Posted at 09 April 2021 / Categories Market Roundups
Market Roundup
•Italian Feb Retail Sales (MoM) 6.6%,-3.0% previous
• Italian Feb Retail Sales (YoY) -5.7%, -6.8% previous
•Greek Mar CPI (YoY) -1.6%, -1.6% forecast, -1.3% previous
•Greek Mar HICP (YoY) -2.0%,-1.6% forecast, -1.9% previous
Looking Ahead – Economic Data (GMT)
•12:00 Brazilian Mar IPCA Inflation Index SA (MoM) 0.88% previous
•12:00 Brazilian Mar CPI (YoY) 6.20% forecast , 5.20% previous
•12:00 Brazilian Mar CPI (MoM) 1.03% forecast , 0.86% previous
•12:30 Canada March Full Employment Change 88.2K previous
•12:30 US March PPI (MoM) 0.5% forecast , 0.5% previous
•12:30 Canada March Part Time Employment Change 171.0K previous
•12:30 US March PPI (YoY) 3.8% forecast,2.8% previous
•12:30 US Mar Core PPI (YoY) 2.7% forecast, 2.5% previous
•12:30 US Mar Core PPI (MoM) 0.2% forecast, 0.2% previous
•12:30 Canada Mar Unemployment Rate 8.0% forecast, 8.2% previous
•12:30 Canada Mar Participation Rate 64.7% previous
•12:30 Canada Mar Employment Change 100.0K forecast, 259.2K previous
•13:00 Russia Feb Trade Balance 9.80B forecast,8.93B previous
•14:00 US Feb Wholesale Trade Sales (MoM) 1.4% forecast, 4.6% previous
•14:00 US Wholesale Inventories (MoM) 0.5% previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
Fx Beat
EUR/USD: The euro edged lower against dollar on Friday after mixed economic data from Germany, showing a rise in exports in February but a surprise fall in industrial output in separate releases. German exports rose in February, boosted by surging trade with China. Seasonally adjusted exports increased by 0.9% on the month after an upwardly revised rise of 1.6% in January, the Federal Statistics Office said on Friday. Imports rose 3.6% after falling 3.5% in the prior month. Separate data released on Friday showed industrial output in February fell by 1.6%. Immediate resistance can be seen at 1.1930 (8th April high), an upside break can trigger rise towards 1.1950(38.2%fib).On the downside, immediate support is seen at 1.1860 (23.6%fib), a break below could take the pair towards 1.1800(Psychological level).
GBP/USD: Sterling fell on Friday, touching a two-month low against the dollar, and was set for its biggest weekly drop so far this year, hit by concerns about vaccinations and profit-taking after a strong first quarter.The pound had its best quarter against the euro since 2015 in the first three months of 2021, boosted by the UK’s vaccine rollout, which is one of the fastest in the world, as well as a fading of negative rates expectations for the country. The pound versus the dollar,was down 0.3% at $1.3697, set for its biggest weekly fall since December 2020. Immediate resistance can be seen at 1.3765 (38.2%fib), an upside break can trigger rise towards 1.3808 (21DMA ).On the downside, immediate support is seen at 1.3669 (50%fib), a break below could take the pair towards 1.3587 (61.8%fib).
USD/CHF: The dollar slightly recovered against the Swiss franc on Friday after surprisingly weak U.S. jobs figures the previous day and ongoing loose Federal Reserve policy prompted investors to trim their bets The pause in the dollar’s rally follows a solid rebound over the first quarter after the greenback’s softest year since 2017. However, after a run of strong U.S. data, Thursday figures showed U.S. unemployment claims unexpectedly rose.Fed chair Jerome Powell also signalled at an economic forum on Thursday that the central bank plans to keep monetary policy super-easy. Immediate resistance can be seen at 0.9268(38.2%fib), an upside break can trigger rise towards 0.9322(21DMA).On the downside, immediate support is seen at 0.9266 (Daily low), a break below could take the pair towards 0.9185 (50%fib).
USD/JPY: The dollar gained against the Japanese yen on Friday as easing inflation fears boosted greenback. Federal Reserve Chair Jerome Powell signalled at an International Monetary Fund event that the central bank was nowhere near reducing support for the U.S. economy, saying that while economic reopening could result in higher prices temporarily, it will not constitute inflation.The comments followed data on Thursday showing an unexpected rise in the number of Americans filing new claims for unemployment benefits. Strong resistance can be seen at 109.76 (5DMA), an upside break can trigger rise towards 110.15 (23.6%fib).On the downside, immediate support is seen at 109.15(38.2%fib), a break below could take the pair towards 108.25(50%fib).
Equities Recap
European stocks were subdued on Friday, but on course for their longest weekly winning streak since November 2019 as hopes of a rapid recovery in economic growth offset doubts over the euro zone’s COVID-19 vaccination programme.
At (GMT 12:20 ),UK's benchmark FTSE 100 was last trading down at 0.26percent, Germany's Dax was up by 0.13 percent, France’s CAC was last up by 0.19 percent.
Commodities Recap
Gold retreated on Friday from a more than one-month peak hit in the previous session, weighed by a rebound in the dollar and U.S. Treasury yields, though it was still on course to register its first weekly gain in three.
Spot gold fell 0.6% to $1,745.99 per ounce at 0914 GMT, having hit its highest since March 1 at $1,758.45 on Thursday. For the week, prices were up 1% so far.
Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic's impact on fuel demand.
Brent crude futures for June fell 16 cents, or 0.25%, to $63.04 a barrel by 1014 GMT while U.S. West Texas Intermediate (WTI) crude CLc1 for May was at $59.53, down 7 cents.