Posted at 04 April 2022 / Categories Market Roundups
Market Roundup
•German Feb Trade Balance 9.6B forecast, 9.4Bprevious
•German Feb Imports (MoM) 1.4% forecast, -4.2%previous
•German Feb Exports (MoM) 1.5% forecast, -2.8% previous
•German Feb Current Account Balance n.s.a 11.0B previous
•Spanish Unemployment Change -11.4K previous
•EU Apr Sentix Investor Confidence -9.2 forecast,-7.0 previous
•EU Feb PPI (YoY) 27.0% forecast, 26.3% previous
•EU Feb PPI (MoM) 2.3% forecast,3.0% previous
•Canada Feb Building Permits (MoM) 21.0%, 2.0% forecast, -8.8% previous
•French 12-Month BTF Auction -0.410%, -0.472% previous
•French 3-Month BTF Auction -0.649% ,-0.650% previous
•French 6-Month BTF Auction -0.652% ,-0.616% previous
•US Mar CB Employment Trends Index 120.56 ,119.18 previous
•US Factory Orders (MoM) -0.5% % ,-0.5% forecast,1.4% previous
•US Feb Durables Excluding Defense (MoM) -2.6%, -2.7% previous
•US Feb Factory orders ex transportation (MoM) 0.4%, 1.0% previous
Looking Ahead - Economic Data (GMT)
•15:30 US 3-Month Bill Auction 0.605% previous
•15:30 US 6-Month Bill Auction 1.050% previous
Looking Ahead - Economic events and other releases (GMT)
•14:30 Canada BoC Business Outlook Survey
•14:00 UK BoE MPC Member Cunliffe Speaks
Fxbeat
EUR/USD: The euro declined on Monday as Western powers said new sanctions were needed against Russia following civilian killings in Ukraine that appeared to amount to war crimes.French President Emmanuel Macron said on Monday that a new round of sanctions targeting Russia were needed and that there were clear indications Russian forces were responsible for the killings of civilians in the Ukrainian town of Bucha. The euro , which has been under pressure due to worries about the economic damage from the war in Ukraine, slipped 0.4% versus the dollar to park to $1.1005 at 1120 GMT. Immediate resistance can be seen at 1.1057 (30DMA), an upside break can trigger rise towards 1.1099 (38.2%fib).On the downside, immediate support is seen at 1.0980 (23.6%fib), a break below could take the pair towards 1.0892 (Lower BB).
GBP/USD: Sterling gained versus the dollar on Monday as traders continue to bet on a rapid pace of interest rate rises from the Bank of England. Investors will also be listening closely for any clues on that pace when BoE Governor Andrew Bailey and his deputy speak later on Monday. This week is light on important UK economic data, and markets will be very much focused on any talk about rate rises, as well as how financial market and risk sentiment hold up amid the war in Ukraine. The dollar the pound versus the rose 0.1% to $1.3125, keeping it firmly within a tight trading range it has been in since mid-February.Immediate resistance can be seen at 1.3152 (38.2%fib), an upside break can trigger rise towards 1.3211 (50%fib).On the downside, immediate support is seen at 1.3070 (23.6%fib), a break below could take the pair towards 1.3003(Lower BB).
USD/CHF: The dollar rose against the Swiss franc on Monday amid talk of yet more sanctions against Russia over its invasion of Ukraine. Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in coming days. Germany’s defence minister also said the European Union must discuss banning the import of Russian gas, a step that would likely send prices yet higher while forcing some sort of energy rationing in Europe. At (GMT 14:34), greenback rose 0.49% versus the Swiss franc to 0.9268. Immediate resistance can be seen at 0.9274(30DMA), an upside break can trigger rise towards 0.9290 (23.6%fib).On the downside, immediate support is seen at 0.9252(38.2% fib), a break below could take the pair towards 0.9224 (50%fib).
USD/JPY: The dollar strengthened against the yen on Monday as greenback strengthened on back of the monthly U.S. jobs report indicating a strong labour market and is likely to keep the Federal Reserve on track to maintain its hawkish policy stance. Data on Friday showed U.S. unemployment hitting a two-year low of just 3.6% last month, strong enough that investors bet it would strengthen the Federal Reserve's resolve to tackle inflation by lifting rates sharply. Fed funds futures have priced a near 4/5 chance of a 50 basis point hike next month and two-year yields stand at a three-year high of 2.4930%. Strong resistance can be seen at 123.12 (23.6%fib), an upside break can trigger rise towards 124.34(29th March high).On the downside, immediate support is seen at 122.23(38.2%fib), a break below could take the pair towards 121.56(50%fib).
Equities Recap
European stocks rose on Monday even as fighting and bombings continue in cities around Ukraine.
At (GMT 14:27),UK's benchmark FTSE 100 was last trading up at 0.27 % percent, Germany's Dax was up by 0.45 %percent, France’s CAC finished was up by 0.58% percent.
Commodities Recap
Gold edged higher on Monday as the prospect of further sanctions on Russia over its invasion of Ukraine knocked stock markets and blunted appetite for risk, though elevated U.S. Treasury yields and a stronger dollar limited gains.
Spot gold was up 0.3% at $1,930.02 per ounce by 1130 GMT, while U.S. gold futures rose 0.5% to $1,933.80.
Oil jumped over 3% on Monday toward $108 a barrel as the release of strategic reserves by consuming nations failed to eliminate supply fears arising from Russia's invasion of Ukraine and the lack of an Iranian nuclear deal.
Brent crude was up $3.19, or 3.1%, at $107.58 a barrel by 1334 GMT. U.S. West Texas Intermediate crude gained $3.46, or 3.5%, to $102.73. Both contracts were down more than $1 earlier in the session.