Morning 3-28

Five Fed Speakers on Schedule today, the highlight of todays planned events

  • 8:30 VC Clarida
  • 9:00 Bowman
  • 10:30 Bostic
  • 12:15 Williams
  • 4:00 Bullard

Trade in stocks choppy so far today German CPI in line, Deutsche bank may or may not need to raise capital to complete Commerzbank deal, demand at Latest Italian Auction weak and Brexit still undecided  but GBP -150 ticks. Bond rally easing a bit today    bunds steady, 30 year bunds +22 ticks, U.S. bonds have a handle range but trade little changed as type. Yesterday’s 5-year auction was okay worries might be growing about today’s 7-year sale. The shorter maturity the more impacted by Fed rate policy thus the strong demand for 2 year and less so for the 5s. Dollar index higher again today as it trades above last week’s highs an important accomplishment due to the dovish fed.

 Palladium down again today -3.5% after dropping 5.8% yesterday pallidum has been the best performing precious metal this year. Oil heavy today as gasoline plummets for the second day. A bit of weak Technicals, Contract expiration, a cancellation of 2 US oil tankers all-weighing on prices.WTI -1.4%, Brent -1% gasoline -2.2% Gold -.5% trading down towards the 1300 handle and copper little changed.

 Spoos and Nasdaq unchanged, Dax steady to higher. Supposedly A breakthrough in US china talks but let us wait and see if we get proof of this. Jobless claims, last look at Q1 GDP not likely to have much impact ton trade.

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