Equities and FX flat.
US Retail Sales on tap.
Nikkei -0.62% Dax -0.39%.
UST 10Y 1.11.
Oil $52.
Gold $1854/oz.
BTCUSD $38000/oz.
Asia and the EU
No Data
North America Open
USD US Retail Sales 8:30
USD PPI 8:30
It’s been a quiet night of trade in both FX and equities with markets range bound for most of Asian and early European trade in the wake of President Biden’s stimulus announcement plan.
The price action has all the feel of sell-the-news dynamic as risk assets rallied strongly in anticipation of the news and now appear to have stalled as traders look for fresh catalysts to drive price action.
The eco calendar today carries US Retail Sales and PPI data. Markets are looking for a rebound in the control group to 0.2% from -0.5% the period prior. Retail sales have missed forecasts for the last 3 out of 4 months and given the uptick in unemployment claims chances are good that Retail Sales may come in weaker than expected.
The state of consumer demand remains precarious especially at the low end of the income scale as the limit to unemployment benefits and the raging COVID pandemic are likely to add fresh pressures to an already fragile situation which is why the stimulus package looms so large. But relief may take several months to be put in place and in the meantime the cold hard reality of slowdown in growth could finally hit investors triggering profit taking in risk assets.
Nasdaq has made several attempts to run the 13,000 level but has failed to hold it suggesting that speculative fever may be waning and if the market sells off into the weekend today it may start a short term reversal as longs begin to lock in their gains.
Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.
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, as traders lack directional impetus 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 ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.