Market news
-
European bond markets already underperformed yesterday, after a jump in UK inflation and as markets continue to evaluate last week’s ECB move. The US Treasury rate is down, but yields in Australia and New Zealand jumped.
-
Solid data on industrial production and a big bounce in the Empire State manufacturing index, along with weaker than expected trade prices contributed to the improved outlook. The USA500 bounced 0.85%, with the USA100 0.82% firmer, while the USA30 was up 0.68%. The JPN225 lost -0.75%, while GER30 and UK100 futures are up 0.08% and down -0.02% respectively, which suggests a cautious start to the session.
-
Data: New Zealand Q2 GDP data much stronger than expected, Australia’s employment report highlights lockdown impact & Japan’s trade data, which showed a huge deficit, as export growth slowed, also added to the negative risk backdrop. Canada’s CPI rose to a 4.1% pace in August from the 3.7% growth rate (y/y, nsa) in July.
-
Tech shares got a solid push from Microsoft which announced a boost to quarterly dividends and an increase in share buybacks.
-
The JPY strengthened and USDJPY declined to 109.20.
-
The EUR and GBP declined against a largely stronger USD, which was only beating by the JPY.
-
USOil spiked to $72.84, albeit from further reduction in stockpiles, helped lift the indexes. In European open it gapped down slightly at $72.38.
-
Gold down for a 2nd consecutive day. Currently ay $1,784.
Today: Today’s data calendar will be closely tracked, with weekly jobless claims and Phily index in the tap, though none of the report should impact the outlook on near term Fed policy. The August retail sales report is the highlight.
Biggest Mover @ (06:30 GMT) USOIL rallied to $72.84. Fast MAs flattened imp[liyng to shorttterm correctio howveer the puitlook holds positive as RSI is at 71 and MACD lines way above neutral zone and extending hgher. ATR(Daily) at 1.69 and ATR (H1) at 0.34.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.