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http://www.marketwatch.com/story/asia-stocks-struggle-to-rise-in-choppy-trade-2012-05-01
HSBC’s monthly manufacturing Purchasing Managers’ Index (PMI) rose to 49.3 on a 100-point scale, up from a preliminary “flash” reading of 49.1, and a full point higher than March’s 48.3 print.
http://www.marketwatch.com/story/china-factory-data-show-slower-cooling-hsbc-2012-05-02
It is not often that we see a simultaneous rally in the U.S. dollar and U.S. stocks. The Dow Jones Industrial Average rose to its highest level since December 2007 today while the S&P 500 rose to a more modest 3 week high. The rallies were sparked by better than expected U.S. data and gains in banking stocks. Normally good U.S. data is more positive for risk than for the U.S. dollar but with the Fed keeping investors guessing about another round of Quantitative Easing, the latest manufacturing sector reported alleviated some concerns about a slower U.S. recovery. We are skeptical of course because the ISM reading conflicts with regional data. Nonetheless the data is good and has provided support for the dollar as investors reconsider their QE3 positions.
http://www.fx360.com/?et_cid=21317443&et_rid=wallstreet1928@gmail.com
- Germany Bunds allow safe-haven flows to stay in euros
- Central bank reserve diversification
- Options players
- European bank deleveraging
http://www.forexlive.com/blog/2012/05/01/whats-behind-the-euros-resilience/
Just a couple months ago, Apple Inc. (NASDAQ:AAPL) would open higher and climb all day long. Those days are long in the past as even today, Apple finds itself struggling to keep the gains from the morning session. In dramatic fashion, the stock opened slightly higher, and surged, gaining over $12.00 on the session. However, since the highs were put in around 10:30am ET, the stock has faded, now just trading at $591.44, +7.46 (1.28%).
Apple continues to be a solid barometer for the overall market. If it continues to show weakness and falls lower, the markets will likely come off their highs and fade. In addition, continued weakness means further problems in the market over the next few days and weeks making this a very good shorting opportunity in the markets. Keep watch of Apple, it will tell the markets tale.
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With most of Europe closed for May Day, the lack of liquidity triggered an unusually large reaction to a piece of economic data that normally elicits a much smaller reaction in the currency market.
http://www.fx360.com/commentary/kathy/7498/us-dollar-soars-on-surprise-increase-in-ism.aspx
http://www.fx360.com/commentary/boris/7479/aussie-and-cable-pressured-lower-on-may-day.aspx
