The Morning Jumpstart


  • SPI200 (Mar) overnight futures down 12 pts to 6185
  • SP500 down 17.57 pts to 2878.20
  • NASDAQ down 44.61 pts to 7909.28
  • Dow Jones down 190.44 pts to 26,150.58
  • FTSE100 down 26.32 pts to 7425.57
  • DAX30 down 112.83 pts to 11,850.57
  • GOLD futures US Session (June) up $6.30 to $1308.20 an ounce
  • COPPER futures US Session (Comex May) up $0.0010 to $2.9330 a pound
  • OIL futures US Session (Nymex May) down $0.18 to $64.22 a barrel
  • CRB Index down 0.14 points to 188.56
  • AUDUSD trading at 0.7126
  • EURUSD trading at 1.1264
  • GBPUSD trading at 1.3058
  • USDJPY trading at 111.1400

The US ended lower as traders took some risk off the table ahead of major data release tonight and the beginning of earnings later in the week. Traders also were concerned over tensions between the US and Europe as the US picked another fight and announced it was considering tariffs of $11 Billion on European goods. Also, the IMF (international Monetary Fund) downgraded its outlook on the global economy which makes the ECB release tonight all the more important for currencies. US bond yields fell after the news as traders sought the safety of the dollar. The DOW closed down 0.72% while the broader SP500 was down 0.61% and the Nasdaq also closed down 0.56%. Europe moved lower after the IMF said that global growth is expected to come under further pressure from a potentially disorderly Brexit and trade tensions and suggests that China, Germany and other major economies may need to take short term actions to prop up growth.

The USD initially moved lower but then made back lost ground on a safe haven bid into the dollar and risk off into the share market on the negative IMF outlook. The EUR gave up initial gains on a push to 1.1284 to finish back where it started the session. Initial optimism for markets and bullishness into the currency faded into the US session on global growth concern. The GBP is still finding some volatility due to a potentially hard Brexit although this is looking less likely as Prime Minister May is seeking the extension from the EU. News overnight suggests that the extension will be granted which would be supportive of the Pound. The AUD originally pushed higher through the Asian and European sessions then gave up the gains through the US session as the USD rallied off its lows. The USDJPY was the biggest mover of the major pairs as safe haven traders dived into the YEN on the new tariff news.

Gold moved higher on the safe haven bid as traders took risk off the table into shares. With earnings starting in the US, traders could expect more volatility into the commodity if companies fail to hit targets. Oil gave up some recent gains as Russia indicated a possible easing from its output-cutting deal with OPEC. Copper ended the session only slightly higher after giving up earlier gains on a rally into the USD. The price action is looking better for the bulls as sentiment for a US and China trade deal continues to support price.

Cryptocurrencies eased lower but were able to hold onto the highs as Bitcoin trades at $5184.6 down 0.52% while Ethereum is at $176.57 down 1.91% and Ripple is at $0.34978 down 1.35%.

The ASX200 opened higher yesterday but then swung between gains and losses for the session. The index closed up only 0.4 pts to 6221.8 with Energy being the best performing sector and Info Tech a close runner up. Falling stocks outnumbered advancing ones by 594 to 529 and 403 ended unchanged.

The ASX200 is expected to open down 10/15 points as the SPI200 continued the move lower through the European and US sessions.



JPY Bank Lending, Core Machinery Orders and PPI 9:50am

AUD Consumer Sentiment Data 10:30am

AUD RBA Assist Gov Debelle Speaks 12:30am

GBP GDP, Manufacturing Production and Goods Trade Balance 6:30pm

EUR Main Refinancing Rate and Monetary Policy Statement 9:45pm

EUR ECB Press Conference 10:30pm

USD CPI Data 10:30pm

USD Crude Oil Inventories 12:30am

USD FOMC Member Quarles Speaks 1:50am

USD FOMC Meeting Minutes and Federal Budget Balance 4am