Market Roundup
• French 6-Month BTF Auction 3.697%,3.722% previous
• French 3-Month BTF Auction 3.827% ,3.815% previous
• French 12-Month BTF Auction 3.461%, 3.413% previous
• US CB Employment Trends Index 112.84, 112.29 previous
• US 3-Month Bill Auction 5.225%, 5.230% previous
• US 6-Month Bill Auction5.120%, 5.125% previous
Looking Ahead Economic Data(GMT)
•01:30 Australia Mar NAB Business Confidence 0 previous
•01:30 Australia Mar NAB Business Survey 10 previous
•05:00 Japan Mar Household Confidence 39.7 forecast,39.1 previous
•06:00 Japan Mar Machine Tool Orders (YoY)-8.0% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro strenthed against dollar on Monday as investors awaited the European Central Bank's policy decision later in the week. The base case for the ECB is to hold rates this week and possibly reinforce the possibility of a cut in June. But while the ECB is increasingly confident that inflation is heading back to its 2% target, it has remained vague about further easing.On the data front, German industrial production rose more than expected in February due to the performance of the construction industry, the federal statistics office said on Monday. Industrial production rose by 2.1% compared to the previous month. The euro was up 0.02% at $1.0861. Immediate resistance can be seen at 1.0847(38.2%fib), an upside break can trigger rise towards 1.0925(38.2%fib).On the downside, immediate support is seen at 1.0819 (9EMA), a break below could take the pair towards 1.0791 (50%fib).
GBP/USD: Sterling edged higher on Monday as dollar weakened as investors focused on U.S. inflation data due later this week. The greenback fluctuated last week as traders digested a mixed bag of economic data amid a slowdown in services growth followed by unexpectedly strong hiring numbers that prompted the market to pare bets on Federal Reserve rate cuts this year. The main focus is on consumer price inflation for March due on Wednesday. Economists expect the headline consumer price index (CPI) to have risen 0.3 on a monthly basis, compared with 0.4% in February, according to a poll. Core CPI is also seen rising 0.3% for the month of March. The pound was last up 0.02% versus the dollar at $1.2657. Immediate resistance can be seen at 1.2656(Daily high ), an upside break can trigger rise towards 1.2705(23.6%fib).On the downside, immediate support is seen at 1.2607(38.2%fib), a break below could take the pair towards 1.2538(50%fib).
USD/CAD : The Canadian dollar edged higher against its U.S. counterpart on Monday as investors were cautious ahead of Wednesday's Bank of Canada interest rate decision, when the central bank is expected to hold rates steady, and release new economic growth projections. Investors will also monitor crucial economic data in the U.S., due later in the week, alongside the minutes of the Federal Reserve's last monetary policy meeting for more cues on the timing of rate cuts in the year. The Canadian dollar was trading 0.01% higher at 1.3570 to the U.S. dollar , after touching its weakest since April 5th at 1.3615.Immediate resistance can be seen at 1.3608(38.2%fib), an upside break can trigger rise towards 1.3645(April 5th high).On the downside, immediate support is seen at 1.3561 (EMA9), a break below could take the pair towards 1.3525 (50%fib).
USD/JPY: The dollar rose towards to 34-year higher against yen on Monday as traders remained on alert for any potential action in Tokyo to support the weakening currency. Japanese Prime Minister Fumio Kishida said on Friday authorities will use all available means" to deal with excessive yen falls, stressing Tokyo's readiness to intervene in the market to prop up the currency. Bank of Japan Governor Kazuo Ueda addressed the country's parliament on Monday, but gave little away on monetary policy and said he had succeeded in adopting a simpler policy framework. The dollar strengthened 0.17% against the yen on the day to 151.895 , putting it within a whisker of its highest since July 1990. Strong resistance can be seen at 151.91(Daily high), an upside break can trigger rise towards 152.86(Higher BB).On the downside, immediate support is seen at 150.94 (Daily low), a break below could take the pair towards 150.46(38.2%fib).
Equities Recap
European shares climbed on Monday, led by cyclical stocks, after strong industrial production data from the region's largest economy Germany, although there was a sense of caution ahead of this week's European Central Bank's policy decision..
UK's benchmark FTSE 100 closed up by 0.41 percent, Germany's Dax ended up by 0.77% percent, France’s CAC finished the day up by 0.72 percent.
U.S. stocks were essentially unchanged at the close of a choppy session on Monday, with a solar eclipse offering distraction ahead of crucial inflation data and the kick-off of first-quarter earnings season.
Dow Jones closed down by 0.03% percent, S&P 500 closed down by 0.04% percent, Nasdaq settled up by 0.03% percent.
Commodities Recap
Gold prices hit a record high on Monday for a seventh straight session, fuelled by central bank purchases and geopolitical tensions, while strong economic data failed to dull bullion's allure.
Spot gold firmed 0.3% to $2,336.39 per ounce, as of 13:45 p.m. ET (1745 GMT), after hitting a record high of $2,353.79 earlier in the session. U.S. gold futures settled 0.2% higher at $2,351.
Oil prices fell on Monday, ending a multi-session rally after Israel reduced its troops in southern Gaza and began a fresh round of ceasefire talks with Hamas.
Brent crude futures fell 79 cents, or 0.9%, to settle at $90.38 a barrel and U.S. West Texas Intermediate crude closed down 48 cents, or 0.6%, at $86.43.
