Collinson FX: April 10: Earnings season kicks off

by Collinson FX 10 Apr 2018 03:15 PDT 10 April 2018

Day 2, Bay of Islands Sailing Week, January 25, 2018 © Richard Gladwell

Collinson FX: April 10: Earnings season kicks off

US equity markets rebounded strongly, continuing the extreme swings experienced of late, triggered by threatened global trade wars. Trump has upped the anti, threatening increasing tariffs until China addresses the imbalance and theft of intellectual property. Trump tweeted he required reciprocal taxes to be applied between trading nations. Treasury Secretary, Steve Mnuchin, confirmed a trade war was possible but not likely.

German trade data confirmed a contraction, with falls in both Exports and Imports, contradicting recent momentum. The EUR jumped to 1.2300, while the GBP consolidated above 1.4100, as trade war fears subsided allowing the Dollar to drift. The weakness in the reserve allowed commodity currencies to regain some lost ground. The AUD looks to regain 0.7700, while the NZD pushed back to 0.7300, boosted by trade rhetoric.

The earnings season begins this week and expectations are high as US Tax cuts flow through to corporate earnings. If US company earnings show anticipated strength, then equity markets should reflect this, although trade war threats remain.

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