Weekly Wrap – Corporate Earnings and the Greenback Stole the Show

The Stats

统计数据

{1}

It was a relatively quiet week on the economic calendar, though there was certainly enough for the markets to chew on.

{1}

The Dollar was on a tear through the week, with a shift in sentiment towards monetary policy providing support. For the week, the greenback rallied by 0.64% to hit 98 levels. Not bad when considering the fact that the Dollar Spot Index had just crawled out of sub-90 levels this time last year…

美元本周一直在下跌，市场情绪转向货币政策提供支撑。本周，美元上涨0.64％，达到98水平。考虑到去年这个时候美元现货指数刚刚超出90后的水平这一事实还不错......

Economic data out of the Eurozone continued to disappoint, while a combination of decent earnings and positive economic data supported the Dollar revival.

欧元区经济数据继续令人失望，而良好的收益和积极的经济数据的结合支持美元复苏。

The EUR was not alone, with the Aussie and Kiwi Dollar, the Loonie and the Pound all struggling through the week.

欧元并非孤军奋战，澳元和新西兰元，Loonie和英镑都在本周挣扎。

Of a total of 32 stats monitored during the week, 14 came in ahead of forecasts, with 17 coming in below forecasts. Just 1 stat was in line with forecasts over the week.

在本周监测的32个统计数据中，有14个在预测之前，其中17个低于预测。只有1个统计数据与本周的预测一致。

Looking at the numbers, out of the total 32 stats, 18 economic indicators reflected a deterioration from prior. Of the remaining 14, 11 economic indicators reported better figures from previous.

从32个统计数据中可以看出，18个经济指标反映出之前的恶化。在剩余的14个，11个经济指标中，报告的数据较前一个好。

Through the week, there was no threat of a yield curve inversion, with yields for 10-year Treasuries ending the week at 2.50 versus 2.41% for 3-month Treasuries.

本周，没有收益率曲线反转的威胁，10年期国债的收益率结束了本周收于2.50，而3个月国债为2.41％。

There was a narrowing, despite the economic data out of the U.S at the end of the week. In spite of the narrowing, however, the spread remained supported by the view that the FED may be able to avoid a rate cut until later in the year.

尽管本周末美国的经济数据不存在，但仍存在收窄。然而，尽管收窄，但息差仍然受到美联储可能能够避免降息直至今年晚些时候的支持。

Out of the U.S,

在美国以外，

On the data front, key stats were once more skewed to the negative.

在数据方面，关键统计数据再次偏向负面。

Negative stats out of the U.S included a slide in existing home sales, a larger than expected increase in initial jobless claims and a softer GDP Price index figure for the 1st quarter.

美国以外的负面统计数据包括幻灯片在现有房屋销售中，首次申请失业救济人数增幅大于预期，第一季度GDP价格指数较为疲软。

While new home sales came in well ahead of a forecasted 3% fall, a 4.5% increase in March was softer than a 5.9% jump in February.

虽然新房销售远远超出预期下降3％，3月份增长4.5％，比2月份增长5.9％更为温和。

Durable goods orders ex Transport also unexpectedly fell in March, down by 0.2%, though impressive headline figures offset any negativity on the day.

耐用品订单e虽然令人印象深刻的标题数据抵消了当天的任何消极情绪，但运输业也在3月出乎意料地下跌了0.2％。

All in all, while orders were skewed to the positive, with durable goods orders jumping by 2.7% in March, the U.S GDP number failed to impress. While 3.2% was well ahead of a forecasted 2%, the figure failed to shift sentiment towards a possible rate cut later in the year. Private consumption and investment were down, supporting the IMFs downward revision to growth for the year.

总而言之，订单偏向正面，持久耐用3月份商品订单增长2.7％，美国GDP数字未能令人印象深刻。虽然3.2％远高于预测的2％，但这一数字未能将情绪转向可能在今年晚些时候降息。私人消费和投资下降，支持国际货币基金组织对今年经济增长的下调。

In the equity markets, the U.S majors were mixed in the week. The Dow ended the week down by 0.06%, while the S&P500 and NASDAQ gained 1.20% and 1.85% respectively.

