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TradeTheNews.com US Market Update: PBoC Blinks, Global Markets Rally

TradeTheNews.com US Market Update: PBoC Blinks, Global Markets Rally
Wed, 26 Jun 2013 11:11 AM EST

***Economic Data***
- (US) MBA Mortgage Applications w/e Jun 21st: -3.0% v -3.3% prior
- (US) Q1 Final GDP QoQ Annualized: 1.8% v 2.4%e; Personal Consumption: 2.6% v 3.4%e
- (US) Q1 Final GDP Price Index: 1.2% v 1.1%e; Core PCE Q/Q: 1.3% v 1.3%e
- (MX) Mexico May Preliminary Trade Balance: -$409.9M v -$308.8Me
- (US) Weekly DOE Oil Inventories: Crude: +18K v -2Me; Gasoline: +3.65M v +1Me; Distillate: +1.57M v +500Ke; Utilization: 90.2% v 89.6%

- European and US equity markets have seen solid gains this morning as the Chinese liquidity crisis eases. During the Asia session, reports suggested that the PBoC would reverse its hawkish stance and possibly provide liquidity for larger banks. As of writing, the DJIA is up +0.54%, the S&P500 is up 0.66% and the Nasdaq has gained 0.57%.

- The Commerce Department revised its third and final reading of Q1 US GDP downwards to +1.2% from the +2.4% second reading last month, in line with expectations. The revision was primarily from consumer spending, exports and commercial real estate. Personal consumption growth was revised down to 2.6% from 3.4%. Note that markets are totally looking past the data this morning.

- The euro dropped to three-week lows against the dollar, with EUR/USD just about at 1.3000, after ECB Chief Draghi reiterated his pledge to keep policy accommodative as long as needed. Analysts highlight that three-month Euribor has risen to 0.225% from 0.198% in mid May could drive the ECB to cut rates again or otherwise ease policy and drive the euro lower. Gold and silver took another tumble overnight, with both at three-year lows, and spot gold trading as low as $1,224 before the US open. Bond yields have fallen across the board, with the US 10-year yield back around 2.53%.

- The Australian Dollar has come off its worst levels from overnight, with AUD/USD rising to the 0.93 handle after testing 0.9150 earlier. Australian PM Gillard lost her leadership position in the minority Labor government to former PM Rudd. Gillard did not contest the vote and later said she would leave politics.

- Verizon has made an initial bid of $700M for Canadian wireless carrier Wind Mobile and reportedly also entered takeover discussions with Mobilicity, another Canadian mobile carrier services provider. Other Canadian telecoms are trading lower after the report, with RCI down 10% and TU down 12%.

***Looking Ahead***
- 12:00 (CA) Bank of Canada Dep Govr Lane speaks at CFA Society
- 12:00 (IS) Iceland Central Bank Minutes
- 12:00 (CA) Canada to sell 10 Year Notes
- 12:00 (FR) France May Net Change Jobseekers: +26.0Ke v +39.8K prior; Total Jobseekers: No est v 3.264M prior
- 13:00 (US) Treasury to sell $35B in 5-Year Notes
- 19:00 (PT) Portuguese State Workers Strike


 

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Amazing Trader EVENT RISK Calendar:


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15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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