Posted at 30 March 2023 / Categories Market Roundups
Market Roundup
•Spanish Mar CPI (MoM) 0.4%,0.7% forecast,0.9%previous
•Spanish Mar HICP (YoY) 3.1%, 4.0% forecast,6.0% previous
•Spanish Feb Retail Sales (YoY) 4.0%, 5.5% previous
•Spanish Mar CPI (YoY) 3.3%,3.8% forecast,6.0% previous
• German Mar CPI (YoY) 7.2%,8.8% previous
• German CPI (MoM)0.9%,0.8% previous
• German Mar CPI (YoY) 7.8%,8.7% previous
• German Mar CPI (YoY) 7.8%,8.7% previous
• German Mar CPI (MoM) 1.0%,0.8% previous
• German Mar CPI (MoM) 0.8% ,0.6% previous
•EU Mar Selling Price Expectations 18.7,23.8 previous
•EU Mar Consumer Inflation Expectation 18.9,17.7 previous
•EU Mar Services Sentiment 9.4,10.3 forecast,9.5 previous
•EU Mar Business and Consumer Survey 99.3,99.8 forecast,99.7 previous
•EU Mar Consumer Confidence -19.2,-19.2 forecast,-19.0 previous
Looking Ahead Economic Data(GMT)
•12:00 German Mar CPI (MoM) 0.7%,0.8% previous
•12:00 German Mar German CPI (YoY) 7.3%,8.7% previous
• 12:00 German Mar HICP (YoY) 7.5%,9.3 previous
•12:30 US Corporate Profits (QoQ) (Q4) 0.8% previous
•12:30 US Real Consumer Spending (Q4)2.1% previous
•12:30 US GDP Sales (Q4) 4.5% previous
•12:30 US PCE Prices (Q4) 4.3% previous
•12:30 US GDP (QoQ) (Q4) 2.7% forecast,3.2% previous
•12:30 US Core PCE Prices (Q4) 4.30% forecast,4.70% previous
•12:30 US GDP Price Index (QoQ) (Q4) 3.9% forecast,4.4% previous
•12:30 US Initial Jobless Claims 196K forecast, 191K previous
•12:30 US Jobless Claims 4-Week Avg.196.25K previous
•12:30 US Continuing Jobless Claims 1,697K forecast,1,694K previous
•15:30 US 4-Week Bill Auction 4.150% previous
•15:30 US 8-Week Bill Auction 4.400% previous
Looking Ahead Events And Other Releases(GMT)
•16:45 US FOMC Member Barkin Speaks
Fxbeat
EUR/USD: The euro strengthened on Thursday as concerns over the banking sector receded, while investors switched focus to inflation for more hints on central banks' next rate moves. Inflation data from German states, used to calculate a preliminary inflation figure for the euro zone's largest economy due at 1200 GMT, have started to come in. The ECB has increased its key deposit rate by 350 basis points to 3% since July as it seeks to tame surging inflation. There are currently two 25 basis point rate hikes by the European Central Bank fully priced in by September. The euro edged up 0.07% to $1.0851, but was on track to end the month with a 2% gain. Immediate resistance can be seen at 1.0904(Higher BB), an upside break can trigger rise towards 1.0971(23.6%fib).On the downside, immediate support is seen at 1.0824(5DMA), a break below could take the pair towards 1.0769(38.2%fib).
GBP/USD: The pound held steady on Thursday, and was heading for its biggest monthly gain versus the dollar since November, as an apparent abatement in concern among investors over the banking sector drove flows away from the U.S. currency. Sterling has risen by nearly 3% against the dollar in March and is hovering around eight-week highs. Data this week showed UK grocery inflation hit a record high of 17.5% in March. Temporary shortages of certain food items, such as salad ingredients, helped drive the rise. But overall, at more than 10%, headline inflation in Britain is showing no signs of slowing down. Sterling was last up 0.4% against the dollar at $1.2361. The pound is heading for its largest monthly gain since a 5.2% rally in November. Immediate resistance can be seen at 1.2372 (23.6%fib), an upside break can trigger rise towards 1.2429(Higher BB).On the downside, immediate support is seen at 1.2295(5DMA), a break below could take the pair towards 1.2193(38.2%fib).
USD/CHF: The dollar dipped against the Swiss franc on Thursday as greenback dipped ahead of US GDP and jobs data. U.S. gross domestic product data and weekly initial jobless claims data is due at 1230 GMT. Core U.S. personal consumption expenditures (PCE) data is due out on Friday. Investors will scan the data for implications for the U.S. central bank's monetary policy. According to the CME FedWatch tool, markets see a 58.8% chance of the Fed maintaining rates at current levels in May. The dollar index , which measures the currency against six major peers, was 0.1% lower at 102.52. Immediate resistance can be seen at 0.9176(5DMA), an upside break can trigger rise towards 0.9253(38.2%fib).On the downside, immediate support is seen at 0.9130(23.6%fib), a break below could take the pair towards 0.9066(Lower BB).
USD/JPY: The dollar declined against the yen on Thursday as fading concerns about the global banking sector decreased demand for dollar. The dollar also has been under pressure from the possibility that the Federal Reserve may have to relent in its fight against inflation and pause rate hikes. Data on U.S. personal consumption expenditures due on Friday will provide further clues on inflationary pressures in the world's largest economy. The Japanese yen strengthened 0.4% to 132.35 per dollar, after falling 1.5% on Wednesday. The currency has been volatile in the run-up to the end of the Japanese fiscal year on Friday. Strong resistance can be seen at 133.03 (38.2%fib), an upside break can trigger rise towards 133.71 (Mar 17th high).On the downside, immediate support is seen at 131.61(5DMA), a break below could take the pair towards 130.21(23.6%fib).
Equities Recap
European stocks rose to three-week highs on Thursday, lifted by signs of cooling inflation, upbeat results from retail giant H&M and fading concerns about the global banking sector that sparked a rally on Wall Street overnight.
At (GMT 11:13 ),UK's benchmark FTSE 100 was last trading up at 0.98 percent, Germany's Dax was up by 1.30 percent, France’s CAC was up by 1.38 percent.
Commodities Recap
Gold prices edged up on Thursday, helped by a softer dollar as investors lie in wait for economic data to gauge the U.S. Federal Reserve's rate-rise path.
Spot gold was up 0.2% at $1,967.39 per ounce, as of 0941 GMT. U.S. gold futures were unchanged at $1,984.60.
Oil prices rose on Thursday as a surprise drop in U.S. crude stockpiles and a halt in exports from Iraq's Kurdistan region offset a smaller-than-expected cut to Russian supplies.
Brent crude futures rose 40 cents, or 0.51%, to $78.68 a barrel at 0926 GMT, while West Texas Intermediate crude rose 52 cents, or 0.71%, to $73.49 a barrel.