America’s Roundup: U.S. dollar bounces on hopes of monetary, fiscal stimulus, Wall Street rebounds, Gold slides, Oil prices bounce 8% after huge drop-March 11th,2020

Market Roundup

• Brazil Industrial Production (YoY) -0.9%, -1.0% forecast, -1.2% previous

• Brazil Jan Industrial Production (MoM) 0.9%,0.6%% forecast, -0.8% previous

• US Redbook (MoM) -0.1%,-0.1% previous
• US Redbook (YoY) 6.0%,5.9% previous

Looking Ahead - Economic Data (GMT)

• 17:45 New Zealand Feb Electronic Card Retail Sales (MoM) 0.3%,-0.1% previous

• 17:45 New Zealand Feb Electronic Card Retail Sales (YoY) 4.1%,4.2% previous

• 19:30 Australia March Westpac March Consumer Sentiment -0.4%,2.3% previous

• 20: 30 Australia Home Loans (MoM) 3.5% previous

Looking Ahead - Economic events and other releases (GMT)

• 18:00 Australia RBA Assist Gov Debelle Speaks

Currency Summaries

EUR/USD: The euro dipped against dollar on Tuesday after data showed euro zone economy slowed in fourth-quarter .Euro zone economy grew at a snail’s pace in the fourth quarter, figures on Tuesday confirmed, as investments and consumer and government spending just offset the impact of a sharp rise in imports.EU statistics office Eurostat said that gross domestic product (GDP) in the 19 countries sharing the single currency rose by just 0.1 percent in the Oct-Dec period, in line with forecast. Immediate resistance can be seen at 1.1472 (Higher BB), an upside break can trigger rise towards 1.1500 (Psychological level).On the downside, immediate support is seen at 1.1326 (10 March low), a break below could take the pair towards 1.1299 (5 DMA).

GBP/USD: Sterling fell against dollar on Tuesday, unwinding most of its gains notched up in the previous session, thanks to a broad dollar rebound on expectations that the White House will unveil a fiscal stimulus package to limit the economic damage wrought by the coronavirus. The greenback clawed back ground against a basket of currencies, including the pound, after a recent slump fuelled by coronavirus fears and a collapse in U.S. government bond yields amid a flight to safety by investors. Immediate resistance can be seen at 1.2974 (5 DMA), an upside break can trigger rise towards 1.3007 (50 DMA).On the downside, immediate support is seen at 1.2891(Daily low), a break below could take the pair towards 1.2766 (Lower BB).

USD/CAD: The Canadian dollar edged higher against its U.S. counterpart on Tuesday as hopes for coordinated policy action to cushion the economic impact of coronavirus helped support stocks globally and the price of oil, one of Canada's biggest exports. Oil prices jumped a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signaled that talks with OPEC remained possible. U.S. crude oil futures were up nearly 9% at $33.92 a barrel. Immediate resistance can be seen at 1.3445 (Higher BB), an upside break can trigger rise towards 1.3500 (Psychological level).On the downside, immediate support is seen at 1.3382 (5 DMA), a break below could take the pair towards 1.3346 (11 DMA).

USD/JPY: The dollar strengthened against the Japanese yen on Tuesday, as investors hoped global monetary policymakers will launch further stimulus plans to ease the economic impact of the coronavirus outbreak.The U.S. stock market also rebounded Treasury yields rose across the board, as the market anticipated a news conference by U.S. President Donald Trump on economic measures in response to the virus. Also, indications of further stimulus efforts by some governments helped steady the market after Monday's gyrations. Strong resistance can be seen at 105.15 (5 DMA), an upside break can trigger rise towards 106.58 (9 DMA).On the downside, immediate support is seen at 101.93(Daily low), a break below could take the pair towards 100.00 (Psychological level).

Equities Recap

European shares on Tuesday recouped some of the brutal losses in the previous session, as higher oil prices and expectations of more stimulus measures eased anxiety around the economic hit from the coronavirus outbreak.

UK's benchmark FTSE 100 closed down by 0.09% percent, Germany's Dax ended down by 1.41 percent, France’s CAC finished the day up by 1.52 percent.

Wall Street roared back to life on Tuesday, rebounding from the brink of bear market confirmation as bargain hunting and hopes of government stimulus calmed investors' looming fears surrounding the coronavirus and growing signs of imminent recession.

Dow Jones closed up by 4.82 % percent, S&P 500 closed up by 4.93% percent, Nasdaq settled up by 4.95% percent.

Treasuries Recap

U.S. Treasury yields rose from all-time lows on Tuesday as global oil and stock markets rebounded on optimism that governments would take steps to reboot economies impacted by the global spread of coronavirus.

The 10-year note yield was last at 0.8046%, more than double Monday’s record low yield of 0.318%.

Commodities Recap

Gold slid over 1.5% on Tuesday, backing off the $1,700 ceiling hit in the previous session, as expectations of global policy measures to alleviate the economic impact from the coronavirus eased some investors’ concerns and lifted share markets.

Spot gold lost 1.6% to $1,653.33 an ounce by 2:37 p.m. EDT (1837 GMT). U.S. gold futures settled down 0.9% at $1,660.30.

Oil prices jumped over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and U.S. producers slashed spending in a move that could cut output.

Brent futures rose $2.86, or 8.3%, to settle at $37.22 a barrel. U.S. West Texas Intermediate (WTI) crude rose $3.23, or 10.4%, to settle at $34.36.