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Currency Markets Drift as Liquidity Drains Before Easter Holiday

Currency Markets Drift as Liquidity Drains Before Easter Holiday

Ilya Spivak, Head Strategist, APAC

0.1%

Currency markets are languishing in consolidation mode with European and US markets closed for the week ahead of the Easter holiday.

Talking Points

  • US Dollar Treading Water as Liquidity Drains Before Easter Holiday
  • UofM Consumer Confidence, US Personal and Spending Data on Tap

Currency markets are treading water in the overnight session, with the US Dollar little-changed against its top counterparts as trading winds down ahead of the Easter holiday. European and US exchanges are already closed for the week in observance of Good Friday, pointing to thin liquidity conditions and generally lackluster price action.

Lack of depth can amplify volatility if a particularly ominous stray headline spooks investors however, and with Eurozone instability fears still fresh in the markets’ consciousness the possibility of such an outcome ought to be kept in mind. February’s US Personal Income and Spending figures and the final revision of the March University of Michigan Consumer Confidence print round out the economic calendar.

Asia Session:

GMT

CCY

EVENT

ACT

EXP

PREV

23:15

JPY

Nomura/JMMA Manufacturing PMI (MAR)

50.4

-

48.5

23:30

JPY

Jobless Rate (FEB)

4.3%

4.2%

4.2%

23:30

JPY

Job-To-Applicant Ratio (FEB)

0.85

0.86

0.85

23:30

JPY

Household Spending (YoY) (FEB)

0.8%

0.1%

2.4%

23:30

JPY

National CPI (YoY) (FEB)

-0.7%

-0.7%

-0.3%

23:30

JPY

National CPI Ex-Fresh Food (YoY) (FEB)

-0.3%

-0.4%

-0.2%

23:30

JPY

National CPI Ex Food, Energy (YoY) (FEB)

-0.9%

-0.9%

-0.7%

23:30

JPY

Tokyo CPI (YoY) (MAR)

-1.0%

-0.9%

-0.9%

23:30

JPY

Tokyo CPI Ex-Fresh Food (YoY) (MAR)

-0.5%

-0.6%

-0.6%

23:30

JPY

Tokyo CPI Ex Food, Energy (YoY) (MAR)

-0.8%

-1.0%

-1.0%

23:50

JPY

Industrial Production (MoM) (FEB P)

-0.1%

2.5%

0.3%

23:50

JPY

Industrial Production (YoY) (FEB P)

-11.0%

-8.5%

-5.8%

1:35

CNY

MNI Business Sentiment Indicator (MAR)

58.2

58.4

61.0

4:00

JPY

Vehicle Production (YoY) (FEB)

15.1%

-

-9.9%

5:00

JPY

Annualized Housing Starts (FEB)

0.944M

0.897M

0.863M

5:00

JPY

Housing Starts (YoY) (FEB)

3.0%

-1.8%

5.0%

5:00

JPY

Construction Orders (YoY) (FEB)

16.3%

-

-3.7%

Euro Session:

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:45

EUR

French Consumer Spending (MoM) (FEB)

0.4%

-0.8%

Low

7:45

EUR

French Consumer Spending (YoY) (FEB)

-2.0%

-0.2%

Low

7:45

EUR

French Producer Prices (MoM) (FEB)

0.2%

0.5%

Low

7:45

EUR

French Producer Prices (YoY) (FEB)

1.0%

1.4%

Low

9:00

EUR

Italian PPI (MoM) (FEB)

-

-0.5%

Low

9:00

EUR

Italian PPI (YoY) (FEB)

-

0.8%

Low

9:00

EUR

Italian CPI (NIC incl. tobacco) (MoM) (MAR P)

0.3%

0.1%

Low

9:00

EUR

Italian CPI (NIC incl. tobacco) (YoY) (MAR P)

1.8%

1.9%

Low

9:00

EUR

Italian CPI – EU Harmonized (MoM) (MAR P)

2.3%

-0.2%

Low

9:00

EUR

Italian CPI – EU Harmonized (YoY) (MAR P)

1.8%

2.0%

Low

Critical Levels:

CCY

SUPPORT

RESISTANCE

EURUSD

1.2766

1.2856

GBPUSD

1.5137

1.5226

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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