Markets in Details: 18 April 2019

18 April, 2019

News

  • Despite strong economic reports from China, U.S. shares were struggling but ended lower on Wednesday. The S&P 500 Health Care sector was noticeably weak as it finished the day 2.9% down. Qualcomm settled a battle with Apple, and the IBM reported revenue misses. Transportation stocks also showed strength due to solid earnings from UAL, CSX and KSU. As markets appear to have priced in the strong economic data, traders will be following the signals of whether the market will move higher or lower on Thursday.
  • U.S. wholesale inventories rose 0.2% after a 1.2% increase in January. Inventory growth continue to surpass the sales year-on-year, which would help hold back the prices.
  • It was reported yesterday that the Central Bank of Turkey has entered into a one-week swap totalling about $12bn with local banks to shore up foreign reserves. Analysts are estimating that the country lacks the foreign currency reserves to protect the Lira from sell-offs.

The focus of attention

  • Today, markets are focused on PMIs in the U.S., eurozone and Germany, as well as retail sales in the UK and the U.S.

Expected events. All times GMT

  • 0700 Germany will release PPI
  • 0800 China will release March FDI
  • 0830 Germany will release Services and Manufacturing PMIs
  • 0900 EC will release eurozone Services and Manufacturing PMIs
  • 0930 UK will release March retail sales
  • 1330 U.S. will release March retail sales
  • 1445 U.S. will release Services and Manufacturing PMIs
  • 1500 U.S. will release Business Inventories data

Technical Analysis

  • The EURUSD pair still fail to close above the 1.1300 level as traders will possibly react to the PMI data in the eurozone. The pair has been steadily moving down on the daily chart from 1.1542 in January and currently faces momentum resistance at the 54% RSI level (14).

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