Latest data released by ZEW – 13 April 2021
- Prior -61.0
- Expectations 70.7 vs 79.0 expected
- Prior 76.6
- Eurozone expectations 66.3
- Prior 74.0
Archives of “April 2021” month
rss15 Signs of a spirtual awakeing
Bitcoin pierces through $62,000 to fresh record high
Up, up, and away
After several attempts run with a break above $60,000, Bitcoin looks to be managing just that now perhaps as price climbs to a fresh record high above $62,000.
The chart continues to tell the story here with a series of higher highs, higher lows and that is a great sign for any asset in chasing further bullish momentum.
Nikkei 225 closes higher by 0.72% at 29,751.61
A slightly better day for Asian equities
That said, the signals are more mixed with some retreat seen towards the latter stages. Japanese stocks fared better with the Topix also closing up 0.2%.
The Hang Seng is up 0.6% but mainland Chinese equities are down, with the Shanghai Composite shedding 0.5% after holding gains earlier in the day.
The sluggish mood in US futures isn’t helping as Treasury yields keep higher ahead of European morning trade. 10-year yields are up nearly 3 bps to 1.694% with S&P 500 futures and Nasdaq futures seen down 0.1% and 0.2% respectively.
Buffett’s indicator for several developed economies.
ICYMI: Coinbase cryptocurrencies exchange expected to go public this week at valuation of about $100 bn
- Reports today that Coinbase is expected to go public on Wednesaday this week
- valuation of about $100 billion
- direct listing on Nasdaq
More via Bloomberg here (may be gated)
BTC has been liking the news:
PBOC sets USD/ CNY reference rate for today at 6.5454 (vs. yesterday at 6.5578)
The People’s Bank of China sets the onshore yuan (CNY) middle-rate for the trading session ahead.
- USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
- The previous close was 6.5475
- Reuters estimate from their survey was 6.5460, Bloomberg 6.5466 …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC)
Trade balance data for March is due from China today
There is no firmly scheduled time for the data release, around 0200GMT is a good guess.
Some moderation in the size of the surplus is expected. Improving imports (expected) will be taken as a sign of firming domestic demand in China.
China trade balance:
- expected CNY 327.8bn, prior was CNY 516.8bn
Exports y/y:
- expected +28.6%, prior was +10.9%
Imports y/y:
- expected +17.6%, prior was -0.2%
USD terms
China trade balance:
- expected $52.0bn, prior was $78.2bn
Exports:
- expected +38.0%, prior +18.1%
Imports:
- expected +24.4%, prior was +6.5%
Yellen won’t name China currency manipulator – report
Report on Yellen
The FX semi-annual assessment on FX is due on Thursday. The report says Yellen could scale back criteria for manipulator, which could help Switzerland get off the list.
In any case, the whole manipulation label is a joke. Trump promised to do it on Day 1 and never did and now it sounds like Yellen is pretty much done with the whole charade. You can see how little CHF cared about manipulation talk and they openly manipulated for years.
Copper looked like it was ready for a break higher but China has pulled it back
Copper prices lower for second day
Last Monday, copper made a big move to the upside and looked like it was breaking out of the recent consolidation but since then it’s quickly floundered and now it’s right back on the March closing lows.
A big reason why is that China wants to put a lid on commodities inflation. China National Radio reported that the country will tighten controls on raw materials and that’s taken the air out if it.