Markets in Details: 11 April 2019

11 April, 2019

News

  • U.S. equities closed neutral to slightly positive on Wednesday after central banks showed support to their economies by keeping both rates and expectations of monetary tightening unchanged given a moderate inflation reality. Both the ECB and U.S. Federal Reserve expressed worries for global growth and signalled their willingness to change the rates or keep them if it is necessary to contain the risks.
  • Oct. 31 is the new Brexit deadline after EU leaders agreed on an extension with the UK. However, the long extension was objected by France, which pushed for a shorter extension and more guarantees attached to any extension, expressing concerns that a member state, which is on the way out of the EU continue to enjoy full EU membership rights.
  • U.S. and China has agreed to set uo “enforcement offices” to ensure trade deal terms are effectively applied when they are later agreed. The governance measure was announced yesterday by Treasury Secretary Steve Mnuchin.

The focus of attention

  • Traders will be watching if the global growth risks and trade tensions would affect the markets on Thursday. IMF Chief Economist warned that a myriad of risks could pull the growth lower this year and the fund warned that central banks are creating a new financial crisis by boosting short-term growth rates.

Expected events. All times GMT

  • 0230 China announces its inflation rate and PPI
  • 0700 Germany announces its inflation rate in March
  • 1330 U.S releases the March PPI

Technical Analysis

  • AUD/JPY is testing its near-term resistance at 79.797 for the fourth time this year. The move is also halted by momentum resistance at RSI 58% on the hourly time frame. Expect the pair to decline if it bounces from the resistance line again in the short-term. The pair recovers by 30-50% each time it bounces from a strong upper resistance.

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