Posted at 01 April 2021 / Categories Market Roundups
Market Roundup
• Canada Feb Building Permits (MoM) 2.1%,-1.4% forecast, 8.2% previous
• US Initial Jobless Claims 719K, 680K forecast, 684K previous
• US Continuing Jobless Claims 3,794K,3,775K forecast, 3,870K previous
• US Jobless Claims 4-Week Avg 719.00K, 736.00K previous
• Russia Central Bank reserves (USD) 577.7B,580.9B previous
• Canada March Manufacturing PMI 58.5, 54.8 previous
• Canada Mar Manufacturing PMI 59.1,59.0 forecast, 58.6 previous
• US Feb Construction Spending (MoM) -0.8%, -1.0% forecast, 1.7% previous
• US March ISM Manufacturing Employment 59.6,53.0 forecast, 54.4 previous
• US Mar ISM Manufacturing Prices 85.6, 85.0 forecast, 86.0 previous
• US ISM March Manufacturing PMI 64.7, 61.3 forecast, 60.8 previous
• Russia GDP Quarterly (YoY) (Q4) -1.8%,-2.2% forecast, -3.4% previous
Looking Ahead Economic Data (GMT)
•23:50 Japan Monetary Base (YoY) 19.6% previous
•23:50 US Total Vehicle Sales 15.70M previous
Looking Ahead - Events, Other Releases (GMT)
•No data ahead
Fxbeat
EUR/USD: The euro edged higher against dollar on Thursday as strong factory activity data out of the euro zone supported euro. Euro zone monthly factory activity growth galloped at its fastest pace in the near 24-year history of a leading business survey last month.IHS Markit's final Manufacturing Purchasing Managers' Index (PMI) jumped to 62.5 in March from February's 57.9, ahead of the initial 62.4 "flash" estimate and the highest reading since the survey began in June 1997. Immediate resistance can be seen at 1.1754 (5DMA), an upside break can trigger rise towards 1.1819 (38.2%fib).On the downside, immediate support is seen at 1.1654(23.6% fib), a break below could take the pair towards 1.1660 (Lower BB).
GBP/USD: Sterling strengthened against the dollar on Thursday, as upbeat UK manufacturing data boosted sterling. British factories rode a wave of orders in March and prepared for a gradual reopening of the economy from its COVID-19 shutdowns by hiring staff at the fastest rate since 2014, a survey showed on Thursday The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) rose to 58.9, revised up from a preliminary 57.9 and marking the highest reading in just over 10 years. Immediate resistance can be seen at 1.3807 (38.2%fib), an upside break can trigger rise towards 1.3851 (21DMA).On the downside, immediate support is seen at 1.3764 (5 DMA), a break below could take the pair towards 1.3715(50%fib).
USD/CAD: The Canadian dollar edged higher against its U.S. counterpart on Thursday, the start of a seasonally strong month for the currency, as oil rose and domestic data showed factory activity expanding at a record pace in March. The IHS Markit Canada Manufacturing Purchasing Managers' index (PMI) rose to a seasonally adjusted 58.5 in March from 54.8 in February, posting the highest reading in the 10-year history of the survey . The Canadian dollar was trading 0.1% higher at 1.2547 to the greenback . Immediate resistance can be seen at 1.2562 (50%fib), an upside break can trigger rise towards 1.2606 (61.8%fib).On the downside, immediate support is seen at 1.2539 (1st April low), a break below could take the pair towards 1.2512 (38.2%fib).
USD/JPY: USD/JPY: The dollar edged lower against the Japanese yen on Thursday after weekly jobless claims data unexpectedly rose. Data showed the number of Americans filing new claims for unemployment benefits rose unexpectedly last week. However, other data showed a measure of manufacturing activity soared to its strongest level in more than 37 years in March, with employment at factories the highest since February 2018.The dollar was down 0.1% against the yen at 110.61 yen, after ending March with its biggest monthly gain since November 2016. It rose as high as 110.97 on Wednesday, the highest in a year. Strong resistance can be seen at 110.97 (23.6% fib), an upside break can trigger rise towards 111.61 (March 16th 2020 high).On the downside, immediate support is seen at 110.27 (5 DMA), a break below could take the pair towards 109.76 (38.2% fib).
Equities Recap
European stocks kicked off the new quarter with gains on Thursday, as optimism around a new U.S. government spending plan and strong factory activity data out of the euro zone eclipsed concerns about another lockdown in France.
UK's benchmark FTSE 100 closed up by 0.66 percent, Germany's Dax ended up by 0.35 percent, France’s CAC finished the day up by 0.59 percent.
The S&P 500 surged on Thursday to its first-ever close above the 4,000 mark, lifted by gains in Microsoft, Amazon and Alphabet, as well as optimism about a recovering U.S. economy.
Dow Jones closed up by 0.52% percent, S&P 500 closed up by 1.18% percent, Nasdaq settled up by 1.78% percent.
Treasuries Recap
Higher-than-expected weekly jobless claims pushed U.S. Treasury yields lower on Thursday, flattening the yield curve, but ultimately did little to affect investor expectations related to Friday’s monthly employment report.
The 10-year yield was last down 7.3 basis points to 1.674%, with the 30-year yield last down 9.5 basis points to 2.328%.
Commodities Recap
Gold rose over 1% on Thursday buoyed by a retreat in the dollar and U.S. bond yields, while grim U.S. jobless data clouded the outlook for an economic recovery, adding to the metal's safe-haven appeal.
Spot gold rose 1.2% to $1,727.86 per ounce by 1:39 p.m EDT (1739 GMT). Most markets will be closed for Good Friday on April 2.
Oil prices rose about 1% on Thursday after preliminary news that OPEC+ reached a deal to gradually ease production cuts from May.
Brent crude rose 42 cents, or 0.7%, to $63.16 a barrel by 11:45 a.m. EST (1645 GMT). U.S. oil was up 59 cents, or 1%, at $59.75 a barrel.