Nothing of note in terms of economic events were reported in the Asian session on Thursday, and hence, most majors remained in thin trading ranges, except for USD/JPY and Kiwi. Oil-price sell-off induced softening US inflation outlook weighed down on USD/JPY, while the Yen regained strength amid mixed market sentiment. Meanwhile, the NZD/USD pair rallied hard on upbeat economic assessment by the RBNZ at its monetary policy meeting today.
The Asian markets got some reprieve from stalled selling in oil prices, while gold prices on Comex remained underpinned on the back of weaker Treasury yields.
Moving on, we have a data-light EUR calendar, with the only UK CBI industrial orders expectations on the cards, while the NA session offers the Canadian retail sales, US jobless claims data and Eurozone consumer confidence numbers. Besides, FOMC member Powell speech, followed by speeches from SNB’s Maechler and BOE member Forbes will also remain in focus.
The main risk event for today remains the UK PM Theresa May’s meeting with the EU leaders in Brussels, where she is going to present the post-Brexit Citizens’ rights plan.
Main topics in Asia
RBNZ keeps OCR on hold at 1.75%
The Reserve Bank of New Zealand (RBNZ) said that it would leave the official cash rate unchanged at 1.75% in a decision that was widely expected, highlighting that numerous uncertainties remain and policy may need to adjust accordingly.
US inflation expectations hit 8-month low
The long-term inflation expectations in the US fell to a 8-month low, after the oil prices fell into the bear market territory.
Theresa May faces constitutional crisis over Brexit laws
Theresa May is facing a constitutional crisis after Labour and the Liberal Democrats threatened to use the House of Lords to block the crucial legislation that would ensure a smooth Brexit, ignoring a 72-year Salisbury convention.
BOJ’s Iwata: No changes to inflation forecasts needed from temporary fluctuations in oil prices
The BOJ Deputy Governor Iwata is back on the wires now, via Reuters, adding to his earlier comments on the monetary policy programme and economic outlook.
Key Focus ahead
Theresa May to outline post-Brexit Citizens' right plan today – Bloomberg
UK Prime Minister Theresa May will speak to fellow leaders for the first time since elections, says a Bloomberg report.
Eurozone: Consumer confidence likely to increase further – Danske Bank
In the euro area, consumer confidence is due for release today and will be keenly watched by investors according to the analysts at Danske Bank.
May heads to Brussels, Will GBP/USD witness descending broadening wedge breakout?
UK Prime Minister Theresa May will head to Brussels today for her first European summit since she lost her Commons majority in the general election.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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 price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
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.