Market Roundup
• U.S. jobless claims eyed at 1230 GMT
• German March CPI (YoY) 1.4%,1.4% forecast, 1.7% previous
• German March CPI (MoM) 0.1%, 0.1% forecast, 0.4% previous
• German March HICP (MoM) 0.1%, 0.1% forecast, 0.6% previous
• German March HICP (YoY) 1.3%,1.3% forecast , 1.7% previous
•Switzerland March PPI (MoM) -0.3%,-0.9% previous
•Switzerland March PPI (YoY) -2.7%,-2.1% previous
• EU Feb Industrial Production (YoY) -1.9%,-2.0% forecast, -1.7% previous
• EU Feb Industrial Production (MoM) -0.1%,-0.2% forecast, 2.3% previous
Looking Ahead - Economic Data (GMT)
• 12:30 US March Building Permits 1.300M forecast, 1.452M previous
• 12:30 US March Building Permits (MoM) -6.3% previous
• 12:30 US Continuing Jobless Claims 13,500K, 7,455K previous
• 12:30 US March Housing Starts (MoM) -1.5% previous
• 12:30 US March Housing Starts 1.300M, 1.599M previous
• 12:30 US Initial Jobless Claims 5,105K forecast, 6,606K previous
• 12:30 US Jobless Claims 4-Week Avg 4,265.50K previous
• 12:30 US April Philadelphia Fed Manufacturing Index-30.0 forecast, -12.7 previous
•1 2:30 US April Philly Fed Business Conditions 35.2 previous
• 12:30 US April Philly Fed Employment 4.1 previous
• 12:30 Canada ADP Nonfarm Employment Change 7.2K previous
• 12:30 Canada Feb Manufacturing Sales (MoM) -0.1% forecast, -0.2% previous
• 13:00 Russia Central Bank reserves (USD) 564.4B previous
Looking Ahead - Events, Other Releases (GMT)
• 18:00 US FOMC Member Williams Speaks
Fxbeat
EUR/USD: The euro declined against the U.S. dollar on Thursday, as investors viewed half-trillion-euro compromise deal struck between euro zone governments last week to support countries through the coronavirus outbreak is widely seen as insufficient, especially for debt-laden Italy.The euro was down 0.26 percent at $1.0886. Immediate resistance can be seen at 1.0909(Daily high), an upside break can trigger rise towards 1.0978 (30 DMA).On the downside, immediate support is seen at 1.0848 (Daily low), a break below could take the pair towards 1.0800 (Psychological level).
GBP/USD: The pound slipping slightly against the dollar on Thursday, ahead of an expected announcement about an extension of Britain's lockdown imposed to curb the spread of coronavirus. The British government is expected to announce that it will extend the lockdown in the UK for a further three weeks at its daily coronavirus news conference around 1700 London time, after an emergency response committee meeting at 1530. Immediate resistance can be seen at 1.2559 (50 DMA), an upside break can trigger rise towards 1.2628 (April 15th high).On the downside, immediate support is seen at 1.2441 (5 DMA), a break below could take the pair towards 1.2248 (21 DMA).
USD/CHF: The dollar strengthened against the Swiss franc on Thursday, before the release of weekly U.S. jobless data likely to provide more evidence of the world’s biggest economy hurtling into a deep recession. The dollar rose 0.2% to 99.808 to a one-week high against a basket of major currencies, after snapping a four-day losing streak the previous day as equity market gains fizzled. At ( GMT 12:00),greenback edged higher 0.12% versus the Swiss franc to 0.9656. Immediate resistance can be seen at 0.9687 (11 DMA), an upside break can trigger rise towards 0.9717(100 DMA).On the downside, immediate support is seen at 0.9664 (5 DMA), a break below could take the pair towards 0.9600 (Psychological level).
USD/JPY: The dollar declined against the Japanese yen on Thursday, as the damage the coronavirus has wrought on the world economy soured increased appetite for safe haven yen. Data showed U.S. retail sales fell the most on record last month and manufacturing output fell by the most in 74 years, raising fears of a deep recession. Another sky high figure is expected when U.S. weekly jobless claims land later in the day. Strong resistance can be seen at 108.12 (11 DMA), an upside break can trigger rise towards 108.78 (21 DMA).On the downside, immediate support is seen at 108.62 (April 15th low), a break below could take the pair towards 105.93 (Lower BB).
Equities Recap
European shares rose in early trading on Thursday as daily coronavirus death tolls in both Spain and Italy eased, while a defiant statement on the crisis from two of the continent’s big budget airlines helped battered travel stocks recover.
At (GMT 12:00),UK's benchmark FTSE 100 was last trading higher at 0.13 percent, Germany's Dax was up by 0.77 percent, France’s CAC finished was up by 0.10 percent.
Commodities Recap
Gold rose on Thursday as investors sought safe-havens after sombre U.S. economic reports exacerbated fears of a global recession amid central banks’ efforts to stem the financial rout from the coronavirus outbreak.
Spot gold rose 0.4% to $1,722.27 per ounce by 0915 GMT, erasing losses driven by profit-taking and a stronger dollar earlier in the session.U.S. gold futures rose 0.9% to $1,755.20.
Oil prices ticked up on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.
Brent crude was down 19 cents, or 0.7%, at $27.50 a barrel by 0754 GMT. WTI was up 7 cents, or 0.4%, at $19.94.
Treasuries Recap
Italian government bonds were back in demand on Thursday after the European Union said it wants to channel more funds to Italy, Spain and other countries hit hardest by the novel coronavirus in an updated proposal for the bloc’s 2021-27 joint budget.
Italian 2-year government BTP yields were down 18 basis points at 0.87%, having risen on Wednesday to as high as 1.15%. 10-year yields falling by 15 bps to 1.76% . Spanish 10-year yields were down 4 bps at 0.83% .
