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America's Roundup:-Dollar gains as report of dovish ECB members dents euro, Wall Street ends higher, Gold falls 1 pct, Oil up 1 pct as market focuses on supply risks-April 17th, 2019

Market Roundup

• Several ECB policymakers doubt projected growth rebound: sources

• Sterling slips on Brexit talks concerns; volatility drops

• White House talking to other possible Fed candidates -Kudlow

• US Mar Industrial Production MM, -0.1 pct, 0.2 pct forecast, 0.1 pct prev, 0.1 pct previous

• US Mar Manuf Output MM, 0.0 pct, 0.1 pct forecast, -0.4 pct previous, -0.3 pct revised

• US Apr NAHB Housing Market Indx, 63, 63 forecast, 62 previous

• US 13 Apr,w/e Redbook YY, 5.0 pct, 4.8 pct previous

• UK wage growth at new decade high as employers hire in the face of Brexit 

• World economy, Brexit delay boost German investor morale

• Euro area budget no "bazooka" but will expand bloc's policy toolkit -Centeno

• CA Feb Manufacturing Sales MM, -0.2 pct, 0.0 pct forecast, 1.0 pct prev, 0.8 pct revised

Looking Ahead - Economic Data (GMT)

• 16 Apr 22:45 New Zealand Q1 CPI QQ, 0.3 pct forecast, 0.1 pct previous

• 16 Apr 22:45 New Zealand Q1 CPI YY, 1.7 pct forecast, 1.9 pct previous

• 16 Apr 23:50 Japan Mar Export YY, -2.7 pct forecast, -1.2 pct previous

• 16 Apr 23:50 Japan Mar Imports YY, 2.6 pct forecast, -6.7 pct previous, -6.6 pct revised

• 16 Apr 23:50 Japan Mar Trade Balance Total Yen, 372.2 bln forecast, 339.0 bln
previous, 334.9 bln revised

• 17 Apr 02:00 China Q1 GDP YY, 6.3 pct forecast, 6.4 pct previous

• 17 Apr 02:00 China Mar Retail Sales YY, 8.4 pct forecast, 8.2 pct previous

• 17 Apr 02:00 China Mar Industrial Output YY, 5.9 pct forecast, 5.3 pct previous

• 17 Apr 02:00 China Mar Urban investment (ytd) yy, 6.3 pct forecast, 6.1 pct previous

Looking Ahead - Events, Other Releases (GMT)

• 14:00 Estonia Central Bank Governor Madis Muller talks about state of the economy in Tallinn 

• 14:30 ECB board member Sabine Lautenschlaeger takes part in a panel discussion at a conference organised by the Network for Greening the Financial System (NGFS) in Paris

• 16:30 Fed Philadelphia's President Patrick Harker speaks on the economic outlook before a Greater Vineland Chamber of Commerce luncheon, in Vineland, New Jersey

• 16:30 Fed St. Louis's President James Bullard gives presentation on the U.S. economy and monetary policy, in Annandale-on-Hudson, United States

• 18:00 Federal Reserve issues the Beige Book of economic condition in Washington 

• 23:00 New York Fed's Senior Vice President Lorie Logan speaks before the Money Marketeers of New York University, in New York

Currency Summaries

EUR/USD: The euro slipped lower against the U.S. dollar on Tuesday,   after report showed that some European Central Bank policymakers think the bank’s economic projections are too optimistic. Several ECB policymakers said the bank's economic projections are too rosy as weak growth in China and trade tensions linger, four sources with direct knowledge of discussions said. The release of Purchasing Managers Indexes (PMIs) for the manufacturing and service sectors in Europe on Thursday will be closely watched as traders look for signals of improving growth in the region. The euro was up 0.17 percent at $1.1283. Immediate resistance can be seen  at 1.1342 (100 DMA), an upside break can trigger rise towards 1.1400 (Psychological level).On the downside, immediate support is seen at 1.1280 (5 DMA), a break below could take the pair towards 1.1262 (9 DMA).

