Fed member comments US Consumer Confidence
Stock gains Warning for commodities

It’s another relatively thin day of trading as the European markets open up again after the Easter weekend.  Most of the data out today is minor, so the markets are mainly moving on sentiment ahead of the US Consumer Confidence report and Janet Yellen’s speech later today.  Earlier this morning Fed member John Williams made comments that reiterated the Fed will raise interest rates at a gradual pace, while adding that he could see the US economy hitting its inflation targets sooner than anticipated.  The dollar has lost a little ground to most other currencies this morning after Williams’s comments, but traders are wary as a strong Consumer Confidence number could continue to bolster a case for a rate hike.  Traders will also want to hear what Yellen says before they make their bigger bets for the day.

In other news the stock markets around the globe made slight gains today.  The US stock futures however point to a lower opening.  In the commodities markets the recent rally in oil and metals seems to be losing steam and Barclays has cautioned investors that a price tumble could happen soon.  They specifically cited copper and oil as having potential for large losses if a rush for the exit should happen in the commodities market.

EURUSD: Euro is slightly up this morning ahead of Yellen speech and US Consumer Confidence report as consumer confidence in a couple of smaller member countries was up this morning.

GBPUSD: The pound is up this morning on sentiment ahead of US data.

AUDUSD: Aussie dollar is down this morning as commodities falter.

USDCAD: Canadian dollar slightly stronger ahead of US data despite lower oil prices.