Market Roundup
•French March Consumer Confidence 94, 91 forecast, 91 previous
•Spanish CPI (YoY) 1.3%,0.0% previous
•Spanish CPI (MoM) 1.0%,0.6% forecast, -0.6% previous
•Spanish Feb Retail Sales (YoY) -5.9% forecast, -9.5% previous
•Italian Feb PPI (MoM) 0.5%, 1.4% previous
•Italian Feb PPI (YoY) 0.7%, -0.3% previous
•Portuguese Mar Consumer Confidence -23.00, -24.40 previous
•EU March Consumer Confidence -10.8 , -10.8 forecast, -10.8 previous
•EU March Business and Consumer Survey 101.0, 96.0 forecast, 93.4 previous
•EU March Industrial Sentiment 2.0, -5.0 forecast, -3.3 previous
• EU March Consumer Inflation Expectation 18.6, 15.7 previous
•Belgium Mar CPI (MoM) 0.27%, 0.22% previous
•Belgium Mar CPI (YoY) 0.89%, 0.46% previous
•German Mar HICP (YoY) 2.0%, 2.0% forecast, 1.6% previous
•German Mar CPI (YoY) 1.7%,1.7% forecast, 1.3% previous
•German Mar CPI (MoM) 0.5%, 0.5% forecast, 0.7% previous
•US Redbook (YoY) 9.8%,9.4% previous
•US Redbook (MoM) -17.4%,-17.6% previous
•US Jan S&P/CS HPI Composite - 20 n.s.a. (YoY) 11.1%, 11.0% forecast, 10.1% previous
• US Jan S&P/CS HPI Composite - 20 n.s.a. (MoM) 0.9%, 0.8% previous
• US Jan House Price Index (YoY) 12.0%, 11.4% previous
• US Jan S&P/CS HPI Composite - 20 s.a. (MoM) 1.2%, 1.2% forecast, 1.3% previous
• US Jan House Price Index 316.7, 313.5 previous
• US Jan House Price Index (MoM) 1.0%, 1.1% previous
Looking Ahead Economic Data(GMT)
•13:00 US March CB Consumer Confidence 96.9 forecast, 91.3 previous
•14:30 US March Dallas Fed Services Revenues 2.6 previous
•14:30 US March Texas Services Sector Outlook 5.0 previous
Looking Ahead - Economic events and other releases (GMT)
•13:00 US FOMC Member Quarles Speaks
•16:00 US FOMC Member Bostic Speaks
Fxbeat
EUR/USD: The euro declined against dollar on Tuesday as stronger dollar and renewed concern about the euro zone growth outlook weighed on euro. The dollar climbed as Treasury yields spiked again, with accelerating vaccinations and massive stimulus in the United States stoking inflation concerns. The common currency was last down 0.28% against dollar at 1.1731. Immediate resistance can be seen at 1.1776(Daily high), an upside break can trigger rise towards 1.1834 (32.6%fib).On the downside, immediate support is seen at 1.1721 (23.6%fib), a break below could take the pair towards 1.1700 (Psychological level).
GBP/USD: Sterling dipped against dollar on Tuesday as investors focused on the outlook for reopening the UK economy from its lockdown. Some lockdown restrictions in England ended on Monday, in contrast to much of Europe, where France and Germany are among the countries contending with a third wave of COVID-19 infections and hospitalisations. The currency hit daily high at $1.3786, later slipped to $1.3731, down 0.10% on the day .Immediate resistance can be seen at 1.3771(38.2%fib), an upside break can trigger rise towards 1.3884(23.6%fib).On the downside, immediate support is seen at 1.3686 (50% fib), a break below could take the pair towards 1.3606(61.8%fib).
USD/CHF: The dollar strengthened against the Swiss franc on Tuesday as rising U.S. Treasury yields boosted greenback. A combination of accelerating vaccine rollouts and massive U.S. fiscal stimulus has stoked fears of inflation in recent months, causing government bond yields around the world to rise, led by U.S. Treasuries. At 12:30 GMT, the dollar was 0.30 percent lower versus the Swiss franc at 0.9416.Immediate resistance can be seen at 0.9431 (23.6%fib), an upside break can trigger rise towards 0.9500 (Psychotically level).On the downside, immediate support is seen at 0.9371 (Daily low), a break below could take the pair towards 0.9300 (Psychological level).
USD/JPY: The dollar rose against the Japanese yen Tuesday as accelerating U.S. vaccinations and plans for a major stimulus package stoked inflation expectations and raised Treasury yields. The dollar index rose above the 93 mark and was last up around a third of a percent at 93.185, its highest level in four months.The dollar rose above 110 yen, a level not seen since March last year, and was last up 0.5% on the day. Strong resistance can be seen at 110.42 (23.6%fib), an upside break can trigger rise towards 111.00 (Psychological level).On the downside, immediate support is seen at 109.66 (Daily low), a break below could take the pair towards 109.34 (38.2% fib).
Equities Recap
European shares headed towards record highs on Tuesday on hopes of a vaccine-driven economic recovery, while investors looked past the fallout of a U.S. hedge fund default that hit banking stocks a day earlier.
At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading up at 0.04 percent, Germany's Dax was up by 0.75 percent, France’s CAC was up by 0.60 percent.
Commodities Recap
Oil prices slid on Tuesday as the Suez Canal reopened to traffic, while focus turned to an OPEC+ meeting this week that is likely to agree an extension to supply curbs amid disappointing demand prospects.
Brent crude was down 73 cents, or 1.1%, at $64.25 a barrel by 1226 GMT. U.S. oil was off by 83 cents, or 1.4%, at $60.73 barrel.
Gold prices slid more than 1% on Tuesday as the U.S. dollar rose on the back of higher Treasury yields and as expectations that speedy vaccinations would improve the economic outlook curbed demand for safe-haven bullion.
Spot gold slipped 1.4% to $1,687.76 per ounce by 1153 GMT. Earlier in the session, bullion fell by as much as 1.5% to its lowest since March 9 at $1,685.80. U.S. gold futures fell 1.5% to $1,688.70 per ounce.
