Market Roundup
• US Retail Sales (MoM) (Mar): 1.7%, 1.4% forecast, 0.7% previous
• US Core Retail Sales (MoM) (Mar): 1.9%, 1.4% forecast, 0.7% previous
• US Retail Control (MoM) (Mar): 0.7%, 0.2% forecast, 0.6% previous
• US Retail Sales Ex Gas/Autos (MoM) (Mar): 0.6%, 0.6% previous
• US Retail Sales (YoY) (Mar): 3.97%, 3.96% previous
• US Redbook (YoY): 6.7%, 7.0% previous
• US Pending Home Sales (MoM) (Mar): 1.5%, 0.0% forecast, 2.5% previous
• US Retail Inventories Ex Auto (Feb): 0.3%, 0.3% forecast, 0.4% previous
• US Business Inventories (MoM) (Feb): 0.4%, 0.3% forecast, 0.0% previous
• US Pending Home Sales Index (Mar): 73.7, 72.6 previous
Looking Ahead Economic Data (GMT)
• 01:00 Australia MI Leading Index (MoM) (Mar) -0.1% previous
Looking Ahead Events And Other Releases (GMT)
• No events Ahead
Currency Summaries
EUR/USD : The euro edged lower on Tuesday as dollar firmed as concerns grew that a ceasefire in the U.S.-Israeli warwith Iran will take longer to reach and lead to prolonged disruptions in the Strait of Hormuz.Iran said on Tuesday it had yet to decide whether to attend the peace talks after U.S. forces boarded a huge Iranian oil tanker at sea with just a day left before the ceasefire runs out in the war in the Gulf.Markets have been swayed in recent days by contradictory headlines over whether or not U.S. Vice President JD Vance has departed for Pakistan for the talks.Vance has not yet departed Washington for talks on Iran and is participating in additional policy meetings, a White House official said on Tuesday. Immediate resistance can be seen at 1.1823(50%fib), an upside break can trigger rise towards 1.1900(Psychological level).On the downside, immediate support is seen at 1.1728(61.8%fib), a break below could take the pair towards 1.1658(April 14th low).
GBP/USD: The pound dipped on Tuesday as investors monitored Middle East developments that could spark a fresh rush to the safe-haven dollar. Hopes for a Middle East peace deal eased inflation fears and tempered expectations of a rapid policy tightening by central banks, including the BoE. Currencies tend to strengthen when central banks raise rates and weaken when they cut them. Traders are now almost fully pricing one BoE rate hike this year, while indicating two rate increases for the European Central Bank. British data showed the jobless rate fell unexpectedly, although that drop reflected rising numbers of students not looking for work rather than rising employment, while average weekly earnings fell.. Immediate resistance can be seen at 1.3591(Higher BB), an upside break can trigger rise towards 1.3655(38.2%fib).On the downside, immediate support is seen at 1.3532(50%fib), a break below could take the pair towards 1.3499(April 14th low).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Tuesday as uncertain prospects for Middle East pace talks weighed on investor sentiment, with the currency pulling back from its strongest level in nearly six weeks. Iran said it had still yet to decide whether to attend last-ditch peace talks with the United States, after U.S. forces boarded a huge Iranian oil tanker at sea with just a day left before the ceasefire runs out in the war in the Gulf.The price of oil , one of Canada's major exports, settled 2.8% higher at $92.13 a barrel as shipping traffic through the Strait of Hormuz remained largely halted, while the U.S. dollar advanced against a basket of major currencies. The loonie was trading 0.2% lower at 1.3667 per U.S. dollar, or 73.17 U.S. cents, after touching its strongest intraday level since March 13 at 1.36315..Immediate resistance can be seen at 1.3717(April 20th high), an upside break can trigger rise towards 1.3769(50%fib).On the downside, immediate support is seen at 1.3641(50%fib), a break below could take the pair towards 1.368(Lower BB)
USD/JPY: The U.S. dollar edged higher on Tuesday as yen remained under pressure on growing uncertainty over the Bank of Japan’s policy outlook. The Bank of Japan is likely to hold off raising interest rates next week, five sources familiar with its thinking said, as fading prospects of a near-term end to the Middle East war keep the country's economic and price outlook uncertain. Meanwhile, markets remain focused on US-Iran peace negotiations, with both sides expected to send delegations to Islamabad for a second round of talks before the current ceasefire expires. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.48% to 98.54. Against the Japanese yen , the dollar strengthened 0.51% to 159.6. Immediate resistance can be seen at 159.23(SMA 20) an upside break can trigger rise towards 160.00(Psychological level) .On the downside, immediate support is seen at 158.73(38.2%fib) a break below could take the pair towards 158.07(Lower BB).
Equities Recap
European equities fell on Tuesday as uncertainty over U.S.-Iran peace talks kept investors cautious, hours before a ceasefire is due to expire.
UK's benchmark FTSE 100 closed down by 1.05 percent, Germany's Dax ended down by 0.60 percent, France’s CAC finished the day down by 1.14 percent.
U.S. stocks closed lower on Tuesday as early gains faded, with renewed Middle East conflict concerns outweighing optimism from strong corporate earnings.
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Dow Jones closed down by 0.58 percent, S&P 500 closed down by 0.64 percent, Nasdaq settled down by 0.59 percent.
Commodities Recap
Oil prices reversed an earlier dip after Trump earlier said he did not want to extend the ceasefire.
U.S. crude rose 2.81% to settle at $92.13 per barrel, while Brent settled at $98.48 per barrel, up 3.14% on the day.
Gold prices dropped as the dollar firmed. Spot gold fell 2.95% to $4,677.54 an ounce. U.S. gold futures fell 2.71% to $4,676.40 an ounce.
