- Fed official Kaplan: Open-minded about a June rate hike
- Fed meeting held under “expedited procedures”
- Fed Chairperson Yellen had a meeting with President Obama & VP Biden
There wasn’t much in the way of top-tier economic reports during the New York trading session, leaving traders to speculate about Fed action and the upcoming Doha meeting.
What is Yellen up to?! – First there was the Monday Fed meeting penciled in late last week under “expedited procedures” then we’ve got a pow-wow between Fed head honcho Yellen, the POTUS, and Vice President Biden. According to the official statement issued by the White House, the leaders simply participated in an ongoing dialogue about the state of the economy and their outlook. I may have been binge-watching “House of Cards” episodes lately but I don’t think I’m alone in wondering if they’re cooking somethin’ up.
Positive expectations for Doha meeting – Commodity traders seem extra hopeful that a deal to cap production might be reached in the upcoming April 17 meeting among top oil producers, as crude oil staged yet another rally. WTI crude oil climbed to a high of $40.68/barrel while Brent crude oil surged past the $42/barrel mark, even as some reports suggested that several OPEC nations are still hesitant to freeze output.
Major Currency Movers:
CAD – The Canadian currency was the star of the show once more, boosted by optimistic forecasts for the BOC statement and Doha meeting.
USD/CAD broke below the 1.3000 handle to a low of 1.2875, CAD/JPY popped up to a high of 83.79, EUR/CAD broke below a couple of psychological support levels to a low of 1.4691, and GBP/CAD is down to the 1.8300 levels.
USD – Dollar traders seem to be playing it safe due to the uncertainty surrounding the recent Fed meetings and potential monetary policy action.
USD/JPY is still consolidating but has edged lower to test support at 108.00, EUR/USD is stuck near 1.1400 but has rallied to a high of 1.1446, GBP/USD retreated from a high of 1.4285, and USD/CHF dipped close to the .9500 mark.
Watch Out For:
- 2:30 am GMT: Australia NAB business confidence (3 previous)
Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!