Posted at 28 April 2023 / Categories Market Roundups
Market Roundup
• US Real Consumer Spending (Q1) 3.7%,1.0% previous
•US GDP Sales (Q1) 3.4%,2.3% forecast, 1.1% previous
•US PCE Prices (Q1) 4.2%,0.5% forecast, 3.7% previous
•US GDP (QoQ) (Q1) 1.1%,2.0% forecast, 2.6% previous
•US Core PCE Prices (Q1) 4.90%,4.70% forecast, 4.40% previous
•US GDP Price Index (QoQ) (Q1) 4.0%,3.7% forecast,3.9% previous
•US Continuing Jobless Claims 1,858K,1,878K forecast, 1,865K previous
•US Initial Jobless Claims 230K,248K forecast, 245K previous
•US Jobless Claims 4-Week Avg. 236.00K,239.75K previous
• US Mar Pending Home Sales Index 78.9,83.2 previous
• US Pending Home Sales (MoM) -5.2%, 0.5% forecast,0.8% previous
• US Natural Gas Storage 79B, 75B forecast,75B previous
• US Apr KC Fed Composite Index -10,0 forecast,0 previous
• US Apr KC Fed Manufacturing Index -21,3 forecast,3 previous
• US 4-Week Bill Auction 3.830%,3.190% previous
• US 8-Week Bill Auction 4.940%, 4.850% previous
Looking Ahead Economic Data(GMT)
•01:30 Australia PPI (YoY) (Q1) 5.0% forecast, 5.8% previous
•01:30 Australia Mar Housing Credit 0.2% forecast, 0.3% previous
•01:30 Australia Mar Private Sector Credit (MoM) 0.3% forecast, 0.3% previous
•01:30 Australia PPI (QoQ) (Q1) 0.8% forecast, 0.7% previous
Looking ahead Events And Other Release(GMT)
• 03:00 Japan BoJ Outlook Report (YoY)
• 03:00 Japan BoJ Monetary Policy Statement
• 05:00 Japan BoJ Press Conference
Currency Summaries
EUR/USD: The euro hovered near a one-year high against the dollar on Thursday as investors awaited economic growth and inflation data for clues on the size of the European Central Bank’s expected interest rate hike next week. Ahead of ECB’s May 4 policy meeting, a slew of economic data, including first-quarter euro zone GDP growth due on Friday, is expected to show how elevated energy prices and tighter banking standards have impacted the economy . Investors also waited for price data after some members of the ECB, which entered its quiet period prior to next week’s meeting, reiterated this week that more rate hikes were needed to tame stubbornly high inflation. Immediate resistance can be seen at 1.1058 (Daily high), an upside break can trigger rise towards 1.1080(Higher BB).On the downside, immediate support is seen at 1.0976 (5DMA), a break below could take the pair towards 1.0912(April 19th low).
GBP/USD: Sterling steadied against the dollar on Thursday, after two volatile days largely cancelled each other out, leaving the British currency not far off a 10-month peak. Markets have largely been in a wait-and-see mode in the results-heavy week, with investors on the lookout for clues on the impact of monetary tightening on earnings. Investors also await U.S. first-quarter GDP data due later in the day for clues on the health of the world's largest economy. The pound was flat at $1.2471, having risen 0.48% on Wednesday and fallen 0.58% on Tuesday as markets vacillated over whether U.S. banking jitters and a standoff over the debt ceiling was good or bad news for the dollar. Immediate resistance can be seen at 1.2492 (Daily high), an upside break can trigger rise towards 1.2513(Higher BB).On the downside, immediate support is seen at 1.2450(5DMA), a break below could take the pair towards 1.2352(38.2%fib).
USD/CAD: The Canadian dollar strengthened against its U.S. counterpart on Thursday as equity markets rallied and investors awaited domestic GDP data, but the currency was holding near its weakest level in more than four weeks . Canadian payroll employment rose by 62,500 in February, data from Statistics Canada showed. GDP data for the same month, due on Friday, is expected to show a gain of 0.2%. The Canadian dollar was trading 0.3% higher at 1.3595 to the greenback. On Wednesday, it touched its weakest intraday level since March 28 at 1.3651. Immediate resistance can be seen at 1.3613(38.2%fib), an upside break can trigger rise towards 1.3599 (April 26th high).On the downside, immediate support is seen at 1.3571(11DMA), a break below could take the pair towards 1.3550 (50%fib).
USD/JPY: The dollar steadied against Japan's yen on Thursday as the Bank of Japan began a two-day policy meeting, the first under new governor Kazuo Ueda.The market consensus is that Ueda will leave ultra-easy policy settings unchanged on Friday, but no one is willing to rule out another surprise like the shock doubling of the 10-year bond yield band in December. Economic data released before the bell showed the U.S. economy slowed more than expected in the first quarter, even as price growth came in hotter than economists projected. At the same time, initial claims for unemployment benefits fell, suggesting ongoing tightness in the labor market, a major driver of inflation . Strong resistance can be seen at 134.27(23.6%fib), an upside break can trigger rise towards 135.25(Higher BB).On the downside, immediate support is seen at 133.80 (5DMA), a break below could take the pair towards 133.06 (38.2%fib)
Equities Recap
Equities Recap
European shares ended higher on Thursday supported by positive earnings, especially reports from Deutsche Bank and Barclays that eased concerns about the banking sector's health, while Denmark's SimCorp surged on a deal with Deutsche Boerse.
UK's benchmark FTSE 100 closed down by 0.27 percent, Germany's Dax ended down by 0.03 percent, France’s CAC finished the day down by 0.23 percent.
U.S. stocks closed sharply higher on Thursday and Treasury yields resumed their climb as strong earnings helped investors look past signs of economic weakness.
Dow Jones closed up by 1.57% percent, S&P 500 closed up by 1.96 % percent, Nasdaq settled up by 2.43% percent.
Commodities Recap
Gold reversed course and dropped on Thursday, as the dollar gained after weaker U.S. economic readings failed to upend expectations of another interest rate hike by the Federal Reserve next week amid stubborn inflation.
Spot gold was down 0.1% at $1,988.08 per ounce by 2:16 p.m. EDT (1816 GMT), while U.S. gold futures settled up 0.2% at $1,999.
Oil prices steadied on Thursday after the previous day's price drop erased the supportive impact of a surprise cut to OPEC production targets this month.
Brent crude edged up 18 cents, or 0.23%, to $77.87 a barrel by 1344 GMT while U.S. West Texas Intermediate crude rose 12 cents, or 0.16%, to $74.42.