Posted at 16 March 2021 / Categories Market Roundups
Market Roundup
•French Feb CPI (MoM) 0.0%, -0.1% forecast , -0.1%previous
•French Feb HICP (YoY) 0.8%, 0.7% forecast , 0.8% previous
•French Feb HICP (MoM) 0.0%, 0.3% forecast , 0.3% previous
•French CPI (YoY) 0.6%,0.4% forecast , 0.4% previous
• Italian Feb CPI (MoM) 0.1%,0.1% forecast , 0.7% previous
•German Mar ZEW Current Conditions -61.0, -62.0 forecast , -67.2 previous
•EU March ZEW Economic Sentiment 74.0, 69.6 previous
•German Mar ZEW Economic Sentiment 76.6, 74.0 forecast , 71.2 previous
Looking Ahead Economic Data (GMT
•12:30 US Import Price Index (YoY) 0.9% previous
•12:30 US Export Price Index (YoY) 2.3% previous
•12:30 US Feb Retail Control (MoM) -0.9% forecast, 6.0% previous
•12:30 US Feb Retail Sales (YoY) 7.43% previous
•12:30 US Jan Foreign Securities Purchases 5.08B previous
•12:30 Canada Jan Foreign Securities Purchases by Canadians 26.94B previous
•12:30 Canada Feb Core Retail Sales (MoM) -0.1% forecast, 5.9% previous
•12:30 US Feb Export Price Index (MoM) 0.9% forecast, 2.5% previous
•12:30 US Feb Retail Sales (MoM) -0.5% forecast, 5.3% previous
•12:30 US Feb Import Price Index (MoM) 1.2% forecast, 1.4% previous
•12:30 US Feb Retail Sales Ex Gas/Autos (MoM) 6.1% previous
•12:55 US Redbook (MoM) -18.1% previous
•12:55 US Redbook (YoY) 8.0% previous
•13:15 US Feb Manufacturing Production (MoM) -0.1% forecast, 1.0% previous
•13:15 US Feb Industrial Production (YoY) -1.83% previous
•13:15 US Feb Industrial Production (MoM) 0.3% forecast, 0.9% previous
•14:00 US Jan Business Inventories (MoM) 0.3% forecast, 0.6% previous
•14:00 US Mar NAHB Housing Market Index 83 forecast, 84 previous
•14:00 US Jan Retail Inventories Ex Auto -0.2% previous
•14:30 New Zealand GlobalDairyTrade Price Index 15.0% previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
EUR/USD: The euro strengthened against dollar on Tuesday as caution set in before a U.S. Federal Reserve meeting and uncertainty around vaccinations in the Eurozone bloc supported euro. Wednesday’s Fed meeting is in focus amid expectations that economic growth and inflation will rebound after U.S. fiscal stimulus, which has pushed up government bond yields across the world in recent weeks. The Fed so far has been downplaying those concerns. Immediate resistance can be seen at 1.1962(38.2%fib), an upside break can trigger rise towards 1.1981(14DMA).On the downside, immediate support is seen at 1.1900 (Psychological level), a break below could take the pair towards 1.1839 (23.6%fib).
GBP/USD: The British pound fell against a stronger dollar on Tuesday as Germany, Italy and France suspended AstraZeneca’s COVID-19 shots amid safety fears, dampening euphoria in Britain over its swift vaccination push. The euro zone countries said they would suspend the AstraZeneca shots after several other European countries reported possible serious side-effects, but the World Health Organization said there was no proven link and people should not panic. Sterling fell 0.6% versus the dollar to a one-week low of $1.3817 at 0935 GMT. Against the euro, it was 0.6% lower at 86.40 pence, touching its lowest level since March 5. Immediate resistance can be seen at 1.3914 ( 23.6%fib), an upside break can trigger rise towards 1.3946 (21DMA).On the downside, immediate support is seen at 1.3807(38.2%fib), a break below could take the pair towards 1.3711(50%fib).
USD/CHF: The dollar dipped against the Swiss franc on Tuesday as cautious tone dominated currency markets on Tuesday, before the start of the U.S. Federal Reserve’s two-day monetary policy meeting. The Fed’s policymakers are expected to forecast that the U.S. economy will grow in 2021 at its fastest rate in decades, with unemployment falling and inflation rising, but are not considered likely to change their monetary policy. The dollar index held steady overnight then rose as European markets opened, up 0.1% on the day at 91.946 at 12:03 GMT. Immediate resistance can be seen at 0.9275 (5DMA), an upside break can trigger rise towards 0.9323 (23.6%fib).On the downside, immediate support is seen at 0.9234 (38.2% fib), a break below could take the pair towards 0.9200(Psychological level).
USD/JPY: The dollar was little changed against the Japanese yen on Tuesday as investors awaited comments from the U.S. central bank’s meeting later this week. Investors are focused on the U.S. Federal Reserve’s two-day policy meeting, which will conclude on Wednesday, as rising bond yields fuel concerns for a pickup in inflation. Fed policymakers are expected to forecast that the U.S. economy will grow in 2021 by the fastest rate in decades. Strong resistance can be seen at 109.43 (23.6% fib), an upside break can trigger rise towards 110.00 (Psychological level).On the downside, immediate support is seen at 108.78 (5DMA), a break below could take the pair towards 108.53(38.2%fib).
Equities Recap
European stocks rose on Tuesday as German carmaker Volkswagen and online fashion retailer Zalando jumped following upbeat earnings forecasts, while investors awaited the U.S. Federal Reserve’s views on a recent pick-up in inflation.
At (GMT 12:30),UK's benchmark FTSE 100 was last trading up at 0.84 percent, Germany's Dax was up by 0.69 percent, France’s CAC was last up by 0.35percent.
Commodities Recap
Gold prices firmed on Tuesday as U.S. Treasury yields eased, while investors awaited a U.S. Federal Reserve meeting which is likely to tackle concerns over rising inflation.
Spot gold rose 0.2% to $1,735.76 per ounce by 0600 GMT, while U.S. gold futures were up 0.4% to $1,735.90.
Oil prices dropped on Tuesday, extending declines to three consecutive days, as rising stockpiles in the United States added to the risks to a demand recovery after countries including Germany and France halted COVID-19 vaccinations.
Brent crude was $1.03 cents, or 1.5%, lower at $67.85 by 1002 GMT. U.S. crude was down 96 cents, or 1.4%, at $64.43 a barrel.