Overnight Headlines
- Pound Gains on Firming Labor Market Outlook
- NZ Dollar Higher as Commodity Prices Rise
Critical Levels
|
CCY |
SUPPORT |
RESISTANCE |
|
EURUSD |
1.4099 |
1.4305 |
|
GBPUSD |
1.6023 |
1.6309 |
The Euro was little changed in overnight trade, with prices consolidating near Friday’s closing levels. The British Pound edged higher, adding as much 0.4 percent against the US Dollar (see below).
Asia Session: What Happened
|
GMT |
CCY |
EVENT |
ACT |
EXP |
PREV |
|
1:00 |
CNY |
China Non-manufacturing PMI (MAR) |
60.2 |
- |
44.1 |
|
23:01 |
GBP |
Lloyds Employment Confidence (MAR) |
-65 |
- |
-68 |
|
0:30 |
AUD |
TD Securities Inflation (MoM) (MAR) |
0.6% |
- |
0.2% |
|
0:30 |
AUD |
TD Securities Inflation (YoY) (MAR) |
3.8% |
- |
3.6% |
|
1:30 |
AUD |
ANZ Job Advertisements (MoM) (MAR) |
1.3% |
- |
1.1% (R-) |
|
3:00 |
NZD |
ANZ Commodity Price (MAR) |
4.7% |
- |
2.7% |
Major currencies were little changed in quiet overnight trade. The British Pound narrowly outperformed, rising against all of its major counterparts after Lloyds Employment Confidence – a gauge of consumers’ sentiment about the health of the labor market – improved for the first in three months. The New Zealand Dollar also fared well following a report showing the price of the island nation’s commodity exports soared 4.7 percent in March, amounting to the largest increase in 11 months.
Euro Session: What to Expect
|
GMT |
CCY |
EVENT |
EXP |
PREV |
IMPACT |
|
8:00 |
EUR |
Italian Deficit to GDP YTD (4Q) |
4.6% |
5.1% |
Low |
|
8:30 |
GBP |
Purchasing Manager Index Construction (MAR) |
54.8 |
56.5 |
Medium |
|
8:30 |
GBP |
BoE Housing Equity Withdrawal (£) (4Q) |
-5.7B |
-6.1B |
Low |
|
8:30 |
EUR |
Euro-Zone Sentix Investor Confidence (APR) |
16.0 |
17.1 |
Low |
|
9:00 |
EUR |
Euro-Zone Producer Price Index (MoM) (FEB) |
0.8% |
1.5% |
Low |
|
9:00 |
EUR |
Euro-Zone Producer Price Index (YoY) (FEB) |
6.7% |
6.1% |
Low |
With little of note on the economic calendar, traders will look ahead to commentary from Federal Reserve officials due to begin late into the European afternoon. While remarks from the increasingly hawkish (albeit mildly so) Dennis Lockhart and the overtly dovish Charles Evans are likely to net out, investors will be acutely interested in what Chairman Ben Bernanke has to say. Last week saw a noticeable hawkish shift in policymakers’ rhetoric and investors will be keen to learn if that reflects an evolution in thinking on the part of the central bank chief himself. Signs pointing to the possibility that the second round of quantitative easing (QE) might be trimmed in size or ended before the scheduled time in June would add to upward pressure on US yields, stoking the US Dollar higher against low-yielding currencies (Yen, Franc) while sinking it against its risk-sensitive counterparts (Aussie, Kiwi, Loonie) considering such rhetoric ought to prove positive for sentiment at large.
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