Posted at 24 March 2023 / Categories Market Roundups
Market Roundup
•UK Feb Retail Sales (YoY) -3.5%,-4.7%forecast,-5.1% previous
•UK Feb Retail Sales (MoM) 1.2%,0.2% forecast,0.5% previous
•UK Feb Core Retail Sales (MoM) 1.5%, 0.1% forecast,0.4% previous
•Sweden Feb PPI (YoY) 9.3%,11.8% previous
•UK Feb Core Retail Sales (YoY) -3.3%, -4.7% forecast,-5.3% previous
•French Mar Services PMI 55.5, 52.5 forecast,53.1 previous
•French Mar Manufacturing PMI 47.7,48.0 forecast,47.4 previous
•French Mar S&P Global Composite 54.0,51.8 forecast, 51.7 previous
•German Mar Services PMI 53.9,51.0 forecast, 50.9 previous
•German Mar Manufacturing PMI 44.4, 47.0 forecast,46.3 previous
•German Mar Composite PMI 52.6,51.0 forecast,50.7 previous
•EU March Manufacturing PMI 47.1,49.0 forecast,48.5 previous
•EU March Services PMI 55.6,52.5 forecast,52.7 previous
•EU Mar S&P Global Composite PMI 54.1,51.9 forecast,52.0 previous
•UK Services PMI 52.8 , 53.0 forecast,53.5 previous
•UK Composite PMI 52.2 ,52.7 forecast,53.1 previous
•UK Manufacturing PMI 48.0 ,50.0 forecast,49.3 previous
•Canada Manufacturing Sales (MoM) -2.8%,4.1% previous
•Canada Wholesale Sales (MoM) -1.6% , 2.4% previous
•US Feb Durable Goods Orders (MoM) -1.0%, 0.6% forecast,-4.5% previous
•US Feb Goods Orders Non Defense Ex Air (MoM) 0.2%,0.1% forecast, 0.8% previous
•US Core Durable Goods Orders (MoM) 0.0% ,0.2% forecast, 0.8% previous
•Canada Jan Retail Sales (MoM) 1.4%,0.7% forecast,0.5% previous
•Canada Jan Core Retail Sales (MoM) 0.9%, 0.6% forecast,-0.6% previous
Looking Ahead Economic Data(GMT)
•13:45 US Mar Manufacturing PMI 47.0 forecast,47.3 previous
•13:45 US Mar S&P Global Composite PMI 47.5 forecast,50.1 previous
•13:45 US Mar Services PMI 50.5 forecast,50.6 previous
•14:00 EU Mar Belgium NBB Business Climate -12.8 previous
•17:00 U.S. Baker Hughes Oil Rig Count589 previous
•17:00 U.S. Baker Hughes Total Rig Count 754 previous
Looking Ahead Events and Other Releases(GMT)
•15:00 BoE MPC Member Pill Speaks
•16:00 BoE MPC Member Mann
Fxbeat
EUR/USD: The euro fell sharply against a strengthening dollar on Friday amid nervousness over banks, with better-than expected economic data failing to lift sentiment.Flash Purchasing Managers' Index (PMI) data failed to lift the single currency as sentiment in markets were fragile with European banks falling 5.3%.S&P Global's flash Composite Purchasing Managers' Index (PMI), seen as a good gauge of overall economic health, bounced to a 10-month high of 54.1 in March from February's 52.0, data showed on Friday. The euro sank 1% to $1.0722. The dollar index , which measures the currency against six major rivals, rose 0.6% at 103.26.Immediate resistance can be seen at 1.0838 (23.6%fib), an upside break can trigger rise towards 1.0880 (Higher BB).On the downside, immediate support is seen at 1.0725(38.2%fib), a break below could take the pair towards 1.0684(14DMA).
GBP/USD: Sterling declined on Friday as lingering banking stability concerns weighing on markets. Investor sentiment remains frail after turmoil in the U.S. and European banking sectors in the past two weeks has revived memories of the 2008 global financial crisis. U.S. regional banks Silicon Valley Bank and Signature Bank failed this month and First Republic Bank shares have lost most of their value. UK data on Friday showed a surprise rise in retail sales in February, while businesses reported a second month of growth in March, suggesting the overall economy expanded in early 2023. The pound was last down 0.6% at $1.2209. Immediate resistance can be seen at 1.2294 (Daily high), an upside break can trigger rise towards 1.2349(Higher BB).On the downside, immediate support is seen at 1.2203 (38.2%fib), a break below could take the pair towards 1.2178(11DMA).
USD/CHF: The dollar strengthened against the Swiss franc on Friday as investors assessed the prospects that the U.S. Federal Reserve might pause its rate-hike trajectory. The Fed raised its main interest rate by a quarter point to a range of 4.5%-4.75% on Wednesday, but signalled it would consider a pause in light of banking system stresses. Globally, traders continued to analyse Fed comments for clues about the U.S. central bank's future monetary policy. Currently, markets are pricing in rate cuts of accumulated 80 basis points to about 4% by the end of the year amid fears that policy tightening and a brewing banking crisis could drive the U.S. economy into a recession. Immediate resistance can be seen at 0.9196(38.2%fib), an upside break can trigger rise towards 0.9219(5DMA).On the downside, immediate support is seen at 0.9119(23.6%fib), a break below could take the pair towards 0.9100(Lower BB).
USD/JPY: The dollar dipped against yen on Friday as concerns about the stability of the banking system lingered. The rescue of Credit Suisse has also ignited broader worries about investors' exposure to a fragile banking sector. The global banking sector has been rocked since the sudden collapse this month of two U.S. regional banks. Policymakers have stressed the turmoil is different from the global financial crisis 15 years ago, saying banks are better capitalised and funds more easily available. But the worries have spread quickly. The Japanese yen, a safe-haven currency, climbed 0.6% to a six-week high of 130 per dollar, extending its weekly rise to a solid 1.4%. Strong resistance can be seen at 131.91(Daily high), an upside break can trigger rise towards 132.10 (38.2%fib).On the downside, immediate support is seen at 129.54(23.6%fib), a break below could take the pair towards 129.00(Psychological level).
Equities Recap
Banking stocks fell again on Friday after a tumultuous week with investors worried that the worst problems in the sector since the 2008 financial crisis were not yet contained..
At (GMT 12:43 ),UK's benchmark FTSE 100 was last trading down at 1.86 percent, Germany's Dax was down by 2.40 percent, France’s CAC was down by 2.30 percent.
Commodities Recap
Gold eased into a relatively tight range on Friday pressured by a firmer dollar after a volatile week so far, but the bullion’s longer-term prospects were still bright given bets for a pause in U.S. interest rate hikes..
Spot gold was down 0.4% at $1,986.40 per ounce at 0707 GMT, after two sessions of sharp gains. U.S. gold futures also fell 0.4% to $1,988.90.
Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy