April starts out risk-on with a focus on China at the start of the week

China has pledged to expand financial market opening.
U.S., China resume trade talks in Beijing after ‘productive working dinner’.

Today’s markets in China should be interesting, for we have already seen a positive sign in Chinese manufacturing and services date with more news from the sector due later today. There is risk-on sentiment to the start of the new quarter which has seen the commodity complex a touch higher and the Aussie the following suit with a pop at the start of the week, presumably reacting to the Chinese data from over the weekend.

Sunday’s stronger than expected China official manufacturing PMI, which bounced from 49.2 in Feb to 50.5 in Mar, a high since Sep 2018. The official services PMI rose from 54.3 to 54.8. We will have the Caixin manufacturing expected at 49.9 and in line with the prior number – An upside surprise there will put the data back into expansion and certainly underpin a bullish bias for risk-FX, such as the Aussie (on course for 23.6% Fibo / trend line resistance target) and AUD/JPY.

The Chinese stock closed higher on Friday, chalking up the third straight month of gains with trade tensions subsiding on renewed hopes of progress in U.S.-China trade talks.and as investors cheer Beijing’s pledge to further liberalise financial markets.

  • The blue-chip CSI300 index .CSI300 ended up 3.9 percent to 3,872.34 points, while the Shanghai Composite Index .SSEC closed up 3.2 percent at 3,090.76 points.
  • For the week, CSI300 edged up 1 percent, SSEC slipped 0.4 percent.
  • For the month, CSI300 was up 5.5 percent, while SSEC gained 5.1 percent, both posting their third month of rises in a row.

So far this year, the Shanghai stock index is up 23.9 percent and the CSI300 has risen 28.6 percent , while China’s H-share index listed in Hong Kong is up 12.5 percent. Shanghai stocks have risen 5.09 percent this month.

Trade talks on a positive route

On trade talks, the latest news was that the U.S. and Chinese officials had conducted talks aimed at nipping the trade dispute between the world’s two largest economies in the bud with an aim of a trade agreement by the end of this month, with U.S. Treasury Secretary Steven Mnuchin on Friday saying he had a “productive working dinner” the previous night in Beijing.
 

Oil Rises on Trade Hope and Dollar Softness

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USD/CAD Fell to Support on GDP. Asia Stocks May Rise as Yen Drops

Asia Pacific Market Open Talking Points

  • USD/CAD drops, eyeing support after rosy GDP data
  • GBP/USD weakens as Brexit was delayed to April 12
  • Asia stocks may rise with AUD/USD as JPY weakens

Find out what the #1 mistake that traders make is and how you can fix it!

Key FX News Friday

The Canadian Dollar was the best-performing major on Friday, bolstered by January’s local GDP report. At a time where most major countries are slowing, Canada’s economy should resilience as growth clocked in at 1.6% y/y versus 1.3% expected and from 1.1% in December. Local front-end government bond yields rallied, hinting at fading dovish Bank of Canada monetary policy expectations.

USD/CAD Technical Analysis

USD/CAD dropped about 0.7% on Friday in its worst single-day performance since February 22nd. This followed another retest of resistance just under 1.3469. This has left the pair eyeing near-term support which is a range between 1.3251 and 1.3291. Keep in mind that this area is also reinforced by former descending resistance from January (upper blue dashed line on the chart below).

USD/CAD Daily Chart

USD/CAD Fell to Support on GDP. Asia Stocks May Rise as Yen Drops

Chart Created in TradingView

On the flip side of the spectrum, the British Pound depreciated. For a third time, UK Prime Minister Theresa May failed to get her Brexit deal passed through Parliament. Even though MPs voted against a ‘no deal’ divorce previously, it was not legally binding. As such, leaving the EU without an agreement remains a possibility. For now, Brexit has been pushed back to April 12 on unconditional terms.

Monday’s Asia Pacific Trading Session

Monday’s Asia trading session contains a couple of event risk for the Australian Dollar such as local business confidence and Chinese Caixin PMI data. Risk trends will also be competing for Aussie’s focus. Wall Street edged higher on Friday, brushing off disappointing personal spending data. Markets may be eyeing US-China trade talks this week. With that in mind, a rosy day for equities may weaken the anti-risk Japanese Yen further as AUD/USD and NZD/USD climb.

US Trading Session Economic Events

USD/CAD Fell to Support on GDP. Asia Stocks May Rise as Yen Drops

Asia Pacific Trading Session Economic Events

USD/CAD Fell to Support on GDP. Asia Stocks May Rise as Yen Drops

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

— Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

Weekly Technical Forecast: S&P 500 and Oil Show Contrast Between Past Quarter and Next Week

Check out our Economic Calendar for upcoming economic data and central bank events.

Crude Oil Forecast– Crude Oil Prices Edge to 5-Month High, Doesn’t Feel Like a ‘Breakout’

US crude oil prices closed out this past week with a sense of progress that varies according to what time frame you evaluate. While the quarter (Q1) was extraordinary, the carry over into next week alone looks more tepid.

British Pound Forecast –No Brexit Deal- Pound Losses Mount

Sterling is set to close just above upslope support as a breakdown in Brexit negotiations weigh on price. These are the levels that matter on the GBP/USD weekly chart.

US Dollar Forecast – USD Starting to Look Exhausted

The recent batch of poor US data prints have been brushed aside by a resurgent US dollar in the past few days, but the recent push higher looks like it is running out of steam.

Gold Forecast – Gold Price Outlook Bearish in Long Run, Eying Support in Near Term

Gold prices concluded another month lower as a bearish reversal pattern formed, hinting of a top in the long-run. For now, the precious metal faces critical support that may hold.

Euro Forecast –Breakdown Potential for Q2

EURUSD has spent five months in a range through a number of Euro-drivers. But with overbought retail sentiment and bears persisting, might a break be in store for Q2?

Equity Forecast – Dow Jones Eyes Breakout, FTSE 100 in Brexit Limbo

The Dow Jones and FTSE 100 posted impressive gains over the final week of the first quarter, but where are the US and UK equity markets heading next?

NZD/USD: Little positive around 0.6820 on China data, US-Sino trade talks

  • Reports of constructive US-China talks by the US Treasury Secretary and China’s upbeat PMIs helped the NZD/USD begin the week on a positive note.
  • China’s Caixin manufacturing PMI and the US data will be in the spotlight.

NZD/USD begins the week’s trading little positive near 0.6820 on Monday. The Kiwi pair holds recent recovery based on the positive developments surrounding the US-China trade talks as weekend manufacturing and non-manufacturing data from China has been positive. Traders will concentrate on China’s Caixin manufacturing purchasing managers’ index (PMI) and the US data in order to determine the near-term trade direction.

The US delegation headed by the Treasury Secretary Steven Mnuchin and the Trade Representative Robert Lighthizer was in the Chinese capital for two days ended on Friday. While intermediate developments surrounding the trade talks were positive, Friday’s tweet from Mnuchin boosted investors’ morale as he signaled constructive talks were held and was looking forward to welcoming Chinese Vice Premier Liu He for further discussion in Washington during next week.

Adding to the trading sentiment could be positive outcomes of China’s NBS manufacturing and non-manufacturing PMI for March month. The NBS manufacturing PMI crossed 50.00 level that parts contraction in activity to the increase for the first time in four months whereas non-manufacturing PMI also rose to the six month high. Needless to say that the manufacturing PMI surpassed 49.5 market consensus and 49.2 prior by being at 50.5 while non-manufacturing PMI grew to 54.8 from 54.3 versus 54.1 expectations.

It should also be noted that the Chinese delegation headed by Vice Premier is scheduled to arrive the Washington DC on Wednesday for further trade talks. Given that China is world’s largest commodity user and second-biggest consumer to New Zealand, positive news for a trade deal between the US and China, together with positive data from the later one, helps the New Zealand Dollar (NZD) remain positive.

Traders may now shift their attention to the economic calendar as China’s Caixin manufacturing PMI for March is up for release at 01:45 GMT. Following that, the US retail sales at 12:30 GMT and the US ISM manufacturing PMI at 14:00 GMT will grab market attention.

China’s Caixin manufacturing PMI is less likely to be changed from previous 49.9 whereas the US ISM manufacturing PMI could strengthen to 54.5 from 54.2 during March. Moreover, the US retail sales control group may increase softer than 1.1% prior to 0.4% during February month.

NZD/USD Technical Analysis

100-day simple moving average (SMA) level of 0.6810 acts as immediate support for the NZD/USD pair, a break of which can drag it back to 0.6800 ahead of highlighting 0.6760 support line stretched since late-January.

On the upside, 50-day SMA level of 0.6835 and 0.6870 can limit the immediate upside of the pair whereas 0.6900 and a medium-term descending resistance-line at 0.6915 may challenge buyers afterward.

Weekly Technical Forecast: S&P 500 and Oil Show Contrast Between Past Quarter and Next Week

Check out our Economic Calendar for upcoming economic data and central bank events.

Crude Oil Forecast– Crude Oil Prices Edge to 5-Month High, Doesn’t Feel Like a ‘Breakout’

US crude oil prices closed out this past week with a sense of progress that varies according to what time frame you evaluate. While the quarter (Q1) was extraordinary, the carry over into next week alone looks more tepid.

British Pound Forecast –No Brexit Deal- Pound Losses Mount

Sterling is set to close just above upslope support as a breakdown in Brexit negotiations weigh on price. These are the levels that matter on the GBP/USD weekly chart.

US Dollar Forecast – USD Starting to Look Exhausted

The recent batch of poor US data prints have been brushed aside by a resurgent US dollar in the past few days, but the recent push higher looks like it is running out of steam.

