Dollar weakens on weak housing data
US stock market will reopen today after Easter Holiday shortened week. Stocks closed marginally higher last Thursday, however the S&P 500 ended 0.1% lower for the week. The dollar gave back some of previous session gains on Friday as data showed housing starts for the month of March fell 0.3% while building permits fell 1.7%. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.1% to 97.34 but is higher currently. Futures on US stock indexes point to mixed openings today.
European markets will remain closed for Easter Monday
Markets in Britain, Germany, Switzerland and France will remain closed for Easter Monday today. Both the EUR/USD and GBP/USD turned higher on Friday with euro climbing currently while Pound slightly lower. The Stoxx Europe 600 Index closed 0.9% higher last week despite US - EU trade prospect uncertainties. The European Commission threatened to impose duties on US imports worth $20 billion last Wednesday following Washington’s threat it was considering tariffs on approximately $11 billion worth of EU goods. However both sides have agreed to open talks to reduce trade barriers.
Nikkei gains while Shanghai Composite drops
Asian stock indices are mixed today in muted trading after Easter holiday weekend. Nikkei added 0.1% to 22217.90 with yen little changed against the dollar. Mainland China’s markets are lower as comments from top policymaking bodies raised concerns that Beijing may slow the pace of policy easing after Chinese economic data beat expectations last week: The Shanghai Composite Index is down 1.7%. Markets in Honk Kong and Australia are closed for Easter Monday.
Brent rallies
Brent futures prices are sharply higher today on crude supply concerns ahead of expected US halt of waivers on Iran oil imports. Prices advanced on Thursday, oil trading in the US and Europe was closed for Good Friday. Brent for June settlement rose 0.5% to close at $71.97 a barrel Thursday.
This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.
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