Market Roundup:
•Finnish Apr Industrial Confidence 9, 3 previous
•Finnish Apr Consumer Confidence 3.8, -3.0 previous
•Sweden Interest Rate Decision 0.00%,0.00% forecast, 0.00% previous
•Sweden Mar Trade Balance 4.10B, 7.30B previous
•Sweden Mar Unemployment Rate 10.0%,9.7% previous
•Sweden Mar PPI (YoY) 3.8%,1.3% previous
•Italian Apr Business Confidence 105.4, 102.5 forecast, 101.2 previous
•Italian Apr Consumer Confidence 102.3, 102.0 forecast, 100.9 previous
•UK Apr CBI Distributive Trades Survey 20, -5 forecast, -45 previous
•US Redbook (YoY) 13.9%,13.5% previous
•US Feb House Price Index (MoM) 0.9%, 1.0% previous
•US Feb House Price Index 319.7, 316.7 previous
•US Feb S&P/CS HPI Composite - 20 s.a. (MoM) 1.2%,1.1% forecast,1.2% previous
•US S&P/CS HPI Composite - 20 n.s.a. (MoM) 1.2%,0.9% previous
•US Feb House Price Index (YoY) 12.2%, 12.0% previous
• US Feb S&P/CS HPI Composite - 20 n.s.a. (YoY) 11.9%, 11.7% forecast, 11.1% previous
Looking Ahead – Economic Data (GMT)
•14:00 US Apr Richmond Services Index 16 previous
•14:00 US Apr Richmond Manufacturing Index 17 previous
•14:00 US Apr Richmond Manufacturing Shipments 22 previous
•14:00 US CB Apr Consumer Confidence 113.0 forecast, 109.7 previous
•14:00 US April Texas Services Sector Outlook 28.9 previous
•14:00 US April Dallas Fed Services Revenues 21.6 previous
Looking Ahead - Economic events and other releases (GMT)
•20:00 Canada BoC Gov Macklem Speaks
Fxbeat
EUR/USD: The euro was little changed against dollar on Tuesday, as traders avoided taking out big positions before the Fed meeting. Trading in currencies was largely subdued, ahead of this week’s Federal Reserve two-day meeting ending on Wednesday, where no change to policy is expected. The market will pay close attention to comments from Fed Chairman Jerome Powell, who is likely to face questions over whether improving conditions warrant a withdrawal of monetary easing. Most analysts, though, expect him to say such talk is premature, which could put downward pressure on Treasury yields and the dollar. Immediate resistance can be seen at 1.2118 (23.6%fib), an upside break can trigger rise towards 1.2159 (Higher BB).On the downside, immediate support is seen at 1.2059 (5DMA), a break below could take the pair towards 1.2038 (38.2%fib).
GBP/USD: Sterling remained within the previous session’s ranges agaiinst dollar on Tuesday as investors awaited U.S. Federal Reserve meeting on Wednesday. Investors stayed on the sidelines ahead of the Fed’s policy meeting ending on Wednesday, where the U.S. central bank is expected to confirm that it will maintain its easy monetary policy to bolster the economy. Sterling was 0.02% lower at $1.3893, off last week's top of $1.4009. Immediate resistance can be seen at 1.3917 (23.6%fib), an upside break can trigger rise towards 1.3971(Higher BB ).On the downside, immediate support is seen at 1.3853(5DMA),a break below could take the pair towards 1.3806(38.2%fib ).
USD/CHF: The dollar edged lower against the Swiss franc on Tuesday as optimism about a global economic recovery was dented by caution before a policy decision by the Federal Reserve. Many investors stayed on the sidelines ahead of the Fed meeting that ends on Wednesday, when the U.S. central bank is expected to confirm that it will maintain its easy monetary policy to bolster the economy. At 12:30 GMT, the dollar was 0.01 percent lower versus the Swiss franc at 0.9134 .Immediate resistance can be seen at 0.9180 (38.2%fib), an upside break can trigger rise towards 0.9228 (50%fib).On the downside, immediate support is seen at 0.9111(23.6%fib), a break below could take the pair towards 0.9057(Lower BB).
USD/JPY: The dollar gained against the Japanese yen on Tuesday after the Bank of Japan kept policy on hold as widely expected and said it was ready to extend its pandemic relief programme. In a quarterly report released after Tuesday’s rate review, the BOJ revised up its growth forecasts and stuck to its view the world’s third-largest economy would recover as robust U.S. and Chinese demand underpins exports. The Bank of Japan projected on Tuesday that inflation will fail to reach its 2% target during its governor’s term through early 2023, as fresh curbs to combat a spike in COVID-19 cases overshadow the boost to growth from solid global demand. Strong resistance can be seen at 108.45(38.2%fib), an upside break can trigger rise towards 108.59(14DMA).On the downside, immediate support is seen at 107.82 (23.6%fib), a break below could take the pair towards 107.23(Lower BB).
Equities Recap
European stocks were little changed on Tuesday following earnings from blue-chip companies such as HSBC and BP, while UBS become the latest bank to disclose a hit from dealing with U.S. investment firm Archegos.
At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading down at 0.32 percent, Germany's Dax was down by 0.27 percent, France’s CAC was last down by 0.21 percent.
Commodities Recap
Gold held steady on Tuesday as market awaits a U.S. Federal Reserve meeting for cues on its monetary policy outlook, while a firmer dollar weighed on the metal's appeal.
Spot gold was flat at $1,780.86 per ounce by 0724 GMT. U.S. gold futures were little changed at $1,780.70 per ounce.
Oil rose to about $66 a barrel on Tuesday before a meeting of the producer group OPEC+ to discuss oil output policy amid concern India’s coronavirus crisis could dent a recovery in fuel demand.
Brent crude was up 36 cents, or 0.6%, at $66.01 a barrel by 1210 GMT, after dropping 0.7% on Monday. U.S. oil gained 40 cents, or 0.7%, to $62.31.
