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The week starts quietly, as the major news for the week will be Friday's U.S. non-farm payroll report for April.  The expected jobs number is currently +220K, which will offset the previous month's +126K and Q1's average of 197K.  April is expected to reflect the continuation of the recent firming consumer confidence reports which have been buoyed by lower gasoline prices.  Overall, the USD is little changed today across the board.  Greece issues continue to be in the news as Prime Minister Tsipras tries to persuade officials to ease the flow of liquidity to the country. Overnight, the U.K. and Japan were closed for local holidays.  GBP continues to be weighed down ahead of the national elections on Thursday.  U.S. equites have opened positive via a positive carry-through from Asia and Europe.

 
Today's Events
• U.S. factory orders bounced 2.1% in Mar, as expected vs. -0.1% in Feb
• London and Tokyo centers closed today for public holidays in UK and Japan
• EMU final manufacturing PMI revised marginally higher to 52.0 from 51.9
• Greek talks stalled even as atmosphere improves, Greek exit talks intensify
• UK election on Thursday set to mark the beginning of an era of weak government
• Swiss manufacturing PMI unchanged @ 47.9, sector reeling from CHF appreciation
• Fedspeak due from a flock of doves: Rosengren, Tarullo, Evans and Williams
• China's HSBC/Markit PMI fell to 48.9 Apr from 49.2 prelim and 49.6 Mar
• NYMEX crude has found a floor under $59 bbl, consolidating after 23% April rally

Looking Ahead
05/05 EUR:  PPI (Mar)
05/05 USD:  ISM, Non-Manufacturing (Apr)
05/06 EUR:  Retail Sales (Mar)
05/06 USD:  ADP Employment (Apr)
05/07 AUD:  Employment Reports (Apr)
05/07 CNY:  Import/Export/Trade Balance Reports (Apr)
05/08 USD:  Employment Reports (Apr)
05/08 CAD:  Employment Reports (Apr)
05/11 GBP:  BoE Rate Announcement

FX Indications
EUR 1.1157
JPY 120.1600
GBP 1.5113
CAD 1.2110
AUD 0.7839
NZD 0.7541
CHF 0.9341
SEK 8.3599
ILS 3.8892
INR 63.4225
CNY 6.2097
CNH 6.2123
KRW 1079.1300
BRL 3.0769
MXN 15.5170
RUB 51.9745

Stock Indices
Dow  18,118
Nasdaq  5,038
S&P  2,119
TSX  15,375
FTSE  6,986
DAX  11,634
Nikkei  19,532
Shanghai  4,480

Commodities
Crude 58.76
Gold 1190.15

U.S. Treasuries
2 Year 0.591
3 Year 0.936
5 Year 1.483
10 Year 2.101
30 Year 2.815

Contact the FX trading desk at fxtraders@svb.com or 888.313.4029.

See the latest FX information and commentary.

Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors, as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal and other advisors, and only make investment decisions on the basis of your own objectives, experience and resources. Opinions expressed are our opinions as of the date of this content only. The material is based upon information which we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.

About the Author

Mark Noble is a senior foreign exchange advisor with SVB Silicon Valley Bank. He designs custom hedging strategies for clients with complex currency-related issues, advises clients in developing, implementing and monitoring foreign exchange strategies and educates clients in understanding foreign exchange products.

Noble has more than 20 years of experience in the financial industry with a dedicated focus on foreign exchanges services and treasury management products. Before joining SVB in 2007, Noble worked for Commonwealth Foreign Exchange and held multiple management positions including director of currency trading and senior manager of financial operations. Noble oversaw daily trading, client treasury management, account reconciliation and the timely delivery of client payments through various global treasury management banks.

Over his career, Noble has provided foreign exchange consulting services, executed hedging requirements utilizing spot, forward, swaps and option contracts and coordinated the issuance and maintenance of credit lines. While with a large pharmaceutical firm, Syntex Corporation, he managed many corporate treasury activities from a multi-million dollar foreign exchange risk portfolio, to the development and implementation a foreign exchange module as a part of its internal banking system to facilitate management and mitigate risk.

Noble holds a bachelor’s degree in business administration from California State University in Fullerton.
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