GBP/USD: The pound stumbled below $1.31 against dollar on Tuesday, after a newspaper report showed that, Brexit talks between Prime Minister Theresa May's government and the opposition Labour Party were stalling, but moves were broadly contained in a market lacking fresh triggers. The report was subsequently dismissed by a Labour Party spokesman, but the pound held near the day's lows despite robust jobs data.The pound   edged lower to $1.3050 against the dollar and weakened 0.34 percent against the euro   to 86.49 pence. Immediate resistance can be seen at 1.3114 (21 DMA), an upside break can trigger rise towards 1.3200 (April 4th High).On the downside, immediate support is seen at 1.3000 (Psychological level), a break below could take the pair towards 1.2943 (100 DMA).

USD/CAD: The Canadian dollar edged higer against its U.S. counterpart on Tuesday, rebounding from an earlier 11-day low as higher oil prices offset weaker-than-expected domestic manufacturing data. The price of oil, one of Canada's major exports, rose as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply. The Canadian dollar was trading 0.8% higher at 1.3355 to the greenback. The currency touched its weakest intraday since April 5 at 1.3403. Immediate resistance can be seen at 1.3400 (Psychological Level), an upside break can trigger rise towards 1.3434 (Higher Bollinger Bands).On the downside, immediate support is seen at 1.3350 (9 DMA), a break below could take the pair towards 1.3309 (50 DMA).

USD/JPY: The U.S. dollar hovered around 112.00 against the yen on Tuesday, as uncertainty crept back over U.S.-China trade negotiations following comments from U.S. President Donald Trump, while investors also awaited China's first quarter gross domestic product data. Trump said on Monday he believed that the United States would emerge from its trade dispute with China as a winner, no matter what happened, as the world's two-largest economies remain locked in long-drawn retaliatory tariff war. Following a set of positive economic data from China last week, market focus will now turn to the release of first-quarter GDP data on Wednesday. Growth in the first quarter is forecast to have cooled to 6.3 percent, the slowest since the global financial crisis. Strong resistance can be seen at 112.19 (38.2% retracement), an upside break can trigger rise towards 112.85 (23.6 % retracement).On the downside, immediate support is seen at 111.63 (9 DMA), a break below could take the pair towards 111.14 (21 DMA). 

Equities Recap

European shares ended at an eight-month high on Tuesday, bolstered by banking and financial stocks, upbeat data from China and the improving economic mood in Germany.

UK's benchmark FTSE 100 closed up by 0.5 percent, the pan-European FTSEurofirst 300 ended the day up by 0.35 percent, Germany's Dax ended up by 0.7 percent, France’s CAC finished the day up by 0.4 percent.

U.S. stocks ended slightly higher on Tuesday, with the S&P 500 inching closer to its all-time high following a string of mostly positive earnings, while a drop in healthcare shares limited the advance.

Dow Jones closed up by 0.26 percent, S&P 500 ended up 0.06  percent, Nasdaq finished the day up by 0.31 percent.

Treasuries Recap

U.S. Treasury yields rose to four-week highs on Tuesday, bolstered by increased risk appetite that has pushed Wall Street shares higher, as well as expectations of more positive U.S. and Chinese economic data this week.

In afternoon trading, U.S. 10-year note yields rose to 2.590%, up from 2.553% late on Monday. Ten-year yields hit a four-week peak of 2.596%.

Yields on U.S. 30-year bonds were also higher, at 2.991%  , up from 2.963% on Monday. Thirty-year yields also touched a four-week high of 2.998%.

Commodities Recap

Oil prices rose 1 percent on Tuesday, as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains

Brent crude futures rose 54 cents, or 0.76 percent, to settle at $71.72 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 65 cents, or 1 percent, to settle at $64.05 a barrel.

Gold dropped 1 percent on Tuesday to its lowest level of 2019, as a string of robust economic data boosted demand for riskier assets like equities while bullion was further weighed down by gains in the U.S. dollar.

Spot gold   was down 1.1 percent to $1,273.91 per ounce as of 1:45 p.m. EDT (1745 GMT), having earlier slipped to its lowest since Dec. 27 at $1,272.70.U.S. gold futures settled 1.1 percent lower at $1,277.20 an ounce.
 

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