Posted at 24 March 2022 / Categories Market Roundups
Market Roundup
•French Mar Business Survey 106, 110 forecast, 112 previous
•French Mar Manufacturing PMI 54.8, 55.0 forecast, 57.2 previous
•French Mar Markit Composite PMI 56.2, 54.3 forecast, 55.5 previous
•French Mar Services PMI 57.4, 55.0 forecast, 55.5 previous
• Swiss SNB Interest Rate Decision (Q1) -0.75%, -0.75% forecast, -0.75% previous
• German Mar Manufacturing PMI 57.6, 55.8 forecast, 58.4 previous
• German Mar Services PMI 55.0,53.8 forecast, 55.8 previous
•EU Mar Manufacturing PMI 57.0, 56.0 forecast, 58.2 previous
•EU Mar Markit Composite PMI 54.5, 53.9 forecast, 55.5 previous
•EU Mar Services PMI 54.8,54.2 forecast, 55.5 previous
•UK Composite PMI 59.7, 58.7 forecast, 59.9 previous
•UK Manufacturing PMI 55.5,57.0 forecast, 58.0 previous
•UK Services PMI 61.0, 58.0 forecast, 60.5 previous
Looking Ahead Economic Data(GMT)
• 12:30 US Continuing Jobless Claims 1,410K forecast, 1,419K previous
• 12:30 US Jobless Claims 4-Week Avg. 223.00K previous
• 12:30 US Initial Jobless Claims 212K forecast, 214K previous
• 12:30 US Feb Core Durable Goods Orders (MoM) 0.6% forecast, 0.7% previous
• 12:30 US Current Account (Q4) -218.0B forecast, -214.8B previous
• 12:30 US Feb Durable Goods Orders (MoM) -0.5%,1.6% previous
•13:45 US Mar Manufacturing PMI 56.3 forecast, 57.3 previous
•13:45 US Mar Markit Composite PMI 55.9 previous
•13:45 US Mar Services PMI 56.0 forecast, 56.5 previous
• 15:00 US KC Mar Fed Composite Index 29 previous
• 15:00 US KC Fed Manufacturing Index 31 previous
Looking Ahead - Events, Other Releases (GMT)
• 13:10 US Fed Waller Speaks
• 13:50 US Chicago Fed President Evans Speaks
• 15:00 US FOMC Member Bostic Speaks
Fxbeat
EUR/USD: The euro weakened against the dollar on Thursday as ongoing conflict in Ukraine and rising energy costs weighed on euro. European gas prices soared after Russian President Vladimir Putin said the country would seek payment in roubles for gas sold to "unfriendly" countries, a move that would exacerbate the region's energy crunch and also stoke inflation. Sanction worries heightened as U.S. President Joe Biden arrived in Brussels for meetings of the NATO alliance, G7 and European Union. Sanctions thus far on the resources-rich country have sent commodity prices soaring on supply shortage fears. Immediate resistance can be seen at 1.1023(5DMA), an upside break can trigger rise towards 1.1056 (38.2%fib).On the downside, immediate support is seen at 1.0991(14DMA), a break below could take the pair towards 1.0953 (23.6%fib).
GBP/USD: Sterling traded lower against the dollar on Thursday after data showed British business activity remained buoyant in March amid surging prices. Britain’s private sector reported the steepest rise in prices charged by companies since at least 1999 while the S&P Global/CIPS composite Purchasing Managers’ Index (PMI), a gauge of economic growth, edged down just slightly to 59.7 from a historically high 59.9 in February. The data, however, didn’t change the direction of travel for the British currency which was 0.17% lower against the dollar at $1.3128. Immediate resistance can be seen at 1.3253 (50%fib), an upside break can trigger rise towards 1.3318(61.8%fib).On the downside, immediate support is seen at 1.3199 (38.2%fib), a break below could take the pair towards 1.3121 (23.6%fib).
USD/CHF: The dollar initially gained but gave up some ground against the Swiss franc on Thursday as the latest developments in the Ukraine war and more hawkish comments from U.S. Federal Reserve officials left investors uneasy. Driving some of the volatility, Federal Reserve policymakers on Wednesday signalled they stood ready to take more aggressive action to bring down runaway inflation, including a possible half-percentage-point interest rate hike at the next policy meeting in May. Geopolitics is also top of the mind of investors, and U.S. President Joe Biden is due to attend an emergency NATO summit later in the day. Immediate resistance can be seen at 0.9318(5DMA), an upside break can trigger rise towards 0.9333 (23.6%fib).On the downside, immediate support is seen at 0.9296 (38.2% fib), a break below could take the pair towards 0.9267 (50%fib).
USD/JPY: The dollar steadied for the fifth session in a row against the yen on Thursday as hawkish Fed remarks boosted dollar. Fed policymakers signalled on Wednesday that they could take more aggressive action to bring down inflation, including a possible half-percentage-point interest rate hike at the next policy meeting in May. The Japanese yen fell against the U.S. dollar for the fifth session in a row, hitting its lowest since 2015 with the Bank of Japan expected to lag policy tightening by other major central banks. Strong resistance can be seen at 121.74 (23.6%fib), an upside break can trigger rise towards 121.85(Higher BB).On the downside, immediate support is seen at 121.22(38.2%fib), a break below could take the pair towards 120.84(50%fib).
Equities Recap
European shares inched higher on Thursday, helped by gains in defensive sectors amid worries over the deepening crisis in Ukraine as Western nations planned more sanctions on Russia.
At (GMT 12:08 ),UK's benchmark FTSE 100 was last trading up at 0.06 percent, Germany's Dax was down by 0.04 percent, France’s CAC was last trading up by 0.02percent.
Commodities Recap
Gold struggled for direction on Thursday as safe-haven support from the Russian invasion of Ukraine was countered by signs that U.S. Federal Reserve officials could act more aggressively to tame inflation.
Spot gold was last up 0.1% at $1,945.56 per ounce by 1026 GMT. U.S. gold futures rose 0.3% at $1,943.10.
Oil prices were steady on Thursday as the U.S. president met other Western leaders and investors waited to see how sanctions would be tightened on Russia over its invasion of Ukraine.
Benchmark Brent was up 0.3% at $121.95 a barrel by 1111 GMT, after falling by close to $2 earlier in the session. U.S West Texas Intermediate (WTI) was little changed at $114.96 a barrel, after also shedding $2 earlier.