KBC Market Research Desk
KBC Bank
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European shares failed to safeguard early gains to trade mixed currently in a session devoid of important eco data or other news items. In the US, Equities opened slightly stronger, ignoring weak durables.
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US Conference Board’s consumer confidence weakened more than expected in April, falling from 96.1 to 94.2 as consumers grew less optimistic about their future.
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Hungary’s central bank decided today to lower its benchmark interest rate by 15 basis points to 1.05%, in line with market expectations and signaled further slight rate reductions in the coming months as inflation is expected to reach its target only in the first half of 2018. The impact on the forint is remarkably small.
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Proctor & Gamble reported better than expected earnings, boosted by higher selling prices and cost‐cutting, while sales declined for a 7th straight quarter. BP reported better than expected earnings as weak oil prices and costs from the Gulf spill were offset by stronger than expected refining activity and a better trading performance.
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Today, both Republican and Democratic primaries are held in Pennsylvania, Maryland, Delaware, Rhode Island and Connecticut. According to the polls, both Clinton and Trump are poised for a victory in all five states.
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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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
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
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.