Posted at 05 April 2023 / Categories Market Roundups
Market Roundup
•German Feb Factory Orders (MoM) 4.8%,0.3% forecast, 1.0% previous
•French Feb Industrial Production (MoM) 1.2%,0.5% forecast,-1.9% previous
•Spanish Feb Industrial Production (YoY) -0.4%, -0.1% forecast,-0.4% previous
•Spanish Mar Services PMI 59.4, 57.5 forecast,56.7 previous
•French Mar S&P Global Composite PMI 52.7,54.0 forecast,51.7 previous
•French Mar Services PMI 53.9, 55.5 forecast,53.1 previous
•German Mar Composite PMI 52.6,52.6 forecast,50.7 previous
•German Mar Services PMI 53.7,53.9 forecast,50.9 previous
•Italian Public Deficit (Q4)5.6%, 2.3% forecast,4.7% previous
•EU Mar Services PMI 55.0,55.6 forecast,52.7 previous
• EU Mar S&P Global Composite PMI 53.7,54.1 forecast,52.0 previous
•UK Mar Services PMI 52.9,52.8 forecast,53.5 previous
•UK Mar Composite PMI 52.2,52.2 forecast,53.1 previous
Looking Ahead Economic Data(GMT)
•12:15 US Mar ADP Nonfarm Employment Change 200K forecast,242K previous
•12:30 US Feb Trade Balance -69.00B forecast,-68.30B previous
•12:30 Canada Feb Trade Balance 1.80B forecast,1.92B previous
•12:30 US Imports 319.40B forecast,325.80B previous
•12:30 US Exports 250.40B forecast,257.50B previous
•12:30 Canada Feb 63.20B forecast,65.10B previous
•12:30 Canada Feb Exports 64.60B forecast,67.02B previous
•13:45 US Mar Services PMI 53.8 forecast,53.8 previous
•13:45 US Mar S&P Global Composite PMI 53.3 forecast,53.3 previous
•14:00 US Mar ISM Non-Manufacturing Employment 53.0 forecast,54.0 previous
•14:00 US IBD/TIPP Economic Optimism 47.0 forecast,46.9 previous
•14:00 US Mar ISM Non-Manufacturing PMI 54.5 forecast,55.1 previous
•14:00 US Mar ISM Non-Manufacturing Business Activity 55.0 forecast,56.3 previous
•14:00 US Mar ISM Non-Manufacturing New Orders 62.0 forecast,62.6 previous
•14:00 EU Feb Greek Unemployment Rate 10.8% previous
•14:00 US Mar ISM Non-Manufacturing Prices 65.0 forecast,65.6 previous
•14:00 US EIA Weekly Refinery Utilization Rates (WoW) 0.3% forecast,1.7% previous
•14:30 US Cushing Crude Oil Inventories -0.518M forecast,-1.632M previous
•14:30 US Distillate Fuel Production 0.044M forecast,0.130M previous
•14:30 US Gasoline Production 0.024M forecast,0.535M previous
•14:30 US Gasoline Inventories -1.729M forecast-2.904M previous
•14:30 US Crude Oil Inventories -2.329M forecast,-7.489M previous
Looking Ahead Events And Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro steadied on Wednesday as the dollar eased on expectations that the Federal Reserve might loosen its stance on monetary policy tightening. U.S. job openings in February dropped to the lowest level in nearly two years, suggesting that the labour market was cooling. Traders will be looking for cues on broader economic trends from U.S. non-farm payrolls data due this week, as weak economic data from the U.S. and China raise demand fears. In other economic news, German industrial orders rose more than expected in February, driven by a strong growth in the vehicle construction sector. The euro was up 0.01% to $1.093765, hovering near two-month peaks it touched on Tuesday. Immediate resistance can be seen at 1.0950(23.6%fib), an upside break can trigger rise towards 1.0972(higher BB).On the downside, immediate support is seen at 1.0846(5DMA), a break below could take the pair towards 1.0734(38.2%fib).
GBP/USD: The pound dipped on Wednesday, but remained close to its 10-month high against the dollar hit the day before, as improving economic circumstances have helped sterling to be one of the biggest beneficiaries of the softening U.S. currency. The pound was last down 0.27% against a broadly rebounding dollar at $1.2466, having hit $1.2525 a day earlier, its highest since June 2022.The pound rallied roughly 2% against the dollar in the first quarter of the year, the most in the G10 and outpacing gains by other major European currencies. British economic data has largely come in slightly better than feared, the latest example being strong service sector activity data, released Wednesday. Immediate resistance can be seen at 1.2516(23.6%fib), an upside break can trigger rise towards 1.2606(Higher BB).On the downside, immediate support is seen at 1.2420(5DMA), a break below could take the pair towards 1.2301(38.2%fib).
USD/CHF: The dollar dipped against the Swiss franc on Wednesday as the greenback eased after weak U.S. economic data fanned expectations that the Federal Reserve might loosen its monetary policy trajectory. Data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting the labor market was cooling.A separate report showed new orders for U.S.-manufactured goods fell for a second straight month in February. The Fed is seen done raising interest rates and starting to cut them in the summer. Immediate resistance can be seen at 0.9101(9DMA), an upside break can trigger rise towards 0.9163 (38.2%fib).On the downside, immediate support is seen at 0.9043(23.6%fib), a break below could take the pair towards 0.9000 (Lower BB).
USD/JPY: The dollar edged lower against the yen on Wednesday as weak economic data bolstered views that the Federal Reserve is near the end of its monetary tightening cycle. Data overnight showed U.S. job openings dropped to their lowest level in nearly two years in February, suggesting that labour market conditions were finally easing.Job openings, a measure of labour demand, were down 632,000 to 9.9 million on the last day of February, the monthly Job Openings and Labor Turnover Survey, or JOLTS report, showed .Strong resistance can be seen at 132.17 (5DMA), an upside break can trigger rise towards 133.10 (38.2%fib).On the downside, immediate support is seen at 130.68(23.6%fib), a break below could take the pair towards 129.68(Lower BB).
Equities Recap
European shares edged lower on Wednesday as investors maintained a cautious stance after data signalled a slower-than-expected pick-up in the euro zone's economic recovery.
At (GMT 11:38 ),UK's benchmark FTSE 100 was last trading up at 0.46 percent, Germany's Dax was down by 0.20 percent, France’s CAC was down by 0.05 percent.
Commodities Recap
Gold prices hit their highest since March 2022 on Wednesday, extending a rally after weaker U.S. economic readings bolstered bets U.S. interest rates will rise more slowly.
Spot gold rose 0.1% to $2,021.97 per ounce by 0925 GMT, while U.S. gold futures were steady at $2,038.70.
Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and plans by OPEC+ producers to reduce output.
Brent crude futures fell 22 cents, or 0.26%, to $84.72 a barrel by 1053 GMT. West Texas Intermediate U.S. crude was down 20 cents, or 0.25%, to $80.51 a barrel.