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Bears Strengthen Grip

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Consolidating Above Support

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Corrective Cycle

FOREX
FOREX: Markets lack direction as Fed blackout period begins
-Currency markets on the whole trade with little direction as volumes gear back
up following the extended weekend across Europe and the US. GBP trades modestly
higher against most others in G10, but the $1.30 mark in GBP/USD is proving too
much to bear at present. PM May and her government return to parliament this
week amid various reports this weekend of disharmony among lawmakers, including
the prospect of her being forced out of the leadership position as soon as June.
-Antipodean FX trades poorly, with AUD/USD dipping back below the 50-dma as
Chinese equity sentiment remained negative and as industrial metals prices
suffer. Focus turns to the overnight inflation report following MNI reports 2
weeks ago that only a "big CPI miss would prompt RBA dovishness". EMFX also
follows metals prices lower, with ZAR underperforming.
-It's a relatively quiet calendar Tuesday, with US March new home sales the
focus after yesterday's existing home sales number was particularly
underwhelming. Eurozone consumer confidence and Richmond Fed manufacturing are
also due. Earnings from Twitter, Coca Cola and P&G also cross.