在股票市场，本周美国主要货币涨跌互现。道琼斯指数本周下跌0.06％，而标准普尔500指数和纳斯达克指数分别上涨1.20％和1.85％。

{17}

Out of the UK,

离开英国，

Key stats through the week were limited to mortgage approval figures that had no impact on the Pound.

本周的主要统计数据仅限于对英镑没有影响的抵押贷款批准数据。

A lack of economic data and a lack of progress on Brexit ultimately pinned the Pound back in the week.

The Pound fell by 0.59% to $1.2916 in the week.

本周英镑下跌0.59％至1.2916美元。 p>

The FTSE100 failed to benefit from the weaker Pound, falling by 0.42% through the week.

FTSE100未能从较弱的英镑中受益，本周下跌0.42％。

Out of the Eurozone,

退出欧元区，

It was a sea of red for the EUR.

对于欧元而言，这是一片红海。

In the early part of the week, Eurozone consumer confidence figures hit the EUR with a first blow. The numbers removed hope of a consumption fueled pickup in economic activity in the region.

本周初，欧元区消费者信心指数触及欧元区第一击。这些数据消除了消费推动该地区经济活动增长的希望。

{26}

Business sentiment figures out of Germany also reflected more doom and gloom on Tuesday.

{26}

There was nowhere for the EUR to hide and, with Eurozone economic indicators flashing red, monetary policy easing may well be on the cards…

欧元无处躲藏，随着欧元区经济指标出现红色波动，货币政策宽松政策可能已经出现......

For the week, the EUR ended the week down 0.84%, with a 0.17% gain on Friday limiting the damage.

本周欧元周末收跌0.84％，周五涨幅为0.17％，限制了损失。

It was a mixed week for the European equity markets. The DAX gained 0.76%, supported by 10 days of gains out of the last 11. In contrast, the CAC fell by 0.2% in the week. The EuroStoxx600 ended the week up 0.14%.

欧洲股市的混合周。 DAX上涨0.76％，得益于过去11天的10天涨幅。相比之下，CAC本周下跌了0.2％。 EuroStoxx600本周上涨0.14％。

Elsewhere,

其他地方，

For the Loonie, a dovish Bank of Canada weighed on the Loonie mid-week. Coupled with a resurging U.S Dollar, the Loonie ended the week down 0.48%. A 0.22% gain on Friday came in spite of tumbling crude oil prices, with U.S GDP numbers leading to a pullback in the greenback.

对于Loonie来说，一个温和的加拿大银行对Loonie感到压力周中。再加上美元贬值，Loonie本周收跌0.48％。尽管原油价格下跌，周五仍有0.22％的涨幅，美国GDP数据导致美元回落。

The Japanese Yen rose by 0.04% against the Greenback on Friday to end the up 0.30% to ¥111.58.

日元兑美元汇率上涨0.04％上周五收盘上涨0.30％至¥111.58。

Through the week, the Yen found plenty of support in spite of a particularly dovish BoJ. The BoJ revised downwards both growth and inflation. The bank also stated that extra low-interest rates would be maintained to 2020 at the earliest.

本周，尽管日本央行特别温和，日元仍获得了大量支持。日本央行下调了经济增长和通胀。该银行还表示，最早将维持额外的低利率至2020年。

For the Aussie Dollar and Kiwi Dollar, it was another week in the red.

对于澳元和新西兰元，这是另一周的红色。

The Aussie Dollar tumbled by 1.54 %, with the Kiwi Dollar falling by 0.33%.

澳元兑美元下挫1.54％，新西兰元下跌0.33％。

For the Kiwi Dollar, the previous weeks disappointing inflation figures had raised the prospects of a near-term RBNZ rate cut. Trade data released on Friday suggested that there may be a possible pause. The uncertainty led to a 0.54% rally on Friday to cut the deficit for the week.

对于新西兰元，前一周令人失望通胀数据提高了新西兰联储近期降息的前景。周五公布的贸易数据显示可能暂停。不确定性导致周五上涨0.54％，以减少本周的赤字。

For the Aussie Dollar, there was no cushion. Both wholesale and consumer price inflation were on the softer side. The dire consumer price figures led to the sell-off and a rise in expectations of an RBA rate cut.

对于澳元兑美元，没有缓冲。批发和消费者价格通胀都处于疲软状态。可怕的消费者价格数据导致了抛售和澳大利亚央行降息的预期上升。