Morning Express | 04-12-23 |
Posted: April 12, 2023, 9:07 a.m.
- U.S. CPI report for March is due at 7:30 am CT. Expectations are for:
- Headline CPI +0.2% m/m, down from +0.4%, and 5.2% y/y, down from 6.0% and the lowest since May 2021.
- The Cleveland Fed model suggests +0.3% m/m and 5.22% y/y.
- Core CPI +0.4% m/m, down from +0.5% in February, and 5.6% y/y, up from 5.5%.
- The Cleveland Fed model forecasts +0.45% m/m and 5.66% y/y.
- Bank of Canada policy decision is due at 9:00 am CT, they are expected to keep interest rates unchanged.
- U.S. Treasury will auction $32 billion 10-year Notes at noon CT.
- FOMC Minutes from the March 23rd policy decision are due at 1:00 pm CT.
- China’s Trade Balance data will be released at 10:00 pm CT.
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 4136.50, up 0.25
NQ, yesterday’s close: Settled at 13,074.75, down 83.25
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Crude Oil (May)
Yesterday’s close: Settled at 81.53, up 1.79
- Weekly EIA data is due at 9:30 am CT, expectations are for -0.583 mb Crude, -1.6 mb Gasoline, -0.764 mb Distillates, and +0.13 at Cushing.
- Some speculation that yesterday’s rise in Crude was due to whisper numbers on API, but showed +0.377 mb Crude, +0.45 mb Gasoline, -1.98 mb Distillates, and -1.36 mb at Cushing.
- Tough to be bullish at this level until a close above major three-star resistance ceiling at 82.58-83.04.
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Gold (June) / Silver (May)
Gold, yesterday’s close: Settled at 2019.0, up 15.2
Silver, yesterday’s close: Settled at 25.186, up 0.274
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Silver (May)
Resistance: 25.70**, 26.16***, 26.50***
Pivot: 25.24-25.40***
Support: 24.95-25.10**, 24.53-24.78***, 24.28-24.34***
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