Posted at 25 March 2021 / Categories Market Roundups
Market Roundup
• German April GfK Consumer Climate -6.2, -11.9 forecast,-12.9 previous
•French March Business Survey 98, 98 forecast, 97 previous
•Switzerland SNB Interest Rate Decision -0.75%,-0.75% previous
•Sweden February PPI (MoM) 1.5%,1.0% previous
•EU Private Sector Loans (YoY) 3.0%,3.0% previous
•EU Jan M3 Money Supply (YoY) 13.3% , 12.5% forecast, 12.3% previous
•Italian Feb Trade Balance Non-EU 4.11B, 1.71B previous
•UK March CBI Distributive Trades Survey -45, -37 forecast, -45 previous
Looking Ahead - Economic Data (GMT)
•12:30 US Jobless Claims 4-Week Avg 746.25K previous
•12:30 US Initial Jobless Claims 730K forecast, 770K previous
•12:30 US Continuing Jobless Claims 4,043K forecast, 4,124K previous
•12:30 US Core PCE Prices (Q4) 1.40% forecast,1.40% previous
•12:30 US GDP Price Index (QoQ) (Q4) 2.0% forecast ,3.7% previous
•12:30 US GDP (QoQ) (Q4) 4.1% forecast ,33.4% previous
•12:30 US PCE Prices (Q4) 1.5% forecast , 1.6% previous
•12:30 US Corporate Profits (QoQ) (Q4) 27.0% previous
•12:30 US GDP Sales (Q4) 3.0% forecast , 3.0% previous
•14:30 US Natural Gas Storage-25B forecast,-11B previous
•15:00 US March KC Fed Composite Index 24 previous
•15:00 US KC Fed Manufacturing Index 26 previous
Looking Ahead - Economic events and other releases (GMT)
•14:10 US FOMC Member Clarida Speaks
•14:30 US FOMC Member Williams Speaks
•23:00 US FOMC Member Daly Speaks
Fxbeat
EUR/USD: The euro dipped against dollar on Thursday as as extended lockdowns and worries about the pace of vaccinations across Europe hobbled the common currency. European Union leaders meet on Thursday to discuss a coordinated path out of the COVID-19 pandemic as infections surge again in many of their countries, seeking agreement on how to ramp up supplies of vaccines after a feeble start to inoculation. Ahead of the summit, French President Emmanuel Macron spelt out the frustration over vaccine rollouts that are far behind those of Britain and the United States, acknowledging that European leaders had been too timid. Immediate resistance can be seen at 1.1885 (5DMA), an upside break can trigger rise towards 1.1925 (38.2%fib).On the downside, immediate support is seen at 1.1806(23.6%fib), a break below could take the pair towards 1.1779 (Lower BB).
GBP/USD: Sterling steadied against the dollar on Thursday after two consecutive days of losses prompted by fears that the European Union might ban vaccine exports to Britain, which relies on them for its inoculation campaign. The pound has lost over 1% against the dollar this week, as the EU, which has lagged Britain and the United States in rolling out vaccines, considers the measure. A rise in bond yields as well as some risk aversion in markets have also broadly benefited the dollar in recent weeks.By 12:00 GM ,sterling traded 0.17 % higher against the dollar at $1.3706. Immediate resistance can be seen at 1.3773(38.2%fib), an upside break can trigger rise towards 1.3835 (5DMA).On the downside, immediate support is seen at 1.3669(38.2 %fib), a break below could take the pair towards 1.3600(Psychological level).
USD/CHF: The dollar edged lower against the Swiss franc on Thursday after Swiss National Bank kept its ultra-expansive monetary policy on hold. The Swiss National Bank kept its ultra-expansive monetary policy in place, including the world’s lowest interest rate, saying that the Swiss franc remains “highly valued. The SNB kept its policy rate locked at minus 0.75%, as unanimously forecast by economists in a poll. The central bank also kept the interest rate it charges commercial banks on some deposits they park overnight with it at minus 0.75%, as expected. Immediate resistance can be seen at 0.9374(23.6%fib), an upside break can trigger rise towards 0.9404(Higher BB).On the downside, immediate support is seen at 0.9298 (5DMA), a break below could take the pair towards 0.9276(38.2%fib).
USD/JPY: The dollar strengthened against the Japanese yen on Thursday after U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell expressed their confidence in the U.S. recovery during a second day of testimony to Congress.. U.S. Federal Reserve members indicated on Wednesday that the central bank will start to raise rates depending on economic outcomes and that it will not reduce monetary policy accommodation until it sees actual improvements. Strong resistance can be seen at 109.39 (5DMA23.6%fib), an upside break can trigger rise towards 110.00(Psychological level ).On the downside, immediate support is seen at 108.78(9 EMA), a break below could take the pair towards 108.47 (38.2%fib).
Equities Recap
European stocks inched lower in early trading on Thursday as investors grew wary about the economic outlook following a new round of coronavirus restrictions in the euro zone and regulatory concerns hit Chinese stocks.
At (GMT 11:40),UK's benchmark FTSE 100 was last trading down at 1.09 percent, Germany's Dax was down by 0.89 percent, France’s CAC finished was down by 0.76percent.
Commodities Recap
Gold prices held steady on Thursday as a stronger U.S. dollar countered concerns that surging COVID-19 cases across Europe could slow the pace of economic recovery.
Spot gold was little changed at $1,733.48 per ounce by 0745 GMT. U.S. gold futures were down 0.1% to $1,732.20 per ounce.
Oil prices fell on Thursday as a new round of coronavirus restrictions in Europe revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal.
Brent crude slid 62 cents, or 1%, to $63.79 a barrel at 1048 GMT. U.S. West Texas Intermediate (WTI) crude dropped by 79 cents, or 1.3%, to $60.39 a barrel.