Posted at 30 March 2022 / Categories Market Roundups
Market Roundup
•US Redbook (YoY) 12.9%,12.4% previous
•US Jan S&P/CS HPI Composite - 20 n.s.a. (MoM) 1.4%,1 .1% previous
•US Jan S&P/CS HPI Composite - 20 n.s.a. (YoY) 19.1%, 18.4% forecast, 18.6% previous
•US Jan House Price Index (YoY) 18.2%,17.6% previous
•US Jan S&P/CS HPI Composite - 20 s.a. (MoM) 1.8%, 1.5% forecast,1.5% previous
•US Feb JOLTs Job Openings 11.266M, 11.000M forecast,11.263M previous
•US Mar CB Consumer Confidence 107.2,107.0 forecast,110.5 previous
•US Texas Mar Services Sector Outlook 10.6, 16.6 previous
•US Mar Dallas Fed Services Revenues 23.4,21.9 previous
Looking Ahead - Economic Data (GMT)
•No data ahead
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Currency summaries
EUR/USD: The euro rose higher on Tuesday as hopes for a breakthrough in Russia-Ukraine peace talks lifted the euro .Ukraine and the United States hold little hope of a breakthrough at the meeting later on Tuesday, even though Russia's invasion appeared to have stalled on several fronts. The euro, battered in recent weeks by fear of the economic fallout from war in Ukraine and nerves about the risk of the conflict spreading west, touched a two-week high of $1.1137, before giving back some ground to $1.1102, having earlier hit its highest level since March 17.Immediate resistance can be seen at 1.1146 (50%fib), an upside break can trigger rise towards 1.1226 (61.8%fib).On the downside, immediate support is seen at 1.1058(38.2%fib), a break below could take the pair towards 1.1033(5DMA).
GBP/USD: The British pound edged higher against the dollar on Tuesday after Ukrainian and Russian negotiators announced progress in their peace talks.Russia promised to scale down its military operations around Kyiv and northern Ukraine, while Ukraine proposed to adopt a neutral status with international guarantees to protect it from attack. Sterling rose 0.4% against the U.S. dollar to $1.3157 after earlier falling to its lowest level against the greenback since March 16. Immediate resistance can be seen at 1.3133(5DMA), an upside break can trigger rise towards 1.3152 (38.2%fib).On the downside, immediate support is seen at 1.3070 (23.6%fib), a break below could take the pair towards 1.2959 (Lower BB).
USD/CAD: The Canadian dollar edged higher against its U.S. counterpart on Tuesday as signs of progress in peace talks between Russia and Ukraine boosted investor sentiment. Equity markets globally climbed and the safe-haven U.S. dollar lost ground as Moscow decided to drastically cut military activity around Kyiv and northern Ukraine. The price of oil , one of Canada's major exports, settled 1.6% lower at $104.24 a barrel. The loonie was up 0.2% at 1.2495 to the greenback, or 80.03 U.S. cents, after trading in a range of 1.2470 to 1.2530. On Friday, it touched its strongest level in more than two months at 1.2462.Immediate resistance can be seen at 1.2504(5 DMA), an upside break can trigger rise towards 1.2537 (38.2%fib).On the downside, immediate support is seen at 1.2466(23.6%fib), a break below could take the pair towards 1.2438 (Lower BB).
USD/JPY: The dollar dipped against the yen on Tuesday as reports of progress in peace talks between Russia and Ukraine reduced the safe-haven appeal of the greenback. Russia said in talks in Istanbul on Tuesday that it would scale down military operations around Ukraine’s capital and north, while Kyiv proposed adopting neutral status, in confidence-building steps that were the first signs of progress towards negotiating peace.The dollar, which had risen as much as 3.4% since Russia invaded Ukraine, declined 0.596% to 98.496 Strong resistance can be seen at 122.99 (38.2%fib), an upside break can trigger rise towards 123.90(23.6%fib).On the downside, immediate support is seen at 122.29(50%fib), a break below could take the pair towards 121.59(61.8%fib).
Equities Recap
European stocks closed sharply higher on Tuesday, buoyed by reports that the face-to-face peace talks between Russia and Ukraine, currently going on in Istanbul, have yielded the most significant progress to date.
UK's benchmark FTSE 100 closed up by 0.86 percent, Germany's Dax ended up by 2.79 percent, France’s CAC finished the day up by 3.08 percent.
U.S. stocks rose on Tuesday, with the Dow and S&P notching their fourth straight session of gains, on optimism some progress was being made toward a deal to resolve the conflict between Russia and Ukraine.
Dow Jones closed up by 0.97% percent, S&P 500 closed up by 1.23% percent, Nasdaq settled up by 1.84% percent.
Treasuries Recap
The widely tracked U.S. 2-year/10-year Treasury yield curve briefly inverted on Tuesday for the first time since September 2019, as bond investors bet that aggressive tightening by the Federal Reserve could hurt the U.S. economy over the longer term.
The spread between the U.S. 10-year and 2-year yields fell to -3 basis points . It was last at 4.43 basis points.
Commodities Recap
Gold prices fell more than 1% to a one-month low while palladium sank nearly 9% on Tuesday, as signs of progress in Russia-Ukraine peace talks dented demand for precious metals.
Spot gold fell 0.4 % to $1,916.28 per ounce by 01:59 p.m. ET (1759 GMT). U.S. gold futures settled down 1.4% at $1,912.20.
Oil prices ended 2% lower on Tuesday as talks progressed between Russia and Ukraine to end their weeks-long conflict, though Moscow negotiators said a promise to scale down some military operations did not represent a ceasefire.
Brent crude settled down $2.25, or 2%, at $110.23 a barrel, while U.S. West Texas Intermediate (WTI) crude was down $1.72, or 1.6%, at $104.24.