Market Roundup
•German GDP (YoY) (Q1) -3.3%,-3.6% forecast, -2.7% previous
•German GDP (QoQ) (Q1) -1.7% , -1.5% forecast, 0.3% previous
•Italian GDP (YoY) (Q1) -1.4%, -1.6% forecast, -6.6% previous
•Italian GDP (QoQ) (Q1) -0.4%,-0.5% forecast, -1.9% previous
•EU Apr CPI, n.s.a 107.16, 106.53 previous
•EU Apr CPI (YoY) 1.6%, 1.6% forecast, 1.3% previous
•Italian Apr CPI (YoY) 1.1%, 1.0% forecast, 0.8% previous
•Italian Apr HICP (MoM) 0.9%, 0.8% forecast, 1.8% previous
•EU Mar Unemployment Rate 8.1%, 8.3% forecast, 8.3% previous
•EU GDP (YoY) -1.8%-2.0% forecast, -4.9% previous
•EU CPI (MoM) 0.6%,0.9% previous
•EU GDP (QoQ) -0.6%,-0.8% forecast, -0.7% previous
•Canada March IPPI (MoM) 34.7% 1.6%,2.6% previous
•Canada Mar RMPI (MoM) 2.3%,6.6% previous
•Canada Mar IPPI (YoY) 10.0%, 7.1% previous
•US Employment Wages (QoQ) (Q1) 1.00%,0.90% previous
•US Employment Benefits (QoQ) (Q1) 0.60%,0.60% previous
•Brazil Mar Debt-to-GDP ratio 61.3%, 61.8% forecast, 61.6% previous
•Canada Feb GDP (MoM) 0.4%, 0.5% forecast, 0.7% previous
•US Mar Real Personal Consumption (MoM) 3.6%,-1.2% previous
•US Mar PCE price index (MoM) 0.5%, 0.2% previous
•US Mar PCE Price index (YoY) 2.3, 1.6 previous
•US Mar Core PCE Price Index (MoM) 0.4%,0.3% forecast,0.1% previous
•US Mar Personal Spending (MoM) 4.2%, 4.1% forecast, -1.0% previous
•US Mar Core PCE Price Index (YoY) 1.8%,1.8% forecast, 1.4% previous
•US Mar Personal Income (MoM) 21.1%,20.3% forecast, -7.1% previous
Looking Ahead – Economic Data (GMT)
•13:45 US Apr Chicago PMI 65.3 forecast, 66.3 previous
•14:00 US Apr Michigan Consumer Sentiment 87.4 forecast, 86.5 previous
•14:00 US Apr Michigan Inflation Expectations 3.7% forecast, 3.7% previous
•14:00 US Apr Michigan 5-Year Inflation Expectations 2.70% forecast, 2.70% previous
•14:00 US Apr Michigan Consumer Expectations 79.7 forecast, 79.7 previous
•15:00 Canada Feb Budget Balance (YoY) -268.18B previous
•15:00 Canada Feb Budget Balance -20.01B previous
•16:00 US Mar Dallas Fed PCE 1.80% previous
•17:00 US U.S. Baker Hughes Oil Rig Count 344 previous
Looking Ahead - Economic events and other releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro declined against dollar on Friday as after data showed Euro zone economy dipped in first quarter. The euro zone economy dipped into a second technical recession after a smaller than expected contraction in the first quarter, but is now firmly set for recovery as pandemic curbs are lifted amid accelerating vaccination campaigns. The European Union’s statistics office Eurostat said gross domestic product in the 19 countries sharing the euro contracted 0.6% quarter-on-quarter for a 1.8% year-on-year fall. The euro was last trading down 0.27% at $1.2085 . Immediate resistance can be seen at 1.2130(23.6%fib), an upside break can trigger rise towards 1.2177 (Higher BB).On the downside, immediate support is seen at 1.2068 (11DMA), a break below could take the pair towards 1.2044(38.2%fib).
GBP/USD: The pound slipped against the dollar on Friday as traders avoided making big bets before the Bank of England’s policy meeting next week.Sterling was down 0.2% at $1.3922, losing ground from a nine-day high hit on Thursday following a slump in the dollar to its lowest in nine weeks after the U.S. Federal Reserve waved off any talk of shifting its monetary policy. Immediate resistance can be seen at 1.3978 (23.6%fib), an upside break can trigger rise towards 1.4006 (Higher BB).On the downside, immediate support is seen at 1.3861(38.2%fib), a break below could take the pair towards 1.3800(Psychological level).
USD/CHF: The dollar edged higher against the Swiss franc on Friday as firmer economic growth in the United States increased demand for dollar. Data on Thursday showed U.S. economic growth accelerated in the first quarter, fuelled by massive government aid to households and businesses.
That came against the backdrop of the Federal Reserve’s reassurance on Wednesday that it was not time yet to begin discussing any change in its easy monetary policy. At 12:40 GMT, the dollar was 0.24 percent higher versus the Swiss franc at 0.9161. Immediate resistance can be seen at 0.9108(5DMA), an upside break can trigger rise towards 0.9150(38.2%fib).On the downside, immediate support is seen at 0.9076 (23.6%fib), a break below could take the pair towards 0.9044(Lower BB).
USD/JPY: The dollar held near recent high against Japanese yen on Friday as strong U.S. data and corporate earnings plus the Federal Reserve's commitment to support the economy fuelled investors' appetite for riskier dollar. Data on Thursday showed U.S. economic growth accelerated in the first quarter, fuelled by massive government aid to households and businesses. Data came against the backdrop of the Federal Reserve's reassurance on Wednesday that it was not time yet to begin discussing any change in its easy monetary policy. Strong resistance can be seen at 109.07 (50%fib), an upside break can trigger rise towards 109.46 (38.2%fib).On the downside, immediate support is seen at 108.63(23.6%fib), a break below could take the pair towards 108.36(Lower BB).
Equities Recap
European stocks inched higher on Friday, as strong corporate earnings lifted investor spirits ahead of the release of euro zone economic growth data for the first quarter.
At (GMT 12:30 ),UK's benchmark FTSE 100 was last up at 0.32 percent, Germany's Dax was up by 0.40 percent, France’s CAC was last down by 0.06 percent.
Commodities Recap
Gold prices edged down on Friday as higher U.S. Treasury yields dampened the metal's appeal, while palladium eased off a record high scaled a day earlier.
Spot gold was down 0.2% at $1,767.12 per ounce by 0113 GMT, U.S. gold futures were steady at $1,768.30 per ounce.
Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and the economic recovery.
Brent crude was 84 cents, or 1.2% lower, at $67.22 a barrel by 1016 GMT, the last day of trading for the front-month June contract. U.S. West Texas Intermediate crude for June was at $64.04 a barrel, down 97 cents, or 1.4%.
