11 April 2017. Daily Market Updates

dailyreport
Headlines-International
Federal Reserve Chair Janet Yellen said the U.S. central bank’s task has shifted from a post-crisis exercise of healing the economy to one aimed at holding on to progress made. “Before, we had to press down on the gas pedal trying to give the economy all of the oomph that we possibly could,” The Fed is now trying to “give it some gas, but not so much that we are pushing down hard on the accelerator” Yellen said Monday in Ann Arbor, Michigan.
Federal Reserve Bank of St. Louis President James Bullard said in Melbourne yesterday that although Friday’s jobs report was weaker than expected, it is consistent with the U.S. economy growing at two percent this year
U.K. retail sales fell the most since 2011 last quarter as consumers started to feel squeeze from faster inflation. Retail sales dropped 0.7 percent from a year earlier on a like-for-like basis, the British Retail Consortium said Tuesday, noting that the timing of the Easter holiday — which this year falls in April — may be distorting the numbers. Food sales declined 0.2 percent, their first decline since the period through August.
China’s central bank skips the use of reverse-repurchase agreements for an 11th day — the longest run since it began daily open-market operations last year. Cash supply is improving as some banks are ready to loan out money after quarter-end, according to Oversea-Chinese Banking Corp.Markets
According to BI economist, Australia unemployment rate may have improved in March, after jumping by 0.2 ppt to 5.9% in February, the highest level in more than a year.
Iron ore’s retreat alongside a pickup in oil is switching the fortunes of two of the world’s most-traded commodity currencies. Last quarter’s best Group-of-10 performer against the greenback, AUD is now running last as the country’s biggest export material slumps.
Meanwhile, crude’s revival as the Syria strikes potentially inflame Middle Eastern tensions has emboldened CAD, putting the short Aussie versus the Loonie (CAD) trade on investors radars, says Chris Weston, chief market strategist in Melbourne at IG Ltd.
Oil was up for a fifth day after advancing 3.2 percent last week following a U.S. military strike on Syria. In Russia, Energy Minister Alexander Novak said his ministry had been in talks with oil companies regarding the need to prolong the six-month deal with OPEC. The U.S decision to divert an aircraft carrier to North Asia sparked a selloff in South Korea assets and renewed concern of Chinese involvement in any regional conflict.
Market in details
FX:
U.S. Dollar Index down 0.2% to 101.02
USD/JPY fell just before noon in New York amid broad USD losses after traders circulated chatter on China
AUD/USD holding slim gains, making no real attempt at 0.7514 ( market sees as 100 days moving average level)
NZD/USD bid into the close, trading near session highs; sellers of AUD/NZD cross contributing to gains
Rates:
U.S. 10Y yield narrowed 1.6 bps to 2.3661%
France’s 10-year yield rose four basis points to 0.93 percent. That compared to the bund benchmark yield at 0.21 percent, little changed from the previous session.
Equities:
S&P 500 up 0.07% to 2,357.16
Dow Jones up 0.01% to 20,658.02
Nasdaq up 0.05% to 5,880.93
S&P/ASX 200 Index futures contract little changed; futures relative to estimated fair value suggest an early gain of 0.1%
Commodities:
Gold spot down 0.3% to $1,251.10
WTI Futures up 1.7% to 53.15
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