPQ headed straight down from the open and are in negative territory in mid morning trading. Deere is up 3% on much stronger than expected Q2 results and improved sales guidance. Deere says its order book for large equipment is starting to strengthen. Target's results were mixed, and shares of TGT have struggled to stay in positive territory. BJ's Wholesale Club is up 5% on strong guidance for next quarter, following a mixed earnings report.
- Volatility in the currency market has been extraordinary with wild swings in a variety of pairs and crosses as headlines, rumors, and widely reported speculation run rampant. The Aussie Dollar pair has moved more than 4% lower from where it was trading yesterday to make a fresh 9 month low below 0.84. The AUD/JPY cross briefly is testing the Feb low of 76.20 in a fresh sign accelerating risk aversion. The SNB was likely back in the market pushing the EUR/CHF off of 1.40 towards 1.43 in mid-morning trade.
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