Market Roundup
•German Jan Factory Orders (MoM) 1.4%, 0.7% forecast, -1.9% previous
•French Jan Trade Balance -4.0B, -3.4B previous
•French Jan French Imports 44.2B, 42.7B previous
•French Jan Current Account -1.60B, -1.20B previous
•UK Feb Halifax House Price Index (MoM) -0.1%,0.3% forecast, -0.3% previous
•UK Feb Halifax House Price Index (YoY) 5.2%, 5.4% previous
•Italian Jan Retail Sales (YoY) -6.8%, -3.1% previous
•Greek GDP (YoY) (Q4) -7.9% , -11.7% previous
Looking Ahead - Economic Data (GMT)
• 13:30US Feb Average Hourly Earnings (YoY) 5.3% forecast, 5.4% previous
• 13:30 US Feb Average Hourly Earnings (MoM) 0.2% forecast , 0.2% previous
• 13:30US Feb Average Weekly Hours 34.9 forecast,35.0 previous
• 13:30 US Exports 184.20B previous
• 13:30 US Imports 252.30B previous
• 13:30 US Feb Manufacturing Payrolls 18K forecast , -10K previous
• 13:30 US Feb Nonfarm Payrolls 182K forecast, 49K previous
• 13:30US Feb Participation Rate 61.4% previous
• 13:30 US Feb Private Nonfarm Payrolls 210K forecast, 6K previous
• 13:30 US Feb U6 Unemployment Rate 11.1% previous
• 13:30 US Jan Trade Balance -67.50B forecast, -66.60B previous
• 13:30 US Feb Unemployment Rate 6.3% forecast, 6.3% previous
• 13:30 Canada Feb Employment Change
• 13:30 Canada Jan Exports 47.32B previous
• 15:00 13:30Canada Jan Trade Balance-1.40B forecast,-1.67B previous
• 15:00 Canada Feb Ivey PMI 48.4 previous
• 19:00 US Federal Budget -430.0B previous
• 20:00 US Jan Consumer Credit 12.00B forecast, 9.73B previous
Looking Ahead - Events, Other Releases (GMT)
• 20:00 US FOMC Member Bostic Speaks
Fxbeat
EUR/USD: The euro declined on Friday as rising U.S. bond yields sent the dollar higher. Dollar rose across the board after comments by Federal Reserve Chairman Jerome Powell, who reiterated the Fed's policy stance as appropriate, even though he thought the recent bond sell-off was "notable". The U.S. 10-year yield topped 1.5%, while the dollar surged to three-month highs. The euro slipped 0.2% to a three-month low of $1.19515 following a 0.7% slump overnight. Immediate resistance can be seen at 1.1977 (Daily high), an upside break can trigger rise towards 1.2008 (38.2%fib).On the downside, immediate support is seen at 1.1933 (23.6%fib), a break below could take the pair towards 1.1900 (Psychological level).
GBP/USD: The British pound lost ground against a resurgent dollar on Friday, as currency traders took some risk off the table amid rising U.S. bond yields.U.S. Federal Reserve Chair Jerome Powell failed to soothe investor concerns about a recent surge in borrowing costs as he spoke at a Wall Street Journal forum on Thursday, pushing the safe-haven dollar higher.Sterling fell to a three-week low against the dollar, down 0.5% at $1.3825. Immediate resistance can be seen at 1.3916 ( 23.6%fib), an upside break can trigger rise towards 1.4000(Psychological level).On the downside, immediate support is seen at 1.3796 (38.2%fib), a break below could take the pair towards 1.3710 (50%fib).
USD/CHF: The dollar rose against the Swiss franc on Friday as indications that the United States central bank will keep lending rates low and monetary policy loose boosted dollar.Focus now is turning to the release of the U.S. non-farm payrolls for February, with the market eyeing a recovery in employment growth and a steady unemployment rate at 6.3%. Immediate resistance can be seen at 0.9325 (23.6%fib), an upside break can trigger rise towards 0.9400(Pscyhological level).On the downside, immediate support is seen at 0.9219 (38.2% fib), a break below could take the pair towards 0.9149(9DMA).
USD/JPY: The dollar rose against the Japanese yen on Friday after Federal Reserve Chair Jerome Powell expressed no concern about a recent sell-off in bonds and stuck to his stance of keeping interest rates low for a long time. The dollar’s gains came as the benchmark 10-year Treasury yield jumped back above 1.5%, rising as high as 1.55% in European trade. Last week, it soared to a one-year peak of 1.614%. The dollar reached a nine-month high of 108.45 yen , gaining 0.5% against the Japanese currency. Strong resistance can be seen at 108.38 (50% fib), an upside break can trigger rise towards 108.93 (23.6%fib).On the downside, immediate support is seen at 107.97(50%fib), a break below could take the pair towards 107.45 (61.8%fib).
Equities Recap
Rising U.S. bond yields put European equities under pressure again on Friday after Federal Reserve Chair Jerome Powell's remarks failed to soothe investor concerns about a recent surge in borrowing costs.
At (GMT 12:40 ),UK's benchmark FTSE 100 was last trading up at 0. 34 percent, Germany's Dax was down by 0.49 percent, France’s CAC was last down by 0. 31 percent.
Commodities Recap
Gold slumped to a near nine-month low on Friday and headed for a third straight weekly decline after Federal Reserve Chair Jerome Powell disappointed investors with his view on rising yields that pushed up the dollar and bond yields.
Spot gold eased 0.2% to $1,693.79 per ounce by 0055 GMT, having earlier dropped to its lowest since June 8 at $1,688.96. It was down 2.3% for the week so far.
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.
Brent crude futures were up $1.52, or 2.3%, at $68.26 a barrel by 1008 GMT and U.S. West Texas Intermediate (WTI) crude futures climbed $1.30, or 2%, to $65.13 as both remained on track for weekly gains.
