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Monday, April 15, 2019 10:13 AM GMT

As we are entering the earnings season of the US stocks, the comparison of year on year earnings growth will be unfair. Given that the results will be compared with the 1Q18 quarter when the effects of the US tax law changes had been significant, a possibly useful anchor level to define whether the risk-on or the risk-off sentiment will prevail, could be the -4% y/y earnings growth.

Numbers above that level could potentially help bullish scenarios on EURUSD, AUDUSD, EURJPY.

Today, Goldman Sachs is publishing their earnings results, tomorrow it will be the turn of Bank of America, Blackrock, Netflix, Johnson & Johnson and on Wednesday, it will be the turn of Alcoa and Morgan Stanley.

Another thing to consider is today’s French President Macron’s address to the nation, following the talks he had with the “yellow vests”, the kick off of trade talks between Japan and the USA, where tariffs cuts on American agriculture products is on the agenda and any updates we might have on the US-China and US-EU trade talks.

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