EU Bullet Report | USD firmer on FOMC member speeches

Posted On 13 May 2016

USD is firm today after several Fed Members supported the case for rate hikes this year. On the data front, Germany and Eurozone GDP will be the main focus in European session. US will release retail sales, PPI, business inventories and U of Michigan sentiment.

Stocks: Overnight, US Stocks were mixed in a volatile session as OIL prices fluctuated in wild swings And as Apple stocks hovered to its lowest level in 2 years. DJ gained 9.38 or 0.05% to 17,720.50, while the NASDAQ lost 23.36 or 0.49% to 4,737.33, extending losses from the previous session. Asian shares mostly drifted lower on Friday with the focus on monthly U.S. retail and consumer reports to close the week.

Oil and GOLD: Crude oil futures slipped early today, following wild swings yesterday, on the back of a strong USD and a warning by Russia that a global crude supply overhang could last into next year. U.S. crude fell 1.3% to $46.11 a barrel, moving away from a six-month high of $47.02 hit on Thursday but still on track for a weekly gain of 3.3%. Brent crude fell 0.9% to $47.64, and was poised to gain 5% this week. GOLD today edged higher after losing more than 1% yesterday, but is on track for its biggest weekly decline since March as a stronger USD cuts the metals attractiveness.

Currencies: USD is mildly higher today but would probably end the week mixed. Sterling is steady after yesterday’s BoE Super Thursday. As expected, BOE voted unanimously in May to leave the Bank rate unchanged at 0.5% and asset purchases at 375b pound. AUD is set to be the week’s largest loser followings last Night’s selloff. AUD/USD fell from 0.7325 to 0.7285, where it found support for now. NZD/USD declined from 0.6830 to 0.6795 and USD/CAD rallied to 1.2870, up roughly 100 pips from yesterday’s low. EUR/USD remains quiet and the pair traded in a 1.1365-80 range overnight.

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