Market Roundup
• Finnish March CPI (YoY) 0.6%,0.8% previous
• Finnish Feb Current Account -0.40B, -0.20B previous
• Spanish 12-Month Letras Auction 0.079%,-0.497% previous
• Spanish 6-Month Letras Auction -0.039%,-0.509% previous
Looking Ahead - Economic Data (GMT)
• 12:30 US Export Price Index (YoY) -1.3% previous
• 12:30 US March Export Price Index (MoM) -1.9% forecast,-1.1% previous
• 12:30 US March Import Price Index (MoM) -3.2%,-0.5% previous
• 12:30 US Import Price Index (YoY) -1.2% previous
• 12:55 US Redbook (YoY) 5.3% previous
• 12:55 US Redbook (MoM) 0.9% previous
• 20:30 US API Weekly Crude Oil Stock 11.938M previous
Looking Ahead - Events, Other Releases (GMT)
• 15:05 US FOMC Member Bullard Speaks
•16:30 US Chicago Fed President Evans Speaks
Fxbeat
EUR/USD: The euro strengthened against dollar on Tuesday as some of European countries tried to restart their economy by partly lifting restrictions aimed at containing the coronavirus outbreak. Thousands of shops across Austria are set to re-open on Tuesday. Spain recorded its smallest proportional daily rise in the number of deaths and new infections since early March and let some businesses return to work on Monday. At (GMT 12:15), the euro was last trading 0.50 % higher at 1.0960 .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 hopes lockdowns may be slowing the spread of the coronavirus pandemic strengthened currencies seen as riskier bets. The pound has benefited from improved risk sentiment this month as some economies consider reopening and their coronavirus cases slow, even as experts warn Britain may be on course to become the worst-affected country in Europe. The pound reached $1.2575 in early trading, its highest since March 10. Immediate resistance can be seen at 1.2570 (50 DMA), an upside break can trigger rise towards 1.2640 (200 DMA).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/CHF: The dollar decline against the Swiss franc on Tuesday, after China's trade data painted a less gloomy picture than feared as the economy slowly gets back up and running. Market sentiment was boosted by data showing China’s exports fell only 6.6% in March from a year ago, less than the expected 14% plunge. Imports fell 0.9% compared with expectations for a 9.5% drop. At 9(GMT 12:15), greenback fell 0.49% versus the Swiss franc to 0.9620. Immediate resistance can be seen at 0.9665(5 DMA), an upside break can trigger rise towards 0.9669 (9 DMA).On the downside, immediate support is seen at 0.9617 (Daily low), a break below could take the pair towards 0.9600 (Psychological level).
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 rose on Tuesday after a strong rally last week, as better-than-expected trade data from China added to relief from early signs that sweeping lockdown measures to contain the coronavirus pandemic were working.
At (GMT 12:13),UK's benchmark FTSE 100 was last trading down at 0.58 percent, Germany's Dax was up by 1.44 percent, France’s CAC finished was up by 0.29 percent.
Commodities Recap
Gold prices rose to a more than seven year high on Tuesday as mounting fears of a steeper global economic downturn due to the novel coronavirus increased bullions appeal safe haven appeal.
Spot gold was up 0.3% to $1,719.84 per ounce by 0953 GMT, having touched its highest since Nov. 2012. U.S. gold futures rose 0.2% to $1,764.20.
Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support.
Brent futures fell 8 cents, or 0.3%, to $31.66 a barrel by 1045 GMT after settling 0.8% up on Monday. U.S. West Texas Intermediate (WTI) crude was down 36 cents, or 1.6%, at $22.05, having dropped 1.5% in the previous session.
Treasuries Recap
Italy’s borrowing costs rose on Tuesday, reflecting some disappointment in bond markets over a half a trillion euro coronavirus rescue plan agreed by European Union finance ministers late last week.
Italy’s 10-year bond yield was last up 9 bps at 1.69%, while the gap over benchmark German Bund yields was at 200 bps - more than 10 bps wider than levels seen late Thursday before European markets closed for the long Easter weekend.
