Europe Roundup: Euro dips against dollar as coronavirus fears intensify, European shares retreat, Gold steady, Oil plunges to 2002 lows-March 30th,2020

Market Roundup

•Spanish CPI (MoM)  0.1%,-0.5% forecast,0.7% previous

• Spanish CPI (MoM)  -0.3%,0.1% forecast, -0.1% previous

• Spanish HICP (MoM) 0.7%,0.1% forecast, -0.1% previous

• UK Feb BoE Consumer Credit      0.900B, 1.100B forecast, 1.107B    previous

• UK Feb M4 Money Supply (MoM ) 0.3%,0.7% previous

• UK Feb Mortgage Approvals 73.55K, 68.21K forecast, 71.34K previous

• UK Feb Mortgage Lending  4.00B, 3.95B forecast, 3.95B previous

• EU March Business and Consumer Survey 94.5 , 93.0 forecast, 103.4 previous

• EU March Business Climate  -0.28, -0.05 forecast, -0.06 previous

• EU March Consumer Confidence  -11.6, -11.6 forecast, -6.6 previous

• Belgium March CPI (YoY)  0.62%,1.10% previous

• Belgium March CPI (MoM)  0.16%, 0.02% previous

• Spanish Business Confidence -7.0, -3.9 previous

•German CPI (MoM) March 0.1%, 0.1% forecast, 0.4% previous

• German CPI (YoY) March 1.4%, 1.4% forecast, 1.7% previous

Looking Ahead - Economic Data (GMT)  
 
• 14:00 US Feb Pending Home Sales (MoM) -1.0%, 5.2% previous

• 14:00 US Feb Pending Home Sales Index 108.8 previous

• 14:30 US March Dallas Fed Mfg Business Index 6.2 forecast, 1.2 previous

• 17:30 Brazil Federal Tax Revenue 174.99B previous

Looking Ahead - Events, Other Releases (GMT)

• No significant events

Fxbeat

EUR/USD: The euro dipped against dollar on Monday as coronavirus lockdowns tightened across the world and investors braced for a prolonged period of uncertainty. The euro, sterling and Aussie dollar were all down 0.5% to 1% in London trading, bringing an end to recent rebounds that followed the Federal Reserve’s efforts to calm the rush to own the U.S. currency earlier this month. Concern about the spreading coronavirus and the economic impact of shutdowns continued to dominate foreign exchange markets, but price moves on Monday were relatively well-contained and much smaller than in recent sessions. Immediate resistance can be seen at 1.1152 (38.2% fib), an upside break can trigger rise towards 1.1280 (23.6% fib).On the downside, immediate support is seen at 1.0949 (61.8% fib), a break below could take the pair towards 1.0900 (Psychological level).

GBP/USD: Sterling skidded lower against the dollar on Monday, as the greenback reasserted itself as a safe haven for investors amid the coronavirus pandemic and Britain’s economic outlook took another hit in the face of a credit ratings downgrade. The pound rose nearly 7 percent against the dollar last week as measures to inject liquidity into markets by the U.S. Federal Reserve and a $2 trillion stimulus bill passed by the U.S Congress cooled demand for the U.S. currency as a safe haven. Immediate resistance can be seen at 1.2522 (38.2% fib), an upside break can trigger rise towards 1.2600 (Psychological level).On the downside, immediate support is seen at 1.2305 (50 % fib), a break below could take the pair towards 1.2095 (61.8 %fib).

USD/CHF: The dollar edged higher against the Swiss franc on Monday as investors braced for a prolonged period of uncertainty while governments tightened lockdowns to fight the coronavirus. Concerns about the spreading coronavirus and the economic impact of shutdowns continued to dominate foreign exchange markets, but price moves on Monday were relatively well-contained and much smaller than in recent sessions. Immediate resistance can be seen at 0.9580 (61.8% fib), an upside break can trigger rise towards 0.9655 (27th March).On the downside, immediate support is seen at 0.9500 (50%fib), a break below could take the pair towards 0.9424 (38.2% fib).

USD/JPY: The dollar declined against the Japanese yen Monday as recession fears grew across the world as the coronavirus continued to spread across the world. Total deaths are nearly 34,000 and the United States has emerged as the latest epicentre, with more than 137,000 cases and 2,400 deaths. Lockdowns are toughening worldwide and U.S. President Donald Trump, who had talked about reopening the economy for Easter, on Sunday extended guidelines for social restrictions to April 30. Strong resistance can be seen at 108.69(61.8% fib), an upside break can trigger rise towards 109.35 (61.8%fib).On the downside, immediate support is seen at 107.07 (23.6 % fib), a break below could take the pair towards 106.69 (18th March low ).
 
Equities Recap

European stock markets headed lower on Monday, as fears about the economic hit from the coronavirus pandemic intensified with several nations extending near-total lockdowns.

At (GMT 13:02),UK's benchmark FTSE 100 was last trading down at 0.09 percent, Germany's Dax was up by 0.63  percent, France’s CAC finished was down by 0.57 percent.

Commodities Recap

Gold prices held steady on Monday as a flight to cash to cover losses in equities overshadowed measures by global central banks to contain the economic fallout from the coronavirus pandemic.

Spot gold  was little changed at $1,617.13 per ounce by 0820 GMT after Friday's 0.7% drop. U.S. gold futures   fell 0.4% to $1,646.70 per ounce.    

 Oil took another stomach-churning 8% dive on Monday and world shares buckled again as fears mounted that the global coronavirus shutdown could last for months.    

Brent crude, the international benchmark for oil prices, was down $2.08, or 8.3%, at $22.85 by 1127 GMT, after earlier dropping to $22.58, the lowest since November 2002.

U.S. West Texas Intermediate (WTI) crude fell $1.11, or 5.2%, to $20.40. Earlier in the session, WTI fell as low as $19.92.    

Treasury Recap

Germany’s benchmark 10-year bond yield fell to a two-week low on Monday, as high-rated fixed income assets drew support from the global economic uncertainty triggered by the coronavirus crisis.            

The benchmark 10-year Bund yield fell more than 6 basis points (bps) to almost -0.55%, down 40 bps from 10-month highs hit earlier this month.Most other 10-year bond yields in the single-currency bloc were also lower