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Market Recap

Tuesday, April 16, 2019 10:28 AM GMT

Yesterday’s USDCAD setup was verified. The pair started an impressive rally on the presented level, supported by the technical bollinger band level, the bigger macro picture and boosted by the announced business outlook survey of Canadian economy, that fell to -0.6% vs 2.2% prior.

Market’s reaction to yesterday’s Goldman Sachs earnings that dropped -20%, was a steep drop of it’s  stock price of -3.92%. With the exception of Mastercard, Visa and Citigroup (Citigroup’s earnings were higher but revenues declined), the stocks of the biggest US bank (Bank of America, M.Stanley, JP Morgan) fell.

Today is Bank of America, Blackrock, Netfix and Johnson&Johnson turn to publish their earnings.

On 14.00GMT the ZEW Economic Sentiment for Europe and Germany will be released. Markets expect positive numbers to confirm the uptrend of EURUSD and EURJPY. Nevertheless, given that markets are already pricing in high readings (latest ZEW reading was -2.5 and markets are currently expecting the new reading to be 1.2), the pause of the risk-on sentiment is a probable scenario.

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