USD & Yields rallied significantly and Stocks sank into the long Easter weekend. EURUSD tanked under 1.0800 after the ECB confirmed that QE is set to end in Q3, but Lagarde was cagey on the actual timing and on the prospect of rate hikes. USDJPY hit a new 20-year high over 126.50. US Claims missed (185k vs 172K, but remain low historically)  Retail Sales were better +0.5% for the headline and +1.1% ex-autos & big net upward revisions. UoM Consumer Sentiment surprised to the upside (65.7 vs 59.1). Trade prices beat – a record-high 4.5% for exports and an 11-year high of 2.6% for imports.  All of the 4-big Banks beat earnings expectations but profits fell shares moved from Citi +1.55% – Wells Fargo -4.51%. Musk moved to buy Twitter, markets are not convinced, but he has a “Plan B” if it fails apparently.

• Stocks lower (NASDAQ +2.14%) Asia markets weaker too (Nikkei -0.31%) with UK & Europe closed today & Monday.
• Yields moved significantly higher, the 10-yr moved form 2.69% to close at 2.82%
• USDIndex rallied from lows at 99.50 hto highs at 100.75 & trades 100.26 now.
• Equities – USA500 -54 (-1.21%) at 4392. –  US500 FUTS closed at 4388. TWTR -1.68% ( +13% pre-market when news broke) TSLA -3.66%, APPL -3.00% NVDA -4.26%, AMD -4.79%) 
• Oil  & Gold continued to recover and hold over $105 & $1970 respectively. 
• Bitcoin esank to 39k zone again form over 41k and trades at 40k now.  
• FX markets – EURUSD has recovered 1.0800 from 1.0757 lows yesterday. USDJPY trades at new 20-yr highs at 125.60 and Cable tumbled a whole big number to 1.3050 from 1.3150 yesterday. 

Overnight – Mester Job market is “very tight” & inflation is “very elevated”. PBOC did NOT cut interest rates.

Today –  French CPI in-line  at +1.4% m/m. Empire State manu. Index.

Biggest FX Mover @ (07:30 GMT) USDJPY (+0.650%) Recovered from 0.6756 lows following RBNZ announcement, to close at 0.6796, testing 0.6830 now. Next resistance 0.6850 & 0.6875. MAs aligned higher, MACD signal line & histogram moving higher & over 0, RSI 64 & rising, H1 ATR 0.00099, Daily ATR 0.00703.

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Stuart Cowell

Head Market Analyst

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