Market Movers ahead
Cyprus will be the main market mover next week – Tuesday appears to be the deadline f or reaching an agreement
The ECB is expected to stay on hold but weak data has increased the chances of a rate cut
In the US we expect another solid labour market report for March
The Bank of Japan is expected to deliver another round of aggressive easing with new Governor Kuroda at the helm
In China the NBS manufacturing PMI is also expected to rebound markedly
Global Update
Insignificant Cyprus rocks the boat
Weak PMIs signal that the euro area remains in recession
The Fed maintains dovish message despite stronger data
In China rebounding HSBC PMI suggests the recovery has not lost steam
More policy flexibility for BoE but inflation target maintained
Focus
Danske Bank has published new economic forecasts in Global Scenarios: US take-off to drive global recovery and Nordic Outlook - March 2013
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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.