The Morning Jumpstart


  • SPI200 (Mar) overnight futures down 17 pts to 6252
  • SP500 up 1.48 pts to 2907.06
  • NASDAQ up 24.22 pts to 8000.23
  • Dow Jones up 67.89 pts to 26,452.66
  • FTSE100 up 33.05 pts to 7469.92
  • DAX30 up 81.04 pts to 12,101.32
  • GOLD futures US Session (June) down $11.80 to $1279.50 an ounce
  • COPPER futures US Session (Comex May) down $0.0020 to $2.9330 a pound
  • OIL futures US Session (Nymex May) up $0.93 to $64.33 a barrel
  • CRB Index down 0.14 points to 187.28
  • AUDUSD trading at 0.7175
  • EURUSD trading at 1.1284
  • GBPUSD trading at 1.3050
  • USDJPY trading at 112.0000

The US edged higher overnight as major indexes inched closer to all time highs. Buyers were supported by a bunch of positive earnings that beat analysts expectations. First quarter earnings are now expected to drop 1.8% year-on-year which is an improvement over recent estimates although the first decline since 2016. Some companies are still coming under pressure even though reports beat consensus which may be showing some overall ‘pause’ from the bulls. The DOW closed up 0.26% while the broader SP500 was up 0.05% and the Nasdaq also closed up 0.30%. In Europe, major Indexes gained thanks to a positive financial sector and data showing an improving economic mood in Germany. Strong US bank earnings are filtering through to expectations for European banks as traders look towards earnings in Europe and expect some good numbers.

The USD found some buyers to edge its way higher during the US session, more due to other crosses coming under pressure than outright buying into the Dollar. The EUR fell after reports that a “significant minority” of European Central Bank policymakers think the bank’s economic projections are too optimistic. Traders will be awaiting data on Thursday to see whether the numbers suggest otherwise as it may be a case of the ECB trying to pressure the currency lower. The GBP was pressured lower overnight after news that talks on Brexit between May and the Labour leader have stalled. The currency now looks set to head to key support around 1.2980/1.3000. The AUD originally fell yesterday on news that the RBA is happy to cut interest rates if inflation remains low although price bounced in the European session back to where it started as the interest rate differential may be more attractive. The USDJPY was also unchanged as price continues to consolidate around 112.000 after fighting off a bearish spike down to 111.8500.

Gold was pushed lower as share markets continue to find buyers and take the pressure off the commodity as a safe haven. Oil rallied on positive sentiment to continue the move higher but is expected to find resistance up at 64.80. Copper ended slightly lower after a very choppy session although bulls held their ground with support coming in around 2.9285. Further data out from China may be a catalyst for another move up.

Cryptocurrencies regained some lost ground and continue to hold onto highs from the recent push up. Bitcoin is currently trading at $5178.7 up 3.02% while Ethereum is at $165.25 up 3.16% and Ripple is at $0.32201 up 1.42%.

The ASX200 started the session with a quick push into negative territory but then rallied to close up 26 points at 6277.4. Healthcare and Consumer Staples sectors were the main support for the rally with Gold and Financials taking up the slack. Telecom stocks along with Energy weighed on the market to cap the rally. Advancing stocks outnumbered falling ones by 574 to 537 and 414 ended unchanged.

The ASX200 is expected to open down 15 points after the SPI200 fell away from resistance levels overnight. Iron ore price came under pressure overnight which will take some of the shine off Iron miners. Traders will be awaiting data out of China today for further positive signs on the economy.


NZD CPI 8:45am

JPY Trade Balance 9:50am

CNY GDP, Industrial Production, Retail Sales and Unemployment Claims 12pm

EUR Current Account and Italian Trade Balance 6pm

GBP CPI and PPI Data 6:30pm

EUR CPI Data and Trade Balance 7pm

All OPEC Meetings All Day

CAD CPI Data and Trade Balance 10:30pm

USD Trade Balance 10:30pm

GBP BOE Gov Carney Speaks 11pm

USD Crude Oil Inventories 12:30am

USD FOMC Member Bullard Speaks 2:45am