It only seems like yesterday that the last earning season ended. Yet here we are again with the restart of the quarterly earning calendar next week. The banks and financials will release starting on Wednesday.  Below are the list of some of the major companies releasing:Wednesday, April 13:JP Morgan ChaseBlackRockFirst Republic BankDelta Air linesBed Bath and BeyondThursday, April 14Rite Aid Corp.US BancorpCitigroupWells FargoPNC Financial Services GroupUnitedHealth groupGoldman SachsMorgan StanleyLooking ahead to the week starting April 18 and beyond:Monday, April 18Bank of AmericaBank of New York MellonXeroxCharles SchwabIntuitive Surgical Inc.Tuesday, April 19IBMInteractive Broker’s groupLockheed MartinHalliburtonJohnson & JohnsonWednesday, April 20AlcoaUnited AirlinesProcter & GambleTeslaThursday, April 21AT&TAutoNationPhilip MorrisFriday, April 22American ExpressCleveland CliffsVerizonKimberly-ClarkMonday, April 253MalphabetAMDCoca-ColaMicrosoftTuesday, April 26FordGEGeneral MotorsChipotle Mexican GrillGeneral DynamicseBayVisaPepsiCoShopifyWednesday, April 27BoeingCirrus logicFirst SolarGilead sciencesPayPal holdingsServicenowSpotifyThursday, April 28Southwest AirlinesIntelMcDonald’sCaterpillarMerckColgate-PalmoliveFriday, April 29Bristol-Myers SquibbExxon MobilChevronHoneywell

Canada March employment +72.5K vs +80K expected
Macron seen getting 26% in Sunday’s first round versus 24% for Le Pen
ECB’s Stournaras: Stagflation and recession probability very low
US February wholesale inventories +2.5% vs +2.1% expected
No signs of China easing lockdown rules as covid cases continue to mount. PBOC eyed
EU Von Der Leyen: Zelensky says more sanctions are needed
Atlanta Fed GDPNow moved up to 1.1% from 0.9%

Markets:

Gold up $12 to $1944
US 10-year yields up 5 bps to 2.70%
WTI crude up $1.78 to $97.80
S&P 500 down 12 points to 4488
CAD leads, NZD lags
The US dollar surged in early New York trade then gave it all back.The rally in the dollar had some backing as Treasury yields continued to march higher. Yields in the belly of the curve made new cycle highs with 7s hitting 2.81%. Three year yields also inverted over 30s and that continues to raise concerns.A broad dollar rally came with that and it ran stops as cable fell through 1.3000 to the lowest since November 20202. USD/JPY though couldn’t get through the March highs despite a sixth day of gains. That, combined with a softening of yields sparked a reversal as large as the initial move.All the dollar gains against the pound, euro and commodity currencies unwound and most of the gains against the yen did as well.The reversal in tone was helped by a turn higher in stocks midway through the day. That tone though didn’t last into the close as US equities stumbled in the final minutes of trading.The week ahead features US CPI and retail sales and that will help to keep things lively. Have a great weekend.

The major US indices are closing mixed with the Dow industrial average higher, while the S&P, NASDAQ and Russell 2000 are all lower NASDAQ and S&P is down for the third time in four trading days S&P and NASDAQ have the first weekly loss in four weeks All three major indices close lower for the week. Russell 2000 also lower transports on track for the worst week since October 20 NASDAQ down nearly 4% on the week the final numbers are showing A look at the final numbers for the major indices are showing: Dow industrial average rose 137.55 points or 0.4% at 34721.11. S&P index fell -11.93 points or -0.27% at 4488.27 NASDAQ index fell -186.29 points or -1.34% at 13711.01 Russell 2000 fell -15.23 points or -0.76% at 1994.56 For the trading week: Dow industrial average, -0.28% S&P index, -1.2% NASDAQ index, -3.86% Russell 2000-4.68% For the S&P index, it closed back below its 200 day moving average currently at 4492.89 (green line on the chart below). On Wednesday the price closed below that moving average, but rebounded back above yesterday before rotating back to the downside again today. So overall, the market is saying it is a bit unsure as to the direction, but with the price below the 100 day moving average, the sellers are a little bit more in control. S&P index closes below its 200 day moving average

TD Research discusses its expectations for next week’s ECB policy meeting.
„The ECB is likely to announce that its APP programme will end in May, and prepare markets for a June rate hike,“ TD notes. 
„We continue to like EURUSD downside through the start of Q2 on a mix of drivers. An ECB pivot would anchor a possible low for EURUSD, though a break of the 1.12 high requires settlement on the US terminal rate pricing. That said, a more active ECB is likely to reinforce the lows in EURCHF and would favor buying EURGBP dips towards 0.83,“ TD adds.

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USDCHF moved up to the swing area and reversed The USDCHF moved up on the daily chart extending to a new high for the week in the process. However, that high moved into a swing area (see green numbered circles) between 0.93658 and 0.93822. The high reached 0.9373 and rotated back down. The last 5 highs in the GBPUSD had stalled within that range area. Why not today too? The holding of that level once again is just another notch in increasing that levels importance going forward. Next week be aware. If there is a break, the price should extend higher toward the highs from 2022 and 2021 in the 0.9459 to 0.9472 area. For now, however, the sellers once again are giving the sellers some confidence. Drilling down to the USDCHF hourly chart below, the run to the downside erased the gains and moved lower on the day. The low price, however, did find support buyers near the 50% midpoint of the move down from the March 16 high. That level comes in at 0.93268. The current price is at 0.9340. What now? For the week, the price has been moving higher since basing near the 100 day MA down near 0.9236. We know the high stalled near recent swing highs between 0.9366 to 0.9382, but the 50% midpoint of a move is always an important barometer for buyers and sellers. I am not surprised the buyers on the dip today, came in against that level. IT makes sense. However, if broken going forward/next week it should give the sellers more confidence and have them looking toward the 100 hour MA at 0.93118 (and moving higher). Move below that level and more selling could see the 200 hour MA in traders sites at 0.92844. The USDCHF stalled in the swing area and rotated back down