Morning 4-30

Japan Closed today, Thursday and Friday. China Closed today and tomorrow .May 1 labor Day, is a national Holiday in many countries France, Germany Singapore to name a Few so markets will be closed FOMC decision on Wednesday, Payrolls on Friday, USA trade delegation in China Thursday and Friday for Trade negotiations, Apple Earnings on Tuesday. Treasury refunding announcement on Wednesday. Exemption period for Steel and Aluminum tariffs ends today and many Countries are applying for an Extension. Most likely, this period likely to be extended as the flood of requests for exemptions has overwhelmed the staff at commerce dept. (BB)
Dollar higher today as the outperformance of US economy compared to rest of world drives currency higher. Friday high and 200 d MA is 91.870-.The collapse in the GBP continues down .4% today. Euro down .4% as well as German Inflation numbers are benign, the area to watch in Euro is 1.2010, yen -.3% as the sideways to lower action continues. The last 3 days have seen with almost identical highs and Lows.US stocks higher as T-Mobile is trying to acquire Sprint for $26.5 b also marathon Petroleum to but rival Andeavor for $20B. Spoos +8 (.3%) handles Nasdaq + 31(+.4%).Mizuho story this morning via Bloomberg discussing the record high net shorts in Us 10’s.This morning treasuries a touch heavy as they are lower across all maturities, Bunds down a Bit as are Gilts. Dax and Stoxx 50 contained in a tight range but prices are higher as a Minor Risk on Theme prevails.
Commodities show Oil down 1%,gasoline -1.26%,Silver -1.1% Gold -.8%,Copper +.3% Aluminum Steady and Zinc +1.5%.Stronger dollar maybe impacting gold and Silver, base metals firm due to likely scenario that most European products will be granted an exemption from US tariffs and Decent China manufacturing PMI numbers. Holiday markets or Holiday as if markets are low in Volume and most time erratic and choppy.
• PCE core y/y will be monitored today to see if it does touch 2%,Bloomberg consensus is 1.9%
• North Korean leader has invited press from US and South Korea to Nuclear testing facility to prove that it is closed.

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