BackgroundShares in Danish insulin producer Novo Nordisk are up 7% today as the company's first-quarter results beat revenue and net income estimates and it lifted the lower end of its previous full-year guidance. The big question is whether this is a signal to get on the bandwagon of Novo Nordisk. While the result was definitely…
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GBP has been the strongest currency over past three weeks. GBP/USD has seen a 4.6% rise since April 10, largely because of UK Prime Minister Theresa May’s sudden announcement of a snap general election on April 18. On the daily chart, the price is still holding above the downside 10-day SMA support. Nevertheless, the bullish…
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Richard Perry was interviewed on Bloomberg TV in Turkey where he was discussing the outlook for US growth and FOMC monetary policy. In the interview, recorded on Monday, he talked about the impact of deteriorating US economic data and the Atlanta Fed GDPNow forecast. He also discussed the prospects for Fed monetary policy with the…
Read moreInvestors are focused on the FOMC minutes and the French presidential debate could add more colors about the election outcome. Eurozone GDP Data Puts More Light On Draghi European central bank has been pumping liquidity in the economy for some time to boost growth. The economic data out of France and Spain has confirmed that…
Read moreEurozone Q1 GDP initial readings (YoY and QoQ) will be released at 10:00 BST today, followed by the US Markit Services and Composite PMIs (Apr) at 14:45 BST, the US ISM non-manufacturing PMI (Apr) at 15:00 BST and the FOMC interest rate decision at 19:00 BST. The crucial US ISM non-manufacturing PMI and manufacturing PMI…
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DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1) The bulls are threatening to break the consolidation to the upside yet again. A solid bull candle drove an intraday all-time high on the DAX futures but the move could not quite hold on to close above the previous peak of 12,518 which just…
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Background Since leaving the gap open at 99.88 from Friday, April 21 after the initial results from the French preliminaries, the USD index has consolidated within a channel formation. This would suggest a possible flag with a bias to break lower. However, gaps also have a tendency to be closed, so signals are far from…
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Background Yesterday's indecisive neutral bias proved correct as for the second day in a row, prices were contained within Friday's parameters. But crucially, yesterday's higher lows were firmly rejected and the market closed near the top of modest net gains on the day. This price action does not create strong signals for sentiment but although…
Read moreData this week has remained a net positive for the Australian economy and the RBA. Technically ASX could be preparing for a pullback below 6k whilst AUD ponders a break of a bullish wedge. The Service Index expanded at 53 in April, up from 51.7 in March. This complements the soaring read from the manufacturing…
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Background The main event on the calendar today is the US Federal Reserve Open Market Committee’s monetary policy review meeting. There is only a 5% chance of any movement in the policy rate so attention will focus on the short post-meeting statement. Little change to the previous outlook is expected, although, on balance, the data…
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