Gold Forecast – Gold Price Outlook Bearish in Long Run, Eying Support in Near Term

Gold prices concluded another month lower as a bearish reversal pattern formed, hinting of a top in the long-run. For now, the precious metal faces critical support that may hold.

Euro Forecast –Breakdown Potential for Q2

EURUSD has spent five months in a range through a number of Euro-drivers. But with overbought retail sentiment and bears persisting, might a break be in store for Q2?

Equity Forecast – Dow Jones Eyes Breakout, FTSE 100 in Brexit Limbo

The Dow Jones and FTSE 100 posted impressive gains over the final week of the first quarter, but where are the US and UK equity markets heading next?

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Weekly Technical Forecast: S&P 500 and Oil Show Contrast Between Past Quarter and Next Week

Check out our Economic Calendar for upcoming economic data and central bank events.

Crude Oil Forecast– Crude Oil Prices Edge to 5-Month High, Doesn’t Feel Like a ‘Breakout’

US crude oil prices closed out this past week with a sense of progress that varies according to what time frame you evaluate. While the quarter (Q1) was extraordinary, the carry over into next week alone looks more tepid.

British Pound Forecast –No Brexit Deal- Pound Losses Mount

Sterling is set to close just above upslope support as a breakdown in Brexit negotiations weigh on price. These are the levels that matter on the GBP/USD weekly chart.

US Dollar Forecast – USD Starting to Look Exhausted

The recent batch of poor US data prints have been brushed aside by a resurgent US dollar in the past few days, but the recent push higher looks like it is running out of steam.

Gold Forecast – Gold Price Outlook Bearish in Long Run, Eying Support in Near Term

Gold prices concluded another month lower as a bearish reversal pattern formed, hinting of a top in the long-run. For now, the precious metal faces critical support that may hold.

Euro Forecast –Breakdown Potential for Q2

EURUSD has spent five months in a range through a number of Euro-drivers. But with overbought retail sentiment and bears persisting, might a break be in store for Q2?

Equity Forecast – Dow Jones Eyes Breakout, FTSE 100 in Brexit Limbo

The Dow Jones and FTSE 100 posted impressive gains over the final week of the first quarter, but where are the US and UK equity markets heading next?

Weekly Technical Forecast: S&P 500 and Oil Show Contrast Between Past Quarter and Next Week

Check out our Economic Calendar for upcoming economic data and central bank events.

Crude Oil Forecast– Crude Oil Prices Edge to 5-Month High, Doesn’t Feel Like a ‘Breakout’

US crude oil prices closed out this past week with a sense of progress that varies according to what time frame you evaluate. While the quarter (Q1) was extraordinary, the carry over into next week alone looks more tepid.

British Pound Forecast –No Brexit Deal- Pound Losses Mount

Sterling is set to close just above upslope support as a breakdown in Brexit negotiations weigh on price. These are the levels that matter on the GBP/USD weekly chart.

US Dollar Forecast – USD Starting to Look Exhausted

The recent batch of poor US data prints have been brushed aside by a resurgent US dollar in the past few days, but the recent push higher looks like it is running out of steam.

Gold Forecast – Gold Price Outlook Bearish in Long Run, Eying Support in Near Term

Gold prices concluded another month lower as a bearish reversal pattern formed, hinting of a top in the long-run. For now, the precious metal faces critical support that may hold.

Euro Forecast –Breakdown Potential for Q2

EURUSD has spent five months in a range through a number of Euro-drivers. But with overbought retail sentiment and bears persisting, might a break be in store for Q2?

Equity Forecast – Dow Jones Eyes Breakout, FTSE 100 in Brexit Limbo

The Dow Jones and FTSE 100 posted impressive gains over the final week of the first quarter, but where are the US and UK equity markets heading next?

Firm Files Technical Report for Mexican Project in Historical Mining District

By The Gold Report

Source: Streetwise Reports   03/28/2019

The Canadian company continues to advance this silver-lead-zinc asset.

Goldplay Exploration Ltd. (GPLY:TSX.V; GLYXF:OTCQB) filed on SEDAR an NI 43-101 technical report and mineral resource estimate for its San Marcial project in Mexico, it announced in a news release.

The report documents a maiden mineral resource estimate “for the initial 500 meters long by 100 meters wide resource area, part of a 3.5 kilometer mineralized exploration corridor” at San Marcial, the release noted.



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Total resources are estimated at 7.609 million tons at 147 grams per ton (147 g/t) silver equivalent in the Indicated category, for a total of 29 million ounces (29 Moz) of silver, 86 million pounds of zinc and 53 million pounds of lead. The Inferred category estimate is 3.39 million tons at 108 g/t silver equivalent, for a total of 10 Moz silver, 26 million pounds of zinc and 8 million pounds of lead.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Goldplay Exploration. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Goldplay Exploration, a company mentioned in this article.

( Companies Mentioned: GPLY:TSX.V; GLYXF:OTCQB,
)