Market Roundup
• UK March Car Registration (MoM) 220.0%,-46.7% previous
• UK March Car Registration (YoY) -44.4%,-2.9% previous
• Italian March Car Registration (MoM) -82.6%,4.7% previous
• Italian March Car Registration (YoY) -85.4%, -8.8% previous
• German March Car Registration (MoM) -10.3%, -2.6% previous
• German March Car Registration (YoY) -37.7%, -10.8% previous
• French March Car Registration (MoM) -62.6%, 25.0% previous
• French March Car Registration (YoY) -72.2%,-2.7% previous
• Italian Feb Trade Balance 6.085B, 0.545B previous
• Italian Feb Trade Balance EU 1.02B, -0.39B previous
• EU March Core CPI (YoY) 1.0% , 1.0% forecast, 1.2% previous
• EU March Core CPI (MoM) 1.1%, 1.1% forecast, 0.4% previous
• EU March CPI (MoM) 0.5%,0.5% forecast, 0.2% previous
• EU March CPI (YoY) 0.7%,0.7% forecast, 1.2% previous
Looking Ahead - Economic Data (GMT)
•12:30 Canada ADP Nonfarm Employment Change 7.2K previous
•12:30 Canada Feb Foreign Securities Purchases 17.01B previous
•12:30 Canada Foreign Securities Purchases by Canadians -9.10B previous
• 14:00 US March Leading Index (MoM) -7.0% forecast,0.1% previous
Looking Ahead - Economic events and other releases (GMT)
• 15:00 IMF Meeting
Fxbeat
EUR/USD: The euro strengthened against the U.S. dollar on Friday, as risk sentiment improved amid some encouraging news on the coronavirus pandemic and France expressed support for joint euro zone debt issuance. European countries have “no choice” but to set up a fund that “could issue common debt with a common guarantee”, Emmanuel Macron told the Financial Times on Thursday. Euro zone finance ministers last week agreed a half-trillion-euro plan to support the bloc’s coronavirus-hit economies. But the exclusion of using joint debt issuance to finance the economic recovery disappointed markets, leading to a sell-off on Italian bonds. Immediate resistance can be seen at 1.0862 (9 DMA), an upside break can trigger rise towards 1.0902 (21 DMA).On the downside, immediate support is seen at 1.0808 (9 DMA), a break below could take the pair towards 1.0768 (April 6th low).
GBP/USD: The pound strenthed against the dollar on Friday, after the UK said it would extend its coronavirus lockdown for at least three more weeks. Foreign Secretary Dominic Raab said Britain could not risk the progress it had made in fighting the outbreak by easing up on restrictions at this “delicate and dangerous stage”. The pound had sunk to its lowest level in decades as COVID-19 spread across Europe, killing thousands and overwhelming healthcare systems. The UK announced a nationwide lockdown at the end of March. Immediate resistance can be seen at 1.2476 (5DMA), an upside break can trigger rise towards 1.2509 (30 DMA).On the downside, immediate support is seen at 1.2389 (100 DMA), a break below could take the pair towards 1.2300 (Psychological level).
USD/CHF: The dollar declined against the Swiss franc on Friday, after an overnight boost to risk sentiment quickly lost momentum and investors returned to a cautious stance about the economic impact of the coronavirus pandemic and lockdown measures. The overnight moves toppled the dollar, which has closely tracked risk sentiment through the coronavirus crisis, from a week high, but the rebound proved short-lived. At ( GMT 12:00),greenback edged lower 0.12% versus the Swiss franc to 0.9656. Immediate resistance can be seen at 0.9698 (5 DMA), an upside break can trigger rise towards 0.9725(11 DMA).On the downside, immediate support is seen at 0.9679 (9 DMA), a break below could take the pair towards 0.9657 (21 DMA).
USD/JPY: The dollar declined against the Japanese yen on Friday, as news report on signs of success in a COVID-19 treatment drug trial as well as early plans to re-open the U.S. economy drove fresh optimism. Even the first drop in Chinese economic growth since quarterly records began nearly three decades ago did not dent the mood as investors sought silver linings in indications of a rebound in industrial production. The moves toppled the dollar, which has closely tracked risk sentiment through the coronavirus crisis, from a week high. The greenback is headed for its steadiest week in almost two months. Strong resistance can be seen at 107.80 (5 DMA), an upside break can trigger rise towards 108.04 (Higher BB).On the downside, immediate support is seen at 107.55 (21 DMA), a break below could take the pair towards 107.00 (Psychological level).
Equities Recap
European shares jumped on Friday, clawing back weekly declines as financial markets globally drew comfort from U.S. President Donald Trump’s plans for a gradual re-opening of the U.S. economy and reports of a potential drug to treat COVID-19.
At (GMT 12:20),UK's benchmark FTSE 100 was last trading higher at 3.36 percent, Germany's Dax was up by 3.64 percent, France’s CAC finished was up by 4.06 percent.
Commodities Recap
Gold prices fell 2% on Friday as investors opted for riskier assets following news of U.S. President Donald Trump’s plans to restart the U.S. economy and promising early data related to a potential COVID-19 treatment.
Spot gold was down 1.8% at $1,686.45 an ounce by 1055 GMT. Earlier this week, it scaled a seven-year peak on concerns over the worst recession in decades.
Oil prices rose on Friday as President Donald Trump laid out plans to ease the U.S. coronavirus lockdown and on reports, later played down, that a drug may potentially help treat COVID-19.
Brent rose by 54 cents, or 1.9%, to $28.36 a barrel by 1133 GMT, and U.S. crude for June was up 4 cents, or 0.2%, at $25.57.
