KBC Market Research Desk
KBC Bank
European shares opened higher this morning copying Wall Street’s gains yesterday and build out their profits during the session. US Equities opened higher too, supported by strong production data.
The UK unemployment rate dropped unexpectedly in the three months to February, from 7.2% to 6.9%, a five year low, but wage growth disappointed, accelerating to only 1.7% Y/Y, below the consensus estimate of 1.8% Y/Y.
French Prime Minister Valls vowed today to honour his European commitments on deficit reduction as he presented the details of the plan to curb public spending by €50 billion between 2015 and the end of Hollande’s term in 2017.
This evening, Fed Chairwoman Yellen will speak to the Economic Club of New York followed by a Q&A session and also Fed’s Lockhart and Fisher will take the stage. The Fed will publish its Beige Book and Google & American Express announce Q1 earnings.
This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.
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EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
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The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.