•French GDP (YoY) (Q1) 1.1%, 0.9% forecast, 0.7% previous
•French GDP French GDP (QoQ) (Q1) 0.2%, 0.1% forecast, 0.1% previous
•French Mar Consumer Spending (MoM) 0.4%, 0.2% forecast,0.0% previous
•German Mar Retail Sales (MoM) 1.8%, 1.3% forecast, -1.9% previous
•German Mar Retail Sales (YoY) 0.3%,-2.7% previous
• German Import Price Index (MoM) 0.4%,0.1% forecast -0.2% previous
•German Mar Import Price Index (YoY) (Mar)-3.6%,-3.8% forecast, -4.9% previous
•French Apr CPI (MoM) 0.5%,0.5% forecast, 0.2% previous
•French Mar PPI (MoM) -0.2%,-1.7% previous
•French Mar French HICP (MoM)0.6%, 0.5% forecast,0.2% previous
•French French HICP (YoY)2.4% ,2.2% forecast,2.4% previous
•German Apr Unemployment 2.732M, 2.719M previous
•German Apr German Unemployment Change 10K,7K forecast, 4K previous
•German Apr German GDP (YoY) (Q1)-0.2%,-0.2% forecast, -0.2% previous
•Italian GDP (QoQ) (Q1)0.3%,.1% forecast,0.2% previous
• German GDP (QoQ) (Q1)0.2%, 0.1% forecast,-0.3% previous
•EU GDP (QoQ) (Q1)0.3%,0.1% forecast,0.0% previous
•Greek Mar PPI (YoY) -0.1%,-4.3% previous
•EU GDP (YoY) (Q1)0.4%,0.2% forecast,0.1% previous
•EU Apr CPI (YoY) 2.4% 2.4% forecast,2.4% previous
•EU Apr CPI, n.s.a 126.05,125.30 previous
•EU Apr Core CPI (YoY) 2.7%,2.6% forecast,2.9% previous
•EU Apr CPI (MoM)0.6%,0.8% previous
•EU Apr Core CPI (MoM) 0.7%,1.1% previous
Looking Ahead Economic Data(GMT)
•12:55 US Redbook (YoY)5.3% previous
•13:00 US Feb S&P/CS HPI Composite - 20 n.s.a. (MoM) -0.1% previous
•13:00 US Feb S&P/CS HPI Composite - 20 n.s.a. (YoY) 6.7% forecast,6.6% previous
•13:00 US Feb House Price Index (MoM) 0.1% forecast, 0.1% previous
•13:00 US Feb House Price Index (YoY)6.3% previous
•13:00 US Feb S&P/CS HPI Composite - 20 s.a. (MoM) 0.1% previous
•13:00 US Feb House Price Index 417.5 previous
•13:45 US Apr Chicago PMI 44.9 forecast,41.4 previous
•14:00 US Apr CB Consumer Confidence 104.0 forecast,104.7 previous
•14:30US Apr Dallas Fed Services Revenues 4.0 previous
•14:30 US Apr Texas Services Sector Outlook -5.5 previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro declined on Tuesday after data showed Euro zone inflation steady in April, reinforcing ECB rate cut case. Euro zone inflation held steady as expected in April but a crucial indicator on underlying price pressures slowed, solidifying an already strong case for the European Central Bank to cut interest rates in June. Inflation in the 20 countries sharing the euro currency was 2.4% in April, the same as in March and matching expectations for a steady reading in a Reuters poll of analysts.Meanwhile core inflation, filtering out volatile food and energy prices as well as alcohol and tobacco, a key measure watched by policymakers to gauge the durability of price pressures, slowed to 2.7% from 2.9%, data from Eurostat, the EU’s statistics agency showed. The euro fell 0.1% to $1.0731.Immediate resistance can be seen at 1.0721(50% fib), an upside break can trigger rise towards 1.0751(61.8% fib).On the downside, immediate support is seen at 1.0690(38.2% fib), a break below could take the pair towards 1.0650(23.6% fib).
GBP/USD: The pound eased on Tuesday as dollar gained some ground ahead of the Fed's meeting. The Federal Reserve begins its two-day monetary policy meeting on Tuesday, where it's expected to hold rates at 5.25%-5.5%, while striking a hawkish message. Traders have recently pared back bets of Fed rate cuts this year amid hotter-than-expected U.S. economic data and stubborn inflation numbers.A rate cut in September was looking like a close call at just 44%, according to CME Group's FedWatch tool.The dollar was down 0.02% to 105.67 against a basket of currencies ahead of the Fed's meeting, after slipping 0.25% in the previous session. Immediate resistance can be seen at 1.2561 (Daily high), an upside break can trigger rise towards 1.2595(23.6 % fib).On the downside, immediate support is seen at 1.2495 (38.2 % fib), a break below could take the pair towards 1.2445 (50 % fib).
USD/CHF: The dollar strengthened against the Swiss franc on Tuesday as investors awaited key data may provide direction to U.S. markets later on Tuesday. US April consumer confidence, Chicago April PMI business survey, Dallas Fed April service sector survey, US Q1 labor costs, Feb monthly home prices is due later on Tueaday. Investors are also on watch this week for the U.S. Federal Reserve's May 1 policy review, with stubborn inflation pushing out market expectations for any rate cuts, which could bolster the U.S. dollar.Some investors are cautiously pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next as inflation and the labour market remain resilient. Immediate resistance can be seen at 0.9163 (23.6% fib), an upside break can trigger rise towards 0.9185(Higher BB).On the downside, immediate support is seen at 0.9081(38.2% fib), a break below could take the pair towards 0.9021(50% fib).
USD/JPY: The U.S. dollar strengthened on Tuesday as yen gave up some of its sharp gains the previous day sparked by suspected intervention by Japanese authorities. The currency was down 0.35% to 156.90 per dollar, but off its 34-year low of 160.245 hit on Monday when traders say yen-buying intervention by Tokyo drove a eye-catching rebound of nearly six yen.It briefly dropped earlier in the session and stayed for a couple of minutes at 156.50, before recovering to 157.Japanese officials may have spent some 5.5 trillion yen ($35.05 billion) supporting the currency on Monday, Bank of Japan data suggested on Tuesday. Japanese officials may have spent some 5.5 trillion yen ($35.05 billion) supporting the currency on Monday, Bank of Japan data suggested on Tuesday. Strong resistance can be seen at 158.39 (23.6%fib), an upside break can trigger rise towards 160.30(Daily high).On the downside, immediate support is seen at 156.00 (Daily low), a break below could take the pair towards 154.63 (50% fib).
Equities Recap
European shares edged lower on Tuesday as investors parsed a raft of mixed earnings reports from industry heavyweights like Mercedes-Benz and HSBC, while also keeping an eye out for economic data, including the April euro zone's inflation numbers.
At (GMT 12:44 ),UK's benchmark FTSE 100 was last trading up at 0.41 percent, Germany's Dax down by 0.61 percent, France’s CAC finished was down by 0.33 percent.
Commodities Recap
Gold eased on Tuesday as investors remained cautious ahead of the U.S. Federal Reserve interest rate decision and key domestic economic data later in the week.
Spot gold prices fell nearly 1% on a firmer dollar, while copper prices in London dipped amid slower growth of Chinese manufacturing activity.
Oil edged up on Tuesday a day after falling as Israel-Hamas talks offered hopes of a ceasefire even as Red Sea attacks continued, while investors awaited signals on U.S. interest rates ahead of a meeting on Wednesday.
Brent crude futures for June , which expire on Tuesday, were up 26 cents, or 0.3%, to $88.67 a barrel at 1101 GMT. The more active July contract rose 38 cents, or 0.4%, to $87.58 per barrel.
U.S. West Texas Intermediate crude futures were up 34 cents, or 0.4%, to $82.97 a barrel. The front-month contract of both benchmarks lost more than 1% on Monday.
