America’s Roundup: Dollar slips as Chinese data improves, Wall Street gains, Gold rallies to 7-1/2 year peak, Oil slides 5% as producer cuts fail to banish demand fears-April 15th,2020

Market Roundup

• US Export Price Index (YoY) -3.6%, -1.3% previous

• US March Export Price Index (MoM) -1.6% ,-1.9% forecast,-1.1%  previous

• US March Import Price Index (MoM) -2.3%,-3.2% forecast,-0.5% previous    

• US Import Price Index (YoY) -4.1%, -1.2% previous

• US Redbook (YoY) -2.0%, 5.3% previous

• US Redbook (MoM) -8.3%, 0.9% previous

Looking Ahead - Economic Data (GMT)

• 00:30 Australia April Westpac Consumer Sentiment  -3.8% previous

Looking Ahead - Events, Other Releases (GMT)    

• No significant events

Fxbeat

EUR/USD: The euro strengthened on Tuesday as dollar fell as risk sentiment returned to the market following better-than-expected economic data from China, which painted a less gloomy picture than feared following the coronavirus outbreak there. China's March exports fell 6.6% from a year earlier, compared with a forecast for a 14% drop, while imports fell by less than 1%, compared with a 9.5% drop predicted by economists. At (GMT 19:35), the euro was last trading 0.70 % higher at 1.0985 .Immediate resistance can be seen at 1.0992 (30 DMA), an upside break can trigger rise towards 1.1053 (200 DMA).On the downside, immediate support is seen at 1.0898 (21 DMA), a break below could take the pair towards 1.0800 (Psychological level).

GBP/USD: Sterling rose to one-month highs against dollar on Tuesday, as signs that lockdown measures may be slowing the spread of the novel coronavirus strengthened currencies seen as riskier bets. The pound has benefited from improved risk sentiment this month as some countries consider reopening their economies, even as experts warn Britain may be on course to become the worst-affected country in Europe.  The pound topped $1.26 in afternoon trading, its highest since March 13. Immediate resistance can be seen at 1.2640 (200 DMA), an upside break can trigger rise towards 1.2700(Psychological level).On the downside, immediate support is seen at 1.2499 (5 WMA), a break below could take the pair towards 1.2432 (9 WMA).

USD/CAD: The Canadian dollar was little changed against its U.S. counterpart on Tuesday, with the currency steadying after a recent rally as investors weighed prospects of further easing measures this week by the Bank of Canada . Money markets expect the Bank of Canada to leave its benchmark interest rate on hold at 0.25% at a scheduled policy announcement on Wednesday but the central bank could announce other measures, such as an adjustment to its asset-purchase, or quantitative easing (QE), program. Immediate resistance can be seen at 1.3954 (5 DMA), an upside break can trigger rise towards 1.4035 (200 DMA).On the downside, immediate support is seen at 1.3856 (Daily low), a break below could take the pair towards 1.3723 (50 DMA).

USD/JPY: The dollar dipped against the Japanese yen on Tuesday, as concerns over global economic growth and a wave of fiscal and monetary measures from major central banks lifted safe haven demand. The International Monetary Fund on Monday said it would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust to allow them to focus more financial resources on fighting the pandemic. Strong resistance can be seen at 108.15 (5 DMA), an upside break can trigger rise towards 108.82 (21 DMA).On the downside, immediate support is seen at 107.21 (Daily low), a break below could take the pair towards 106.20 (lower BB).

Equities Recap

European shares ended higher on Tuesday, as better-than-expected data from China added to signs that sweeping lockdowns to contain the spread of the coronavirus were working.

UK's benchmark FTSE 100 closed down by 0.82 percent, Germany's Dax ended up  by 1.25 percent, France’s CAC finished the day up by 0.38 percent.

U.S. stock markets opened more than 1% higher on Tuesday as the quarterly earnings season kicked off with JPMorgan and Johnson & Johnson giving a first glimpse of the coronavirus outbreak’s impact on corporate America.

Dow Jones closed up by 2.48 percent, S&P 500 ended up by 3.17 percent, Nasdaq finished the up by 4.05 percent.

Treasuries Recap

U.S. Treasury yields were mixed in rangebound trading on Tuesday, as investors lacked incentives to move decisively in either direction even as they were cautiously optimistic about the outlook for the coronavirus outbreak and looked forward to the reopening of the economy.

In afternoon trading, U.S. 10-year yields edged higher to 0.753% from 0.749% late on Monday.

Commodities Recap

Gold soared nearly 2% to hit its highest since late 2012 on Tuesday, with investors rushing to the safety of bullion as the coronavirus ravaged economies worldwide and triggered the rollout of huge stimulus plans.

Spot gold gained 0.8% at $1,727.55 per ounce by 11:07 a.m. EDT (1507 GMT), having earlier jumped as much as 1.9% to $1,746.50.

U.S. gold futures rose 0.1% to $1,762.10, after hitting their highest level since February 2013 at $1,788.80.

Oil prices dropped sharply on Tuesday, with U.S. prices sliding back toward $20 a barrel, as investors bet that fuel demand destruction caused by the coronavirus pandemic would be too much for producers embarking on record global output cuts to offset.

U.S. West Texas Intermediate (WTI) crude  settled at $20.11 a barrel, down $2.30 or 10.3%, as one prominent pipeline executive told Texas regulators that storage would be filled by mid-May. Brent crude futures  fell $2.14, or 6.7%, to settle at $29.60 a barrel.