Posted at 30 March 2023 / Categories Market Roundups
Market Roundup
•US Weekly jobless claims rise in latest week
•US Corporate Profits (QoQ) (Q4) -2.7%,0.8% previous
•US Real Consumer Spending (Q4) 1.0% ,2.1% previous
•US GDP Sales (Q4) 1.1%, 4.5% previous
•US PCE Prices (Q4) 3.7%,4.3% previous
•US GDP (QoQ) (Q4) 2.6%,2.7% forecast,3.2% previous
•US Core PCE Prices (Q4) 4.40%,4.30% forecast,4.70% previous
•US GDP Price Index (QoQ) (Q4) 3.9%,3.9% forecast,4.4% previous
•US Initial Jobless Claims 198K, 196K forecast,191K previous
•US Jobless Claims 4-Week Avg. 198.25K,196.25K previous
•US Continuing Jobless Claims 1,689K, 1,697K forecast,1,694K previous
•US 4-Week Bill Auction 4.600%,4.150% previous
•US 8-Week Bill Auction 4.600%, 4.400% previous
Looking ahead Economic Data(GMT)
•23:30 Japan Feb Retail Sales (YoY) 5.8% forecast,6.3% previous
•23:30 Japan Apr Industrial Production forecast 2m ahead (MoM) 0.7% previous
•23:30 Japan March Industrial Production forecast 1m ahead (MoM) 8.0% previous
•23:30 Japan Feb Industrial Production (MoM) 2.7% forecast,-5.3% previous
•00:30 Australia Feb Private Sector Credit (MoM) 0.4% forecast,0.4% previous
•00:30 Australia Feb Housing Credit 0.3% previous
•01:30 China Mar Manufacturing PMI 51.5 forecast,52.6 previous
•01:30 China Mar Non-Manufacturing PMI 54.3 forecast,56.3 previous
•01:30 China Mar Chinese Composite PMI 56.4 previous
Looking ahead Events and Other Releases(GMT)
•No significant events
Currency Summaries
EUR/USD: The euro strengthened on Thursday as German inflation data helped lift the common currency and as concerns over the banking sector receded.Inflation eased significantly in Germany in March on the back of lower energy prices but was above forecasts, adding pressure on the European Central Bank to further tighten its monetary policy.Separately, data showed that Spain's consumer prices rose 3.3% year-on-year in March, the slowest pace since the 12-month period through August 2021. The euro was 0.55 % higher at 1.09035 , the highest since March 23.Immediate resistance can be seen at 1.0904(Higher BB), an upside break can trigger rise towards 1.0971(23.6%fib).On the downside, immediate support is seen at 1.0824(5DMA), a break below could take the pair towards 1.0769(38.2%fib).
GBP/USD: The pound held steady on Thursday, and was heading for its biggest monthly gain versus the dollar since November, as an apparent abatement in concern among investors over the banking sector drove flows away from the U.S. currency. Sterling has risen by nearly 3% against the dollar in March and is hovering around eight-week highs. Data this week showed UK grocery inflation hit a record high of 17.5% in March. Temporary shortages of certain food items, such as salad ingredients, helped drive the rise. But overall, at more than 10%, headline inflation in Britain is showing no signs of slowing down. Sterling was last up 0.4% against the dollar at $1.2384. Immediate resistance can be seen at 1.2386(23.6%fib), an upside break can trigger rise towards 1.2429(Higher BB).On the downside, immediate support is seen at 1.2295(5DMA), a break below could take the pair towards 1.2193(38.2%fib).
USD/CAD: The Canadian dollar strengthened to a five-week high against its U.S. counterpart on Thursday as a recovery in risk appetite raised pressure on speculators that had added to their bearish bets on the currency in recent weeks. Oil, one of Canada's major exports, settled 1.9% higher at $73.47 a barrel, supported by lower U.S. crude stockpiles and a halt to exports from Iraq's Kurdistan region.Canadian GDP data for January, due on Friday, could offer clues on the strength of the domestic economy. The loonie was trading 0.2% higher at 1.3525 to the greenback, or 73.94 U.S. cents, after touching its strongest level since Feb. 23 at 1.3517. The currency is on track to gain 0.9% for the month .Immediate resistance can be seen at 1.3618 (March 29th high), an upside break can trigger rise towards 1.3647 (23.6% fib).On the downside, immediate support is seen at 1.3512(50% fib), a break below could take the pair towards 1.3455 (61.8% fib).
USD/JPY: The dollar steadied against the yen on Thursday as investors looked ahead to US inflation data to gauge the Federal Reserve's next move. Investors will scan the data for clues about the direction of the US central bank's monetary policy. According to the CME FedWatch tool, markets are pricing in a 50-50 chance that the Fed will keep rates at current levels at the May meeting. Data on U.S. personal consumption expenditures due on Friday will provide further clues on inflationary pressures in the world's largest economy. The Japanese yen weakened 0.16% to 132.84 per dollar . The currency has been volatile in the run-up to the end of the Japanese fiscal year on Friday. Strong resistance can be seen at 133.03 (38.2%fib), an upside break can trigger rise towards 133.71 (Mar 17th high).On the downside, immediate support is seen at 131.61(5DMA), a break below could take the pair towards 130.21(23.6%fib).
Equities Recap
European stocks rose to near three-week highs on Thursday, lifted by upbeat results from retail giant H&M and as fading concerns about the global banking sector fuelled a Wall Street rally.
UK's benchmark FTSE 100 closed up by 0.74 percent, Germany's Dax ended up by 1.26 percent, France’s CAC finished the day up by 1.06 percent.
U.S. stocks rose on Thursday as technology-related shares extended their recent strong run, while regional U.S. bank shares fell as the Biden administration proposed stronger measures to help reduce risk.
Dow Jones closed up by 0.43 percent, S&P 500 ended up by 0.57 percent, Nasdaq finished the day up by 0.73 percent.
Commodities Recap
Gold prices gained nearly 1% on Thursday as a weaker dollar and lower bond yields drove demand for the precious metal, while investors kept their eyes peeled for U.S. inflation data to gauge the Federal Reserve's next move.
Spot gold was up 0.9% at $1,980.83 per ounce by 2:53 p.m. EDT (18:53 GMT), having touched its highest since March 24 at $1,984.19 earlier. U.S. gold futures settled up 0.7% at $1,997.70.
Oil prices rose more than 1% on Thursday, supported by lower U.S. crude stockpiles and a halt to exports from Iraq's Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies.
Brent crude futures rose 99 cents, or 1.3%, to $79.27 a barrel. West Texas Intermediate crude rose $1.40, or 1.9%, to $74.37.