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US Dollar gains slightly before critical inflation number

US Dollar gains slightly before critical inflation number

Information is not investment advice

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Ichimoku Kinko Hyo

NZD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below a full time retracement area. Bullish pressure is growing during the last hours and before critical inflation number.

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EU Market View

 

Asian equity markets were subdued following the lacklustre performance in the US where the DJIA suffered its worst day in over two months. European stock markets traded higher Wednesday, with the ftse100 outperforming after better-than-expected U.K. growth data, although moves are limited ahead of key U.S. inflation data. The dollar edged higher in early European trade Wednesday , but remains near recent lows ahead of a key U.S. inflation release. While equity markets have started to fret about what a high inflation number could mean in terms of Federal Reserve policy going forward, currency traders seem to have been calmed by repeated promises of patience from Fed speakers as the dollar remains at low levels.

St. Louis Federal Reserve President James Bullard said on Tuesday he expects inflation could stay as high as 2.5% next year, while Fed Governor Lael Brainard said weak labour data last week shows the recovery has a long way to run.

 Britain's pandemic-battered economy grew more strongly than expected in March as it gathered speed for a bounce-back from its coronavirus slump of 2020, official data showed on Wednesday. The 2.1% growth from February was led by the reopening of schools which, alongside COVID-19 testing and vaccinations, pushed up activity in the public sector and by retailers as consumers spent some of their lockdown savings. The BoE said last week it expected the economy would recover quickly as the country speeds ahead with Europe's fastest vaccination programme and coronavirus restrictions are lifted. Its forecast for 7.25% growth in 2021 would be the fastest since a Second World War rush to rearm although by comparison GDP collapsed by 9.8% in 2020, its deepest slump in over three centuries.

Looking ahead, highlights include UK GDP and production data, Swedish & US inflation, DoEs, BoE's Bailey, Fed's Clarida, Bostic, Harker, supply from the US, earnings from Commerzbank, Bayer, Allianz and Dialog Semiconductor speeches.

 

 

 EU Key Point

  • US futures pare losses as dip buyers emerge.
  • European equities mostly little changed to start the d
  • UK Chancellor Sunak says household incomes have been protected, looks good for household spending this ye
  • France April CPI comes in below central median estimate.
  • UK Q1 GDP -1.5% q/q (vs. expected -1.6%, prior +1.3%.
  • Chinese firm Xiaomi is to be removed from the US 'blacklist’.
  • Taiwan's President says not to panic about a rise in COVID-19 case
  • Inflation concerns, tech weakness sparking risk sellof

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It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

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