– Average 10yr US auction

– Riksbank cut by 25bps, as expected

– Larger than expected EIA crude draw

– AAPL China iPhone shipments rise
– SHOP & UBER outlook disappoints
– INTC alters Q2 guidance after US imposes restrictions
– A couple of negative TSLA headlines

DOLLAR DX up: 105.43                  +0.12% (105.53 – 105.32) MID
– AUD down: 65.77                         -0.3% (65.59 – 65.86) Off Highs
– EUR up: 93.04                                +0.1% (93.12 – 92.94) MID
– GBP down: 124.94                        -0.1% (124.69 – 125.05) Off Highs
– JPY up: 155.63                               +0.69% (155.07 – 155.63) HIGHS

GOLD down: $2316                                       -0.3% ($2312 – $2328) Off Lows
DOW/ES/ND mixed:                                      39183 +0.4%, 5508 -0.1%, 18159 -0.2%
CRYPTO: BTC/ETH down/down:                  -2.25% 61694, -3.5% 2954
CRUDE up: $79.18                                          +1% ($77 – $79.18) HIGHS


– EZ Ascension Day (closures across Nasdaq Nordic)

– Chinese Trade Data

– BoJ SOO; BoE Policy Announcement; BoE DMP


BoE’s Bailey, Pill
ECB’s Cipollone, De Guindos
Fed’s Daly


Enel, Pirelli, Ferrovial, Telefonica, ACS, Flutter, Constellation Energy.


Dollar saw a slight bid on Wednesday with DXY trading either side of 105.50 with the only data being March Wholesale Sales which fell 1.3% after rising 2.0% in the prior month, while wholesale inventory revisions declined 0.4%, as expected. The Atlanta Fed GDPNow Model (Q2) was also updated to incorporate last week’s jobs report, ISM non-manufacturing index, auto sales and wholesale trade data to lift the tracker to 4.2%% from 3.3%.
There were remarks from Fed’s Collins who gave a set of neutral remarks, noting policy is well positioned and there are risks to cutting too soon. Governor Cook meanwhile focused on Financial Stability.

DOLLAR DX up: 105.43                  +0.12% (105.53 – 105.32) MID

No call

AUD was the laggard with the post-RBA weakness continuing.

AUD down: 65.77                            -0.3% (65.59 – 65.86) Off Highs

No call

Pound traders await the BOE Rate decision, minutes and MPR due on Thursday

– GBP down: 124.94                        -0.1% (124.69 – 125.05) Off Highs

No call

There were several ECB speakers who all largely sang from the same hymn sheet with a June cut seen as a certain. Wunsch does note there is a path for rate cuts this year and suggests there is room for at least two 25bp rate cuts this year (market currently prices in nearly 3 rate cuts). Holzmann noted that if the time comes in June, further steps will certainly follow, but he does not see a reason to lower rates too quickly. On data, German industrial output data fell 0.4% in March, a touch better than the -0.6% forecast but down from the prior, revised lower, 1.7% gain.

EUR up: 93.04                                  +0.1% (93.12 – 92.94) MID

No call

The Yen saw further weakness and was the G10 laggard against the Buck with USD/JPY rising back above 155 to a peak of 155.67 on Wednesday. Note, BoJ Governor Ueda spoke overnight, largely reiterating recent commentary although he did add that the BoJ may need to respond via monetary policy if such an impact from Yen moves affects trend inflation. He also noted, however, that he does not see the Yen moves having a large impact on this so far, but there is a risk the impact could become more significant in the future. Ueda also noted that the central bank will not necessarily wait until inflation achieves their forecasts in 1.5-2 years to raise interest rates.

JPY up: 155.63                                 +0.69% (155.07 – 155.63) HIGHS

No call


Whip-saw session saw overnight weakness squeezed into a rally which faded into the close.

GOLD down: $2316                                       -0.3% ($2312 – $2328) Off Lows

No call


– SPX +0.00% 5,187
– NDX -0.04% 18,085
– DJIA +0.44% 39,056
– RUT -0.46% 2,055

– DAX: +0.31% 18,488.07
– FTSE: +0.49% 8,354.05
– CAC: +0.69% 8,131.41
– ES50: +0.46% 5,039.15
– IBEX: +0.65% 11,153.00

SECTORS (S to W): Utilities +1.05%, Financials +0.4%, Technology +0.23%, Industrials +0.03%, Energy -0.12%, Communication Services -0.17%, Consumer Staples -0.27%, Health -0.33%, Consumer Discretionary -0.41%, Materials -0.44%, Real Estate -0.9%

Shopify -18.5%: Gave a disappointing 2024 outlook, noting it will be impacted by the sales of its logistics businesses
Uber Technologies -5.5%: Posted a surprise loss per share and gross bookings missed, with the Q2 outlook for gross bookings short
Lyft  +7%: EPS, revenue, gross bookings, and active riders topped accompanied by strong guidance
Apple flat: iPhone shipments in China rebounded with 12% growth in March after price cuts
Tesla -1.5%: China-made EVs in April fell 18% Y/Y or 30.2% M/M. Separately, US prosecutors are reportedly examining whether Tesla committed securities and wire fraud in a criminal probe of self-driving claims.
Trip Advisor -28.5%: Announced its special committee had not found any potential deals with third parties that are in the best interest of shareholders.


The crude complex saw gains on Wednesday amid tailwinds from crude stocks drawing more than anticipated. WTI and Brent hit lows of USD 76.89/bbl and 81.71/bbl, respectively, in the overall downbeat European session, and although oil was already paring off worst levels, the weekly EIA data gave the complex the needed impetus to wipe out losses and extend higher to peaks of USD 79.15 and 83.82/bbl. In terms of the metrics, crude drew 1.362mln (exp. -1.066mln), while distillates and gasoline both saw surprise builds, in fitting with the private inventory numbers on Tuesday night. Whilst participants are awaiting a significant Middle East development/breakthrough, the latest update came via Alsharq News citing official Egyptian media, who said discussions continue in Cairo from ten in the morning, amid notable agreement on some controversial points. Oil report courtesy of newsquark

CRUDE up: $79.18                                          +1% ($77 – $79.18) HIGHS


US 1-MO 5.371 -0.001
US 6-MO 5.366 UNCH
US 1-YR 5.157 +0.01
US 5-YR 4.503 +0.032
US 10-YR 4.5 +0.039
US 30-YR 4.644 0.039

2YR/10YR -0.34


“Still a Sell.”
Yesterdays Market Report.

– Chainanalysis sets up Duai HQ

CRYPTO: BTC/ETH down/down:                  -2.25% 61694, -3.5% 2954


Best of luck out there. Let the market come to you

We do our best to provide correct information and pricing. We do not accept liability on for error. All pricing listed has been taken care and checked but no liability assumed in error.

As ALWAYS, any advice given is general in nature and is not suited to each traders individual: situation/time-frame/goals/financial circumstance/risk profile/loss mechanics etc
We offer ideas for trades from time to time, we accept no liability for results, they are to be traded on your discretion and responsibility.

I can be contacted should anyone have any questions, input at [email protected] during US hours of EST 9am until 5pm

For those unaware the Market Report can also be found on our website: