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US Dollar advances ahead of critical inflation figures.

US Dollar advances ahead of critical inflation figures.

Information is not investment advice

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand on 38.2% retracement area. Bearish pressure is growing day by day.

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EU Market View

Asian equity markets mostly shrugged off the subdued handover from Wall St peers but with gains capped ahead of this week’s risk events. Asian stocks markets were broadly positive Tuesday after China's exports grew at a strong pace during March and imports rebounded giving investors heart that domestic demand is improving as part of the recovery from the pandemic.

European stock markets are seen opening marginally lower Tuesday, weighed on by some patchy growth data out of the U.K. but generally cautious ahead of key U.S. inflation numbers.

U.K. GDP grew just 0.4% in March, below the expected 0.6%, and still down 7.8% on the year, marking a slow recovery from the ravages of the coronavirus pandemic. This followed robust trade data out of China, suggesting the recovery in the world's second largest economy will continue to gather momentum as it emerges from the Covid-19-led slump. Chinese exports grew 30.6% year-on-year in March, while import growth surged to the highest level in four years, jumping 38.1% year-on-year last month.

Federal Reserve officials have said repeatedly that they are prepared to look through periods of inflation climbing above its 2% threshold without changing their accommodative policy stance, as they see these episodes as being temporary in nature.

The dollar rose from near a three-week low against major rivals on Tuesday, buoyed by a bump in Treasury yields, as traders awaited the highly anticipated inflation data. Oil prices edged higher Tuesday, helped by the robust Chinese trade data, indicating continued economic recovery in the world’s largest crude importer,  and tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.

Fed's Bullard said it is too early to talk about a change in monetary policy but later added that a 75% vaccination rate would allow for the taper debate. Looking ahead, highlights include UK GDP, German ZEW, US CPI, OPEC MOMR, Fed's George, Daly, Harker, Barkin, Bostic

 

EU Key Point

  • BOJ's Kuroda says book value of BOJ ETF holdings is around ¥34-35 trillion.
  • Germany March wholesale price index +1.7% vs +0.6% m/m expected.
  • Treasury yields keep higher going into European trading.
  • Germany reports 10,810 new coronavirus cases, 294 deaths in latest update today.
  • Goldman Sachs updated forecast for USD/JPY is 103.

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