Morning Call by Traders University

The FTSE yesterday closed up 18 points with insurers leading the way after Standard Life published a promising set of preliminary results and US retail sales figures beat the estimated figures. Wall Street, which managed to avoid losing ground immediately after a big rally for the first time all year, held its breath. Were the banks actually showing the beginnings of a turnaround? No one was saying the financial crisis was over. But stock in Citigroup, JPMorgan Chase and Wells Fargo & Co. all advanced again yesterday - one day after Citigroup’s CEO surprised investors by saying the bank ran at a profit in January and February. It was enough to carry the Dow Jones industrial average to a paltry but nonetheless significant gain of nearly 4 points - the first time since early February the average has strung together two days of gains. The Dow closing at 7170.06. In forex data releases today at 1100 we await the CAD Unemployment Rate and then the CAD Trade Balance at 1230. At 1230 the USD Trade Balance is due which is expected to confirm a slight contraction in economic activity. Later at 1355 the USD Preliminary UoM Consumer Sentiment figure is due, a leading indicator of consumer spending, and is expected to confirm the economic slowdown.