Market Roundup
•German Mar Import Price Index (MoM) 1.8%, 1.0% forecast, 1.7% previous
•German Mar Import Price Index (YoY) 6.9%, 6.0% forecast, 1.4% previous
•Spanish Unemployment Rate (Q1) 15.98%,16.60% forecast, 16.13% previous
•Spanish Apr HICP (YoY) 1.9%, 1.8% forecast, 1.2% previous
•Sweden GDP (YoY) (Q1) 0.0%, -1.3% forecast, -2.2% previous
•Sweden GDP (QoQ) (Q1) 1.1%,0.5% forecast, -0.2% previous
• German Apr Unemployment Rate 6.0%, 6.0% forecast, 6.0% previous
• German Apr Unemployment n.s.a 2.771M, 2.827M previous
• German Apr Unemployment 2.760M, 2.745M previous
• German Apr Unemployment Change 9K, -10K forecast, -8K previous
•EU Private Sector Loans (YoY) 3.3%,3.0% previous
•EU Mar Loans to Non Financial Corporations 5.3%, 7.1% previous
•EU Mar M3 Money Supply (YoY) 10.1%,10.2% forecast, 13.3% previous
•Italian Mar PPI (MoM) 0.9%, 0.5% previous
•Italian Mar PPI (YoY) 2.7%, 0.7% previous
•EU Apr Consumer Inflation Expectation 19.6, 18.6 previous
•EU Apr Business and Consumer Survey 110.3, 102.2 forecast, 101.0 previous
•Belgian GDP (QoQ) (Q1) 0.6%,-0.1% forecast, -0.1% previous
•Belgium Apr CPI (MoM) 0.33%, 0.27% previous
• Belgium Apr CPI (YoY) 1.23%, 0.89% previous
•German Apr CPI (MoM) 0.5%, 0.5% previous
• German Apr HICP (MoM) 0.4%, 0.5% previous
• German Apr HICP (YoY) 2.1%,2.0% forecast, 2.0% previous
• US Real Consumer Spending (Q1) 10.7%, 2.3% previous
• US GDP Sales (Q1) 9.2% ,2.9% previous
• US GDP (QoQ) (Q1) 6.4% ,6.1%,4.3% previous
• US PCE Prices (Q1) 3.5%, 1.5% previous
• US Core PCE Prices (Q1) 2.30%, 2.40% forecast, 1.30% previous
• US Initial Jobless Claims 553K ,549K forecast, 547K previous
• US Jobless Claims 4-Week Avg 611.75K ,651.00K previous
• US Continuing Jobless Claims 3,660K, 3,614K, 3,674K previous
Looking Ahead – Economic Data (GMT)
•14:30 US Mar Pending Home Sales Index 110.3 previous
• 14:30 US Mar Pending Home Sales (MoM ) 5.0% forecast,-10.6% previous
• 14:30 US Natural Gas Storage 11B forecast, 38B previous
• 15:30 US 4-Week Bill Auction 0.005% previous
• 15:30 US 8-Week Bill Auction 0.015% previous
Looking Ahead - Economic events and other releases (GMT)
• 15:00 US FOMC Member Quarles Speaks
Fxbeat
EUR/USD: The euro strengthened against dollar on Thursday as a doggedly dovish outlook from the U.S. Federal Reserve weighed on greenback. Fed Chair Jerome Powell did the dollar no favours by quashing speculation about an early tapering of asset buying, saying employment was still far short of target. The euro made the most of the opportunity to hit its highest since late February at $1.2148 , after cracking trendline resistance around $1.2114. The break now opens the way to bull targets at $1.2196 and $1.2242. Immediate resistance can be seen at 1.2150 (23.6%fib), an upside break can trigger rise towards 1.2200 (Psychological level).On the downside, immediate support is seen at 1.2101 (5DMA), a break below could take the pair towards 1.2061(38.2%fib).
GBP/USD: The pound was steady on Thursday as dovish Fed’s outlook weighed on greenback. The pound hit a nine-day high of $1.3979 in Asian trading after the U.S. Federal Reserve said it was too early to consider rolling back its emergency support a dovish tone which pushed the dollar to nine-week lows. Investors are watching political developments in Britain, as Prime Minister Boris Johnson is under pressure from a series of accusations about how he responded to the COVID-19 pandemic and who paid for the refurbishment of his flat, as well as an inquiry into leaks of private information from his office. Immediate resistance can be seen at 1.3978 (Daily high), an upside break can trigger rise towards 1.4015(23.6%fib ).On the downside, immediate support is seen at 1.3905 (38.2%fib), a break below could take the pair towards 1.3815 (14DMA).
USD/CHF: The dollar was defensive against Swiss franc on Thursday as a decidedly dovish outlook from the U.S. Federal Reserve gave a green light for the global reflation trade. Fed Chair Jerome Powell quashed speculation about an early tapering of asset buying, saying it was “not time yet” to begin talking of it, and employment was still a long way short of where it needed to be. At (GMT 12:16), greenback down 0.04% versus the Swiss franc to 0.9093.Immediate resistance can be seen at 0.9117(5DMA), an upside break can trigger rise towards 0.9149 (38.2%fib).On the downside, immediate support is seen at 0.9080(23.6%fib), a break below could take the pair towards 0.9000(Psychological level).
USD/JPY: The dollar gained against the Japanese yen on Thursday as upbeat US GDP data boosted dollar against Japanese yen. Dollar also gained against yen after Federal Reserve acknowledged a brighter economic outlook though it stood pat on its dovish policy stance. U.S. economic growth accelerated in the first quarter, fuelled by massive government aid to households and businesses. The dollar was last trading up 0.52% at 109.19 yen, after hitting a daily low of 108.42. Strong resistance can be seen at 109.20 (Daily high), an upside break can trigger rise towards 109.47(38.2%fib).On the downside, immediate support is seen at 109.00(50%fib), a break below could take the pair towards 108.50(61.8%fib).
Equities Recap
European stocks edged back towards record-highs on Thursday after a slew of upbeat earnings reports and the U.S. Federal Reserve's pledge to stick to loose monetary policy.
At (GMT 11:40 ),UK's benchmark FTSE 100 was last trading up at 0.60 percent, Germany's Dax was down by 0.30 percent, France’s CAC was last up by 0.47 percent.
Commodities Recap
Gold prices rose on Thursday bolstered by the U.S. Federal Reserve's pledge to maintain easy monetary policy to aid economic recovery, while a weaker dollar provided further support.
Spot gold was up 0.2% at $1,784.94 per ounce by 0101 GMT, having dipped to $1,762 in the previous session, its lowest since April 16. U.S. gold futures rose 0.6% to $1,784.50 per ounce.
Oil prices extended gains on Thursday after rising 1% in the previous session, as bullish forecasts of recovering demand outweighed concerns about the impact of rising COVID-19 cases in Brazil, India and Japan.
Brent rose 89 cents, or 1.3%, to $68.16 a barrel by 1115 GMT, and U.S. West Texas Intermediate crude was up 83 cents, or 1.3%, at $64.69 a barrel.
