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Market Commentary - 03rd April 2018
4th April 2018
Indices
DOW30 +1.65%, S&P500 +1.26%, NASDAQ +1.04%, DAX30 -0.78%, FTSE100 -0.37%, NIKKEI225 -0.45%
US indices clawed back a chunk of their losses from Monday with the DOW30 rallying 389.17 points to close out the session at 24,033.36, a gain of 1.65% on the day. The S&P500 and Nasdaq climbed 1.26% and 1.04%, respectively.
The upturn came amid what some traders deemed an oversold market, with technology companies leading the charge higher after yesterday’s rout. Amazon closed 1.5% higher after reports that the White House had no plans to take action against the company. This came despite the President continuing his attacks against Amazon, with him tweeting:
DOW30 in a bullish falling wedge pattern. Resistance, on a descending scale, currently resides at 24,090
FX
EURUSD -0.26%, GBPUSD +0.09%, USDJPY +0.68%, AUDUSD +0.29%, EURGBP -0.35%, USDCAD -0.82%
The USD gained some of the previous sessions losses back, largely aided by gains against safe haven currencies – JPY & CHF. The USD is still however 2% down YTD with political and trade war uncertainties capping gains.
President Trump is expected to announce tariffs of between $50-60bln in Chinese imports later this week, with China already indicating that they will take counter measures of the ‘same proportion’ should it go ahead. China has already imposed £3bln worth of tariffs in imports of US food and other goods in response to US tariffs on aluminium and steel (10% & 20%, respectively).
The market is also now focusing on US employment data this Friday with wage growth of particular importance. Higher wage growth will stoke up of fears of four rate hikes, with the market currently pricing in three. This would help limit the USD losses in the face of global uncertainties.
USDCAD: With a break below the neckline at 1.28, the ‘Head & Shoulders’ pattern targets 1.2475
Commodities
XAUUSD -0.64%, XAGUSD -1.06%, WTI Crude +0.89%, Brent Oil +0.80%
Oil prices picked up on Tuesday buoyed by rising US equity markets. WTI Crude climbed 0.89% to $63.57 (May contract), with Brent oil climbing to $68.18 (June contract).
Comments from Russian Energy Minister, Alexander Novak, also lended itself to oil bulls with the Minister confirming a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of 2018.
XAUUSD continues to trade in a wide range ($1,307 – 1,360) with an absence of catalysts for a breakout.
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