Posted at 05 April 2021 / Categories Market Roundups
Market Roundup
•Russia March Markit Services PMI 55.8, 52.2 previous
•Brazil March IPC-Fipe Inflation Index (MoM) 0.71% , 0.23% previous
•Russian April Forex Intervention 185.7B, 160.0B forecast, 148.1B previous
Looking Ahead – Economic Data (GMT)
•US March ISM-New York Index 810.9 previous
• US ISM March NY Business Conditions 35.5% previous
•US March Markit Composite PMI 59.1 previous
•US March Services PMI 60.0 forecast, 59.8 previous
•US Mar ISM-New York Index 810.9 previous
•US Mar ISM Non-Manufacturing Business Activity 55.5 previous
•US Mar ISM Non-Manufacturing New Orders 51.9 previous
•US Mar ISM Non-Manufacturing Prices 71.8 previous
•US Mar ISM Non-Manufacturing Employment 52.7 previous
•US Mar CB Employment Trends Index 101.01 previous
•US Mar ISM Non-Manufacturing PMI 59.0 forecast, 55.3 previous
•US Feb Factory Orders (MoM) -0.5%,2.6% previous
•US Feb Durables Excluding Defense (MoM) -0.7% previous
•US Feb Factory orders ex transportation (MoM) 1.7% previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
Fx Beat
EUR/USD: The euro was little changed against dollar on Monday as investors weighed the impact of extended lockdowns and central bank support against data pointing to signs of economic recovery.France announced last week it would widen lockdown measures to the entire country, in the latest sign of the region’s struggles to keep the coronavirus pandemic in check.That topped dovish messaging in European Central Bank (ECB) President Christine Lagarde’s last Wednesday’s interview with Bloomberg News, where she said investors could test the bank’s willingness to rein in rising borrowing costs as much as they want. The euro was down 0.02% to $1.1760. Immediate resistance can be seen at 1.1785(11DMA), an upside break can trigger rise towards 1.1846 (38.2%fib).On the downside, immediate support is seen at 1.1735(Daily low), a break below could take the pair towards 1.1705 (23.6%fib).
GBP/USD: Sterling rose against dollar on Monday as expectations for a vaccine-led economic recovery in the UK boosted sterling. Sterling is supported by UK’s rapid vaccine rollout one of the fastest in the world as well as relief at the start of the year that a no-deal Brexit had been avoided. Public opinion in Britain about the government’s handling of the pandemic has turned positive and companies are also more optimistic. At 12:40 GMT, the pound was up 0.33% percent against the dollar at $1.3863.Versus the euro, it was down around 0.1% at 85.155 pence per euro. Immediate resistance can be seen at 1.3881 (38.2%fib), an upside break can trigger rise towards 1.3953 (19th March high ).On the downside, immediate support is seen at 1.3791 (50%fib), a break below could take the pair towards 1.3703 (61.8%fib).
USD/CHF: The dollar held steady against the Swiss franc on Monday as investors soaked up last week’s strong U.S. employment report and looked ahead to data on the U.S. services sector for affirmation of a solid economic rebound from the coronavirus shock. The greenback posted its best quarter against major currencies in almost three years in January-March thanks to an improving U.S. economy and rising Treasury yields.The U.S. currency is likely to build on those gains as investors look for ways to bet on a global economic recovery from the worst of the coronavirus pandemic.Immediate resistance can be seen at 0.9440 (Daily high), an upside break can trigger rise towards 0.9472(23.6%fib).On the downside, immediate support is seen at 0.9376(11DMA), a break below could take the pair towards 0.9355 (38.2%fib).
USD/JPY: The dollar dipped against the Japanese yen on Monday as investors awaited U.S. services and non-manufacturing PMI data later in the day . Investors will get a fresh glimpse of the U.S. economic health in the form of ISM’s survey of the services sector, which accounts for more than two-thirds of U.S. economic activity. The data is due at (1400 GMT). At (GMT 18:30), the yen was last up 1.11 % at 106.33. Strong resistance can be seen at 110.89(Higher BB), an upside break can trigger rise towards 111.00 (23.6%fib).On the downside, immediate support is seen at 109.95(38.2%fib), a break below could take the pair towards 109.59 (14DMA).
Equities Recap
Most markets in Europe were closed for the Easter holiday.
Commodities Recap
Gold prices edged lower in holiday-thinned trading on Monday as robust U.S. jobs data fuelled hopes for a rapid economic recovery and bolstered global equities, denting bullion’s appeal.
Spot gold was down 0.1% at $1,726.80 per ounce, as of 1132 GMT. U.S. gold futures were unchanged at $1,727.80 per ounce.
Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021.
Brent crude for June fell $1.36, or 2.1%, to $63.50 a barrel by 1120 GMT. U.S. West Texas Intermediate crude for May dropped $1.29, or 2.1%, to $60.16.