Markets in Details: 17 April 2019

17 April, 2019

News

  • Bond yields rose after China posted robust GDP, industrial production and retail sales. China grew 6.4% YoY, beating first-quarter estimates. Industrial factories output meanwhile rose 8.5% overcoming estimates at 5.9 percent. The government’s economic stimulus measures also impacted consumer demand which strengthened retail sales and new home prices which rose sequentially in 65 out of 70 major cities.
  • India reported that its unemployment rate has doubled to 6 percent providing evidence that the ruling government has failed one of its primary economic mandates to deliver job growth.
  • WTI crude climbed to 64.63 after API Crude Oil Stock Change report showed an unanticipated decrease in crude inventories on Tuesday.

The Spotlight

  • Financial markets are expected to stay in the green today after the strong economic reports from China which suggests government efforts to turnaround the economy are having a positive effect.

Expected events. All times GMT

  • 02:00 China will release Q1 GDP, Retail Sales, and Industrial Production
  • 08:30 UK will release inflation data
  • 09:00 EC will release eurozone inflation and balance of trade
  • 12:30 U.S. will release the balance of trade data
  • 14:00 U.S. will release February wholesale inventories

Technical Analysis

  • GBP/AUD’s recent downward move appears to remain intact on Wednesday as a strong momentum resistance seems to have formed at the 40% level on the hourly view. The pair has been trading below the BB basis line since yesterday. Expect further weakness since the RSI remains below the momentum resistance level.

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