Posted at 14 April 2022 / Categories Market Roundups
Market Roundup
• German Mar WPI (MoM) 6.9%,1.7% previous
• German Mar WPI (YoY) 22.6%,16.6% previous
•Sweden Mar CPI (MoM) 1.8%,0.5%forecast,0.9%previous
•Sweden Mar CPI (YoY) 6.0%,5.6% forecast, 4.3% previous
•Swiss Mar PPI (MoM) 0.8%,0.4% previous
•ECB Apr Interest Rate Decision 0.00%, 0.00%forecast, 0.00% previous
Looking Ahead - Economic Data (GMT)
•US Mar Retail Sales (MoM) 0.6% forecast, 0.3% previous
•US Mar Continuing Jobless Claims 1,500K forecast, 1,523K previous
•US Mar Jobless Claims 4-Week Avg 170.00K previous
•US Initial Jobless Claims 171K forecast, 166K previous
•Canada Feb Manufacturing Sales (MoM) 3.6% forecast, 0.6% previous
•US Mar Retail Sales (YoY) 17.62% previous
•US Mar Import Price Index (MoM) 2.3% forecast,1.4% previous
•US Mar Export Price Index (MoM) 2.2% forecast, 3.0% previous
•US Mar Core Retail Sales (MoM) 1.0% forecast,0.2% previous
•US Feb Wholesale Sales (MoM) 0.9% forecast, 4.2% previous
•US Apr Michigan 5-Year Inflation Expectations 3.00% previous
•US Feb Retail Inventories Ex Auto 1.2% forecast, 1.8% previous
•US Apr Michigan Consumer Sentiment 59.0 forecast, 59.4 previous
•US Apr Michigan Consumer Expectations 54.2 forecast ,54.3 previous
•US Feb Business Inventories (MoM) 1.3% forecast , 1.1% previous
•U.S. Baker Hughes Oil Rig Count 546 previous
Looking Ahead - Economic events and other releases (GMT)
• 12:30 ECB Press Conference
Fxbeat
EUR/USD: The euro rose on Thursday ahead of the European Central Bank meeting expected to outline a clearer schedule for unwinding stimulus, opening up the possibility of a first rate hike later this year.After touching its lowest since early March on Wednesday, the euro rose 0.12% to $1.09050 at 0835 GMT, ahead of the meeting. Traders were waiting for a European Central Bank meeting for possible clues on a clearer schedule for unwinding its extraordinary stimulus Immediate resistance can be seen at 1.0889(38.2%fib), an upside break can trigger rise towards 1.0967 (50%fib).On the downside, immediate support is seen at 1.0871 (5DMA), a break below could take the pair towards 1.0792 (23.6%fib).
GBP/USD: Sterling strengthened on Thursday as lower UST yields weighed on the dollar. As U.S. yields paused their march higher, the dollar fell from a two-year peak hit a day earlier. Market participants were awaiting a European Central Bank (ECB) meeting later in the day to see if it was as hawkish as other global central banks had been. The dollar index , which measures the dollar against six peers, fell 0.2% to 99.633, adding to a 0.5% overnight fall from its high of 100.52.The pound was last up 0.1% on the day versus the dollar at $1.3009, having strengthened slightly throughout the day. Immediate resistance can be seen at 1.3142(38.2%fib), an upside break can trigger rise towards 1.3232 (23.6%fib).On the downside, immediate support is seen at 1.3070 (50%fib), a break below could take the pair towards 1.2997 (61.8%fib).
USD/CHF: The dollar steadied against the Swiss franc on Thursday as investors awaited European Central Bank meeting for possible clues on a clearer schedule for unwinding its extraordinary stimulus. The European Central Bank may outline on Thursday a clearer schedule for unwinding its extraordinary stimulus, as worries over record-high inflation trump concerns about a war-related recession.The ECB has been reducing the pace of its money-printing programme for months but it has so far avoided committing to an end date for the scheme, worried that the war in Ukraine and sky-high energy prices could suddenly change the outlook.Immediate resistance can be seen at 0.9392 (38.2%fib), an upside break can trigger rise towards 0.9412(23.6%fib).On the downside, immediate support is seen at 0.9347 (50%fib), a break below could take the pair towards 0.9315 (61.8%fib).
USD/JPY: The dollar declined against the yen on Thursday as dollar was weighed down by lower US yields. Retreating U.S. yields offered some relief to the bruised yen on Thursday, with the safe haven currency up 0.3% against the greenback. It had weakened past the 126 yen per dollar mark in the previous session.The prospect of fast and aggressive U.S. interest rate hikes and growing market expectations that the Bank of Japan will keep rates ultra-low in the near term have weakened the yen. Strong resistance can be seen at 126.45(23.6%fib), an upside break can trigger rise towards 127.00 (Psychological level).On the downside,immediate support is seen at 125.30(38.2%fib), a break below could take the pair towards 124.43(50%fib).
Equities Recap
Stock markets made slim gains on Thursday ahead of a European Central Bank meeting that could herald tighter policy, as U.S. Treasury yields eased and the dollar retreated on hopes that inflation may be close to peaking.
At (GMT 11:52 ),UK's benchmark FTSE 100 was last trading down at 0.06 percent, Germany's Dax was up by 0.41 percent, France’s CAC finished was up by 0.66 percent.
Commodities Recap
Gold eased on Thursday as risk appetite recovered, but was still on track for a weekly gain buoyed by safe-haven demand amid the Ukraine crisis and mounting price pressures.
Spot gold dipped 0.2% to $1,973.41 per ounce as of 1100 GMT, after a six-session winning streak. U.S. gold futures dropped 0.6% to $1,973.30.
Oil prices slipped on Thursday in thin trade ahead of a public holiday, as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Brent futures were down $1.17, or 1.1%, at $107.61 a barrel, while U.S. West Texas Intermediate futures were off $1 or 1%, at $103.25 a barrel at 1110 GMT.