Market Roundup
• French GDP (QoQ) (Q1) -5.8% , -3.5% forecast , -0.1% previous
• German March Retail Sales (MoM) -5.6%,-7.3% forecast, 0.8% previous
• German March Retail Sales (YoY) -2.8%,1.5% forecast , 6.5% previous
• Russia April Markit Manufacturing PMI 31.3, 47.5 previous
• French March Consumer Spending (MoM) -17.9%,-5.5% forecast, -0.5% previous
• French CPI (MoM) 0.1%,0.1% previous
• French HICP (MoM) 0.1%,0.1% previous
• Spanish CPI (YoY) -0.7%,0.0% previous
• Spanish GDP (QoQ) (Q1) -5.2% , -4.4% forecast, 0.4% previous
• Spanish GDP (YoY) (Q1) -4.1% , -3.2% forecast, 1.8% previous
• Spanish HICP (MoM) 0.4%,0.6% previous
•German April Unemployment Change 373K, 76K forecast, 1K previous
• German April Unemployment Rate 5.8%,5.2% forecast, 5.0% previous
• EU Core CPI (MoM) 0.8%,1.1% previous
• EU Core CPI (YoY) 0.9%,0.7% forecast, 1.0% previous
• EU April CPI (YoY) 0.4%,0.1% forecast, 0.7% previous
• EU GDP (QoQ) -3.8%,-3.2% forecast, 0.1% previous
• Italy March Unemployment Rate 7.4%,7.7% forecast, 7.3% previous
• EU April Deposit Facility Rate-0.50% -0.50% forecast,-0.50% previous
• EU ECB Marginal Lending Facility 0.25%,0.25% previous
Looking Ahead - Economic Data (GMT)
• 12:30 US Continuing Jobless Claims 19,238K forecast, 15,976K previous
•12:30 US March Core PCE Price Index (MoM) -0.1% forecast, 0.2% previous
•12:30 US Employment Cost Index (QoQ) (Q1) 0.6% forecast, 0.7 previous
• 12:30 US Initial Jobless Claims 3,500K, 4,427K previous
• 12:30 US Jobless Claims 4-Week Avg 5,786.50K previous
•12:30 US PCE March Price index (YoY) 1.8 previous
• 12:30 US March PCE price index (MoM) 0.1% previous
• 12:30 US March Personal Spending (MoM) -5.0% forecast, 0.2% previous
• 12:30 Canada Feb GDP (MoM) 0.1% forecast,0.1% previous
•13:00 Russia Central Bank reserves (USD) 569.7B previous
•13:45 US April Chicago PMI 38.0 forecast, 47.8 previous
Looking Ahead - Events, Other Releases (GMT)
• No Major events scheduled
Fxbeat
EUR/USD: The euro edged higher against dollar on Thursday as investors turned their attention to the European Central Bank meeting, while the dollar started to recover in early London trading after a risk-on mood saw it fall overnight. The ECB is under pressure to ramp up its response to the virus. There are some expectations that euro zone policymakers will expand debt purchases to include junk bonds and take other steps to ease conditions in credit markets. The euro was broadly flat, at $1.088, having touched a ten-day high. Immediate resistance can be seen at 1.0865 (21 DMA), an upside break can trigger rise towards 1.0940 (55 DMA).On the downside, immediate support is seen at 1.0840 (5 DMA), a break below could take the pair towards 1.0800 (Psychological level).
GBP/USD: The pound was neutral on Thursday and remained driven by global risk appetite, as well as by the fact that Britain seems to lag its European counterparts in planning to ease the lockdown restrictions imposed to fight the novel coronavirus. Britain now has Europe’s second-highest official COVID-19 death toll with more than 26,000, closely lagging Italy, according to figures published on Wednesday. The number could be even higher, some experts say. Figures for the number of excess deaths in Britain as a result of the coronavirus will provide a clearer picture of the impact of the COVID-19 pandemic but might not be available for a while, England’s deputy chief medical officer said on Wednesday. Immediate resistance can be seen at 1.2608 (Higher BB), an upside break can trigger rise towards 1.2733 (100 DMA).On the downside, immediate support is seen at 1.2436 (5 DMA), a break below could take the pair towards 1.2396 (9 DMA).
USD/CHF: The dollar declined against the Swiss franc on Thursday after the U.S. Federal Reserve left the door open to more monetary easing and dampened expectations for a quick economic recovery from the coronavirus crisis.The greenback also pulled back on signs the pandemic is receding in other countries and on reduced safe-haven demand for holding funds in dollars. Positive trial results for a drug to treat COVID-19 also boosted the appetite for riskier assets. At (GMT 12:15), Greenback was up 0.22% versus the Swiss franc to 0.9675. Immediate resistance can be seen at 0.9724 (9 DMA), an upside break can trigger rise towards 0.9739 (100 DMA).On the downside, immediate support is seen at 0.9703 (21 DMA), a break below could take the pair towards 0.9650 (50 DMA).
USD/JPY: The dollar declined against the Japanese yen on Thursday, extending recent drop as investors hoped for an effective COVID-19 treatment, while several nations looked set to emerge from lockdowns. Optimism over an eventual exit from lockdowns has helped developing world stocks over the past few sessions, even as the virus severely hammers the global economy. Strong resistance can be seen at 106.82 (5 DMA), an upside break can trigger rise towards 107.33 (11 DMA).On the downside, immediate support is seen at 106.40 (Lower BB), a break below could take the pair towards 106.00 (Psychological level).
Equities Recap
European shares edged lower on Thursday as a slump in Royal Dutch Shell and another batch of mixed earnings reports weighed on the mood ahead of the conclusion of a European Central Bank meeting.
At (GMT 12:15),UK's benchmark FTSE 100 was last trading down at 1.57 percent, Germany's Dax was down by 1.13 percent, France’s CAC was last down by 0.97 percent.
Commodities Recap
Gold rose on Thursday en route to its best month in four years as expectations of more monetary easing from central banks and persistent worries over a global recession lifted safe-haven demand.
Spot gold was up 0.2% at $1,715.25 per ounce by 0949 GMT. U.S. gold futures rose 1% to $1,730.60 per ounce.
Oil prices jumped on Thursday, lifted by signs the U.S. crude glut is not growing as quickly as expected and indications of a rise in fuel demand, which has been crushed by the coronavirus.
Benchmark Brent was up 11.4%, or $2.57 at $25.11 a barrel at 1100 GMT in light trading. The front-month contract for June is set to expire on Thursday, having risen 10% on Wednesday.
U.S. West Texas Intermediate (WTI) crude climbed to $17.30 a barrel, up 14.9% or $2.24. The U.S. benchmark surged 22% on Wednesday.
