Market Roundup
• German Feb Factory Orders (MoM) -1.4%,-2.4% forecast, 4.8% previous
• UK March Construction PMI 39.3, 44.0 forecast, 52.6 previous
• UK Housing Equity Withdrawal (QoQ) -5.1B, -6.0B previous
• Spanish Consumer Confidence 63.3, 85.7 previous
Looking Ahead - Economic Data (GMT)
• 13:00 Russia March CPI (YoY) 2.7%, 2.3% previous
• 13:00 Russia March CPI (MoM) 0.7% forecast, 0.3% previous
• 14:00 US March CB Employment Trends Index 109.00 previous
• 14:00 Brazil March Auto Production (MoM) 6.5% previous
• 14:00 Brazil March Auto Sales (MoM) 3.9% previous
• 14:00 Brazil March Auto Production (MoM) 6.5% previous
• 14:00 Brazil March Auto Sales (MoM) 3.9% previous
Fxbeat
EUR/USD: The euro edged higher against dollar on Monday as the death toll from the coronavirus slowed across major European nations including France and Italy. Italy reported its lowest daily COVID-19 death toll for more than two weeks on Sunday, while France’s daily death count fell in the past 24 hours and admissions into intensive care also slowed. The euro was last trading 0.05 % higher to $1.0802.Immediate resistance can be seen at 1.0833 (38.2% fib), an upside break can trigger rise towards 1.0893 (50% fib).On the downside, immediate support is seen at 1.0753 (23.6% fib), a break below could take the pair towards 1.0700 (Psychological level).
GBP/USD: Sterling gained against dollar on Monday as the British currency rebounded on expectations that British Prime Minister Boris Johnson will “shortly” be back at work after being hospitalised on Sunday night with persistent coronavirus symptoms. Sterling benefited after housing minister Robert Jenrick said Johnson was “doing well” and was expected to be back at 10 Downing Street shortly. By 1202 GMT sterling was trading 0.35% higher at $1.2306. Against the euro, it gained 0.4% to trade at 87.82 pence. Immediate resistance can be seen at 1.2350 (5DMA), an upside break can trigger rise towards 1.2426 (30 DMA).On the downside, immediate support is seen at 1.2185 (11 DMA), a break below could take the pair towards 1.2100 (Psychological level).
USD/CHF: The dollar edged higher against the Swiss franc on Monday as investors took heart from a slowdown in coronavirus-related deaths and new cases in Europe.The death toll from the virus appeared to be slowing across several European countries and the rate of new cases in Italy - the worst-hit country in Europe also dipped. At (GMT 12:15), Greenback was up 0.16% versus the Swiss franc to 0.9774. Immediate resistance can be seen at 0.9809 (200 DMA), an upside break can trigger rise towards 0.9882(300 DMA).On the downside, immediate support is seen at 0.9750 (38.2% fib), a break below could take the pair towards 0.9698 (50% fib).
USD/JPY: The dollar strengthened against the Japanese yen on Monday as investors were encouraged by a slowdown in coronavirus-related deaths and new cases. Italy reported its lowest daily death toll for more than two weeks on Sunday. France also reported a slowing daily death toll, and Germany its fourth straight daily drop in new cases. Japan also will declare a state of emergency as early as Tuesday, media reported, as a shortage of beds and a rise in cases linked to hospitals push Tokyo’s medical system to the brink of collapse. Strong resistance can be seen at 109.32(Daily high), an upside break can trigger rise towards 110.00(Psychological level).On the downside, immediate support is seen at 108.75 (50 DMA), a break below could take the pair towards 107.92 (5 DMA).
Equities Recap
European stock index futures jumped more than 4% on Monday as a slowdown in coronavirus death toll in France and Italy raised hopes that lockdown measures were starting to show results.
At (GMT 12:15),UK's benchmark FTSE 100 was last trading up at 1.94 percent, Germany's Dax was up by 4.44 percent, France’s CAC was last up by 3.33 percent.
Commodities Recap
Gold jumped over 1% to a more than one-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal.
Spot gold was up 1.2% at $1,635.47 per ounce by 1108 GMT, its highest since March 26. U.S. gold futures were up 1.1% at $1,664.10.
Oil prices fell on Monday after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help to reduce global oversupply as the coronavirus pandemic pummels demand.
Brent was down 81 cents, or 2.4%, at $33.30 a barrel. U.S. crude was 65 cents, or 2.3%, lower at $27.69 a barrel, off a session low of $25.28.
Treasuries Recap
Yields on safe-haven German government bonds crept higher on Monday, reflecting a slightly brighter tone in world markets as the death toll from the coronavirus slowed across major European nations including France and Italy.
Germany’s benchmark 10-year bond yield was last up 3 bps at -0.40% well above record lows hit a month ago at around -0.91% but also below recent 10-month highs at -0.14%.
Italian bond yields dipped, highlighting the more upbeat tone to risk assets, with 10-year yields a touch lower on the day at 1.53%.
