Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew April 2023

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Summary:  Dax ahead of resistance - will we make it


Good Morning,

Markets were a bit jittery yesterday, the S&P made it to the green while the Nasdaq and the Dow lost. The Dow gave up 1% and the Nasdaq 0.3%. The most notable move was Tesla, falling 6.5%. It seems that building inventories spooked investors. Tesla pulled tech lower and we saw some profit taking after the strong quarter. Amazon, Nvidia and Microsoft each lost app 1.3% Apple 0.16% and AMD app 3%. Energy had a good day after the Opec cuts.

Technically we have room  to the upside for US Indexes as Kim Cramer points out European Indexes are also at key levels

Next to the Oil production cuts, fairly poor US data weighed on the one hand but also hinted at less inflationary pressure. 2 Year Yields fall to 4.00 and the USD Index to 102.20. The Canadian dollar posted the largest gain in two months to trade at 1.3434. Bitcoin found buyers at 27500 and is now at 28000.

EURUSD is just below 1.09 at 1.0890, GBPUSD is 1.2400 and USDJPY 132.85. Gold and Silver are at 1980 and 23.80 needing a boost to break resistances.

We are not expecting tier 1 data today, without major surprises it could be a quiet day to digest the sharp moves of the last few days – no guarantees

Headlines:

Australia kept rates on hold

New York will be wild today with Donald Trump arriving to face criminal charges.

Credit Suisse will hold their final annual general meeting in Zurich today.

Finland is officially joining NATO

Richard Branson's Virgin Orbit Holdings Files For Chapter 11 Bankruptcy Protection

Economic Data

German Exports

US Producer Prices
US Factory Orders

Wednesday

International PMI
German Idustrial Orders

Thursday:
German Idustrial Output
Swiss FX reserves
US Jobs data

Friday:

 Good Friday
Non Farm Payrolls

 

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.