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  |   Market Roundups


Europe Roundup: Sterling edges higher as Britain gets ready for April re-opening ,European stocks flat ,Gold little changed, Oil falls on OPEC+ concerns over slow demand recovery-March 31st,2021

Market Roundup

•UK Business Investment (QoQ) (Q4) 5.9% , 1.3% previous

• UK Business Investment (YoY) (Q4) -7.4%,-10.3% previous

• UK GDP (YoY) (Q4) -7.3%,-7.8%forecast, -7.8% previous

• UK GDP (QoQ) (Q4) 1.3%,1.0% forecast, 16.0% previous

• UK Current Account (Q4) -26.3B, -33.0B forecast, -15.7B previous

• UK Mar Nationwide HPI (MoM)  -0.2%, 0.4% forecast, 0.7% previous

• UK Mar Nationwide HPI (YoY)  5.7%, 6.4% forecast, 6.9% previous

• French Feb Consumer Spending (MoM)  0.0%,  2.0% forecast, -4.6% previous

•French Feb PPI (MoM)  0.8%, 1.2% previous

•French CPI (MoM) 0.6%,0.0% previous

•French CPI (YoY) 1.1%,0.6% previous

•French HICP (MoM) 0.7%, 0.0% previous

•French HICP (YoY) 1.4%,0.8% previous

•German Mar Unemployment Rate  6.0%, 6.0%   forecast, 6.0% previous

•German Mar Unemployment  2.827M, 2.904M   previous

•German Feb Unemployment Change  -8K, -13K  forecast, -41K    previous

•EU CPI (MoM) 0.9%,0.2% previous

•EU CPI (YoY)  1.3%,1.3% forecast, 0.9% previous

•EU Mar HICP ex Energy & Food (YoY)  1.0%, 1.2% forecast, 1.2% previous

•Italian Mar HICP (MoM)  1.8%, 2.2% forecast, -0.2% previous

•EU Core CPI (YoY) 0.9%,1.1% previous

Looking Ahead Economic Data (GMT)

•US March ADP Nonfarm Employment Change  550K forecast, 117K previous

•Canada Feb RMPI (MoM)  5.7% previous

•Canada Feb RMPI (YoY)  6.2% previous

•Canada Jan GDP (MoM)   0.5% forecast, 0.1% previous

•Brazil Feb Budget Surplus  -23.950B forecast, 58.400B previous

•Brazil Feb Debt-to-GDP ratio  61.8% forecast,61.6% previous

•14:00 US March Chicago PMI  60.7 forecast, 59.5 previous

•14:00 US Feb Pending Home Sales Index  122.8 previous

•14:00 US Feb Pending Home Sales (MoM)   -2.6% forecast, -2.8% previous

•14:00 US Crude Oil Inventories 0.107M forecast, 1.912M previous

•14:00 US Gasoline Inventories 0.730M forecast, 0.203M previous

Looking Ahead - Events, Other Releases (GMT)

•No significant events


EUR/USD: The euro recovered some ground on Wednