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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
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Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.