The dollar extended losses against the majors, declining just shy of the 1.33-level against the euro and a 3 ½ week low versus the yen at 96.66. The economic reports released from the US this morning were mixed, consisting of March durable goods, factory orders and new home sales. Durable goods orders for March were better than expected, improving to -0.8% and beating calls for deterioration to -1.4% from 3.5% a month earlier. Meanwhile, March new home sales posted a 0.6% decline from the previous month at 356k units compared with an upwardly revised 358k units from February. US equities were trading higher by mid-day Friday trading, with the Dow Jones and S&P 500 both up by over 1.5% and the Nasdaq rallying by over 2%. Corporate earnings this week from technology firms such as Apple and Amazon have beat out consensus estimates, extending the Nasdaq’s rally from early March – which has seen advanced by almost 34% from its March 9th trough. Traders are looking ahead to the release of the government’s bank stress tests, due out at 2pm. A combination of Friday profit taking and dour sentiment over financials could drag stocks lower near the close.
0 comments:
Post a Comment