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ECONOMIC CALENDAR

Monday, Apr 17, 2017
02:00CNYRetail Sales YTD Y/Y Mar
02:00CNYFixed Assets Ex Rural YTD Y/Y Mar
02:00CNYIndustrial Production YTD Y/Y Mar
02:00CNYGDP Y/Y Q1
12:30USDEmpire State Manufacturing Apr
14:00USDNAHB Housing Market Index Apr
20:00USDNet Long-term TIC Flows Feb
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Dollar Soft after Yellen Testimony, Brexit Campaign Enters Final Day

Dollar recovered mildly against Euro and Yen but stays weak against other major currencies after Fed chair Janet Yellen's testimony before Senate Banking Committee. Yellen noted a few risks to law makers including "Brexit". She said that "a UK vote to exit the European Union could have significant economic repercussions". Also, "mixed readings on labor market and economic growth" warranted caution together with "vulnerabilities" in the global economy. Nonetheless, she's optimistic that the headw…
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EUR/USD Daily

EUR/USD jumps sharply today but stays below 1.1414 resistance. Intraday bias remains neutral first. On the downside, break of 1.1097 support will confirm resumption of fall from 1.1615. More importantly, that will indicate completion of rebound from 1.0517. And, in that case, retest of 1.0461/517 resistance zone would be seen. Nonetheless, above 1.1414 will turn focus back to 1.1615 instead.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern …
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EURopean Majors

European majors open the week sharply higher as latest Brexit polls in UK showed that support has swung back to the "remain" camp. A poll by Survation for the Mail on Sunday showed 45% supporting "remain" with EU and 42% supporting "leave". A YouGov survey for the Sunday Times showed 44% supporting "remain" and 43% supporting leave. An Opinium poll showed a tie of 44% each. The poll results showed and turn in the momentum after the tragic murder of pro-EU British MP Jo Cox. Campaigns of both cam…
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EUR/USD - USD-JPY

The American dollar traded broadly lower against most of its major rivals, as renewed oil's weakness spurred risk aversion across the board, resulting in a sharp decline in worldwide stocks. The TEUR/USD pair advanced up to a daily high of 1.0939 this Tuesday, but was unable to advance further beyond the top of its recent range, easing towards the 1.0890 region, where short term buying interest sent it back towards its highs. In Europe, the EU Producer Price Index in the region fell by 0.8% in D…
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Asian Equities Higher and Recovery Continues

Asian equities open higher today in reaction to the rebound in US equities overnight. DJIA closed up 117.65 pts or 0.72% to close at 16515.22 but was kept well below 17000 handle. At the time of writing Nikkei is up 2.7%, HK HSI up 2% and China SSE composite up 0.8%. Trade data from China also provide some support to sentiments. Trade surplus widened to USD 58.2b in December versus expectation of USD 52.2b. In Yuan term, exports surprised with 2.3% yoy rise comparing to expectation of -4.1% yoy …
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