U.S. Review
Signals of Stronger Economic Growth Return
- Retail sales for March climbed 1.1 percent following an upwardly revised 0.7 percent reading for February, signaling that consumer spending was not as soft as first expected to start the year.
- Housing starts rose for the second consecutive month in March, posting a 2.8 percent increase. Building permits fell for the month after surging in February.
- The March industrial production report brought more promising news as output rose 0.7 percent, following a 1.2 percent rise in February.
Global Review
Relief From China and Improvements From Brazil
- China's first-quarter GDP release gave some breathing room to markets that were expecting worse numbers than what were actually released. China's economy slowed down but posted a decent 7.4 percent growth rate on a year-earlier basis.
- Meanwhile, the Brazilian economy surprised on the upside in January and February with the index of economic activity improving 0.2 percent in February while January's number was revised upward to 2.35 percent from 1.26 percent.
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Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.