Oil hits ytd high on encouraging China PMI data [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

The week starts very slowly as most Western markets are closed for Easter holiday. The US revealed the latest core PCE print on a Good Friday and the Federal Reserve (Fed) Chair Jerome Powell spoke after the data. The figures came in line with expectations, the data saw limited reaction due to the Easter break.

The EURUSD kicks off the week under pressure. The yen bulls are nowhere to be found, but the Nikkei index is sharply sold after the Bank of Japan’s (BoJ) Tankan index fell in the Q1 for the first time in a year, as oil extends gains to the highest ytd level on encouraging Chinese PMI data.
In equities, the first quarter ended last week with the S&P500 recording its best performance since 2019.

In Turkey, municipal elections of Sunday ended in tears for Erdogan-backed AKP leaders in major cities including Istanbul. The USDTRY - which is trading higher in the wake of the latest elections - should continue trending higher at a potentially higher speed as the central bank may put less effort to counter the lira’s depreciation now that the elections are behind.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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