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America's Roundup: Dollar weakens vs euro after China growth data tops view, Wall Street slips, Gold eases, Oil settles lower as U.S. inventories disappoint market-April 18th, 2019

Market Roundup

• Fed's Harker sees 'sound' economy, forecasts future rate hike

• Fed's Bullard says economic data should improve, yield curve steepen in coming months

• US Feb International Trade $, -49.4 bln, -53.5 bln forecast, -51.1 bln previous

• U.S. labor market remains tight, economy continues to grow -Fed Beige Book

• U.S. purchase mortgage activity hits 9-year high - MBA

• China's Q1 growth unexpectedly steadies, but too early to call clear recovery 

• 'Best times over' for Germany, government slashes growth forecast

• CA Mar CPI Inflation YY, 1.9 pct, 1.9 pct forecast, 1.5 pct previous

• CA Mar CPI BoC Core YY, 1.6 pct, 1.5 pct previous

• CA Feb Trade Balance C$, -2.90 bln, -3.50 bln forecast, -4.25 bln previous, -3.09 bln revised

Looking Ahead - Economic Data (GMT)

• 17 Apr 23:00 Japan Apr Reuters Tankan DI, 10 previous

• 17 Apr 23:00 Australia Apr Manufacturing PMI, 52.0 previous

• 17 Apr 23:00 Australia Apr Services PMI, 49.8 previous

• 17 Apr 23:00 Australia Apr Composite PMI, 50.0 previous

• 18 Apr 00:30 Japan Apr Nikkei Mfg PMI Flash, 49.2 previous

• 18 Apr 01:30 Australia Mar Employment, 12.0k forecast, 4.6k previous

• 18 Apr 01:30 Australia Mar Unemployment Rate, 5.0 pct forecast, 4.9 pct previous

Looking Ahead - Events, Other Releases (GMT)

• 17 Apr 23:00 New York Fed's Senior Vice President Lorie Logan speaks before the Money Marketeers of New York University, in New York

• 18 Apr 16:10 Atlanta Fed's Raphael Bostic participates in conversation on the economic outlook and monetary policy before the Economic Roundtable of Jacksonville

Currency Summaries

EUR/USD: The euro edged higher against the U.S. dollar on Wednesday, as better-than-expected economic growth data in China bolstered risk appetite and a day ahead of the release of closely watched economic data for the euro zone. China’s economy grew at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, as industrial production surged and consumer demand showed signs of improvement. The euro was up 0.17 percent at $1.1299. Immediate resistance can be seen at 1.1345 (100 DMA), an upside break can trigger rise towards 1.1400 (Psychological level).On the downside, immediate support is seen at 1.1274 (9 DMA), a break below could take the pair towards 1.1264 (11 DMA).

GBPUSD: Sterling was little changed against dollar on Wednesday, after data showed British prices rose slightly slower than expected in March, easing the pressure on the Bank of England to tighten monetary policy.Annual consumer price inflation came in at 1.9 percent in March, below forecasts for a 2 percent rise and below the BoE's target of 2 percent. Economic data has failed to move the pound significantly in recent months as Brexit negotiations dominate the news agenda.The pound dipped slightly from around $1.3055 to $1.3040 after the inflation numbers were published. Against the euro, sterling extended its losses and hit the day's low of 86.81 pence, down 0.3 percent. Immediate resistance can be seen at 1.3068 (11 DMA), an upside break can trigger rise towards 1.3107 (21 DMA).On the downside, immediate support is seen at 1.2991 (April 5th low), a break below could take the pair towards 1.2950 (100 DMA).

USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Wednesday, as stronger dollar and weaker oil prices fell weighed on Canadian dollar. Oil prices edged lower, reversing course from earlier gains as U.S. government data showed inventories were drawn down less than an industry report had suggested on Tuesday. On data front, Canada’s annual inflation rate edged up to 1.9 percent in March from 1.5 percent in February as the downward pressure from gasoline prices lessened, easing market expectations that the Bank of Canada would cut interest rates by year end.The Canadian dollar was last trading 0.8 percent lower at 1.3337 to the greenback. The currency earlier matched 1 week high of 1.3264. Immediate resistance can be seen at 1.3359 (21 DMA), an upside break can trigger rise towards 1.3400 (Psychological level).On the downside, immediate support is seen at 1.3274 (Daily low), a break below could take the pair towards 1.3203 (100 DMA).

USD/JPY: The U.S. dollar was little changed against the yen on Wednesday, as upbeat economic data from China tempered concerns about global growth, boosting risk appetite. China's economy grew at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement.The upbeat readings, which included faster growth in investment, will add to optimism that China's economy may be starting to stabilise even as Beijing and Washington appear to be edging towards a trade deal. The dollar was 0.01 lower versus the Japanese yen at 112.05. Strong resistance can be seen at 112.16 (38.2% retracement level), an upside break can trigger rise towards 112.41 (Higher Bollinger Band).On the downside, immediate support is seen at 111.65 (11 DMA), a break below could take the pair towards 111.16 (21 DMA). 

Equities Recap

European shares ended higher on Wednesday led by a rally in auto stocks as better-than-expected sets of data from China assuaged investor concerns about the health of the world's second-largest economy.

UK's benchmark FTSE 100 closed flat, the pan-European FTSEurofirst 300 ended the day up by 0.10 percent, Germany's Dax ended down by 0.47 percent, France’s CAC finished the day up by 0.6 percent.

U.S. stocks ended slightly lower on Wednesday as a drop in healthcare shares overshadowed a string of positive corporate earnings and upbeat economic data from the United States and China.

Dow Jones closed down by 0.01 percent, S&P 500 ended down by 0.22 percent, Nasdaq finished the down   by 0.05 percent.

Treasuries Recap

U.S. Treasury yields drifted lower from four-week highs on Wednesday, as Wall Street shares lost steam in a holiday-shortened week and investors got back in the market after a recent sell-off.

In afternoon trading, U.S. 10-year note yields slipped to 2.592%, down from 2.594% late on Tuesday. Yields on U.S. 30-year bonds were also down at 2.991% from 2.993% on Tuesday.

Commodities Recap

Gold fell on Wednesday, holding near the 2019 lows touched in the previous session, as economic growth data from China assuaged concerns about global growth and drove investors into riskier assets.

Spot gold slipped 0.2 percent to $1,274.15 per ounce as of 1:40 p.m. EDT (1740 GMT), after having fallen as much as 1.2 percent to $1,272.70, its lowest since Dec. 27, on Tuesday.U.S. gold futures settled unchanged at $1,276.80.

Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.

Brent crude futures settled down 10 cents at $71.62 a barrel. During the session, the contract touched $72.27 a barrel, the highest this year.

U.S. West Texas Intermediate (WTI) crude futures settled down 29 cents per barrel at $63.76 a barrel. The contract touched an intraday high of $64.61 a barrel, just shy of a 2019 high of $64.79 hit last week.
 

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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 773167773167m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 773167773167m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 784987784987m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 773167773167m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 784987784987m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 773167773167m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 773167773167m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 773167773167m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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