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Will Woodside Petroleum's momentum continue?

Four key markets in focus today.

Woodside Petroleum

WPL closed right on $40 last week with its 1Q output report helping to encourage investors. It’ll be interesting to see if the momentum continues today, particularly should we get any analyst ratings changes.

AUD/USD

The local currency is in for a busy couple of days with CPI data due out. CPI is expected to show 0.8% q/q rise which translates to a 3.2% y/y rise. The previous reading was 2.7% and therefore should this reading materialise, it could be interesting to see how this feeds through to the RBA given 3% is the top end of its target range. AUD/USD is sidelined at 0.934 at the moment and we might see some positioning today heading into tomorrow’s data.

Australia 200 Cash

The local market is pointing up 0.6% to 5488. The recent high for the ASX 200 was 5503 and this is what we’ll be keeping an eye on today. This was nearly the highest level in six years. It’ll be interesting to see if there will be further conviction to push the market higher today, or whether profit taking will prevail should we test those levels.

EUR/USD

The single currency has been under pressure and dipped below 1.38 against the greenback yesterday. This week we have several PMI readings due out of the region along with a speech by ECB President Mario Draghi on Thursday. Sentiment is likely to remain bearish on the single currency heading into the speech.

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