Market Roundup
• U.K. GDP (MoM) -2.7%,-0.1% forecast, 0.5% previous
• U.K. GDP (YoY) 0.3%,1.1% forecast, 0.7% previous
• U.K.Feb Industrial Production (MoM) 0.1%,0.1% forecast, 0.2% previous
• U.K. Feb Manufacturing Production (MoM) 0.5%,0.1% forecast, 0.4% previous
• U.K. Monthly GDP 3M/3M Change 0.1%,0.0% previous
• U.K. Feb Trade Balance -11.49B, -6.00B forecast, -5.76B previous
• U.K. Feb Trade Balance Non-EU -5.57B, -0.50B forecast, 0.22B previous
• German FebTrade Balance 21.6B, 17.5B forecast, 18.7B previous
• Irish March CPI (MoM) 0.4%,0.6% previous
Looking Ahead - Economic Data (GMT)
• 12:30 US Continuing Jobless Claims 8,000K forecast, 3,029K previous
• 12:30 US March Core PPI (MoM) 0.1% forecast, -0.3% previous
• 12:30 US March Core PPI (YoY) 1.2% forecast, 1.4% previous
• 12:30 US Initial Jobless Claims 5,250K forecast, 6,648K previous
• 12:30 US Jobless Claims 4-Week Avg 2,612.00K previous
• 12:30 US March PPI (MoM) -0.4% forecast, -0.6% previous
• 12:30 Canada March Employment Change -350.0K forecast, 30.3K previous
• 12:30 Canada March Part Time Employment Change -7.3K previous
• 12:30 Canada March Unemployment Rate 7.2% forecast, 5.6% previous
• 13:00 Russia Central Bank Reserves (USD) 551.2B previous
• 14:00 US April Michigan 5-Year Inflation Expectations 2.20% previous
• 14:00 US April Michigan Consumer Expectations 88.2 forecat, 79.7 previous
• 14:00 US Wholesale Inventories (MoM) -0.5%,-0.4% previous
• 14:00 US Feb Wholesale Trade Sales (MoM) 1.6% previous
Looking Ahead - Events, Other Releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro dipped against dollar on Thursday as investors hoped the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures to support their economies. Wuhan, the Chinese city where the new virus emerged late last year, ended its more-than two-month lockdown on Wednesday, but many officials across the world remain nervous about the pace of infections and deaths. The euro was last trading 0.15 % higher to $1.0874 .Immediate resistance can be seen at 1.0934 (9 DMA), an upside break can trigger rise towards 1.0978 (50 DMA).On the downside, immediate support is seen at 1.0834 (5 DMA), a break below could take the pair towards 1.0800 (Psychological level).
GBP/USD: The pound firmed towards a one-week high on Thursday, buoyed by a weak dollar despite data showing that Britain’s economy stagnated in the three months to February before the coronavirus crisis escalated.Gross domestic product rose by 0.1% in the December-February period, the Office for National Statistics said, weaker than a median forecast for growth of 0.2%. Against the dollar, the pound gained a quarter of a percent to $1.2419, shy of a one-week high. Immediate resistance can be seen at 1.2500 (Psychological level), an upside break can trigger rise towards 1.2657 (200 DMA).On the downside, immediate support is seen at 1.2339 (11 DMA), a break below could take the pair towards 1.2300 (Psychological level).
USD/CHF: The dollar held steady against the Swiss franc on Thursday, but selling pressure may be in store later with U.S. jobless data due at 1230 GMT expected to show claims near record highs. Economists have forecast weekly U.S. jobless claims of 5.25 million, which would mean claims over just three weeks of 15 million. The dollar edged down 0.1% against major currencies before the U.S. jobless figures. It had rallied nearly 9% between March 9-20 to more than a three-year high, before declining nearly 3% to stand at 100.010.Immediate resistance can be seen at 0.9731(100 DMA), an upside break can trigger rise towards 0.9805 (200 DMA).On the downside, immediate support is seen at 0.9671 (50 DMA), a break below could take the pair towards 0.9610 (11 DMA).
USD/JPY: The dollar was little against the Japanese yen on Thursday after the swings caused by the coronavirus pandemic, but some selling pressure may be in store with U.S. jobless data due later expected to show claims near record highs. Economists are forecasting weekly jobless claims of 5.25 million, which would mean claims over just three weeks totalled a staggering 15 million. But despite the dire forecasts, analysts said a huge global downturn was now largely priced in by markets. Strong resistance can be seen at 108.96 (100 DMA), an upside break can trigger rise towards 109.78 (Feb 28th high).On the downside, immediate support is seen at 108.38 (21 DMA), a break below could take the pair towards 108.00 (Psychological level).
Equities Recap
European stock markets gained for a fourth straight day on Thursday on hopes the coronavirus pandemic was close to peaking, with investor attention also focused on a meeting of European Union finance ministers to discuss an economic rescue package.
At (GMT 13:33),UK's benchmark FTSE 100 was last trading up at 2.19 percent, Germany's Dax was down by 0.44 percent, France’s CAC finished was down by 0.03 percent.
Commodities Recap
Gold prices gained 1% on Thursday on safe-haven buying ahead of an extended weekend and a crucial meeting of top oil producers, with bullion also latching on to gains in wider markets amid hopes the coronavirus pandemic was close to peaking.
Spot gold was up 1% to $1,661.64 per ounce by 1103 GMT, having hit a four-week high of $1,671.40 on Tuesday. It has risen more than 2.6% this week. Most markets are closed for Good Friday on April 10.U.S. gold futures rose 1.3% to $1,705.90.
Oil prices rose on Thursday on expectations the world’s leading crude producers will overcome obstacles at a meeting later in the day that have so far prevented a deal to cut output in response to a collapse in global demand.
Brent crude futures were up 1.9%, or 62 cents, at $33.46 a barrel by 1140 GMT after hitting a high of $34.83 early in the session.
U.S. West Texas Intermediate (WTI) crude futures were up 3.2%, or 80 cents, at $25.89 a barrel, after earlier hitting a session high of $27.46 a barrel.
