U.S. Review
A Broadening Recovery Offsets Near-Term Weakness
- Nonfarm payrolls increased across most industries in March, signaling that the recovery is broadening and likely gaining momentum as payrolls rose by 192,000.
- The unemployment rate was unchanged at 6.7 percent but the labor force participation rate and employment-population ratio both increased.
- Reports on manufacturing, motor vehicles sales, construction spending, and aggregate hours worked show the economy bouncing back from weather-induced setbacks earlier this year. February's wider trade gap, however, hints that Q1 GDP growth may have been surprisingly soft.
Global Review
ECB Stays on Hold, Brazil’s Central Bank Hikes Again
- As widely expected, the European Central Bank kept its policy rates unchanged this week but it maintained its bias to ease further. Recent economic data suggest that the slow recovery that began in early 2013 has continued into this year.
- The Central Bank of Brazil hiked rates for the ninth time in the past twelve months. With inflation starting to recede somewhat and growth remaining very sluggish, the central bank hinted that the rate hike cycle may be over, at least for now.
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Editors’ Picks
EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD extends recovery beyond 1.2400 on broad USD weakness
GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally.
Gold rebounds to $2,320 as US yields turn south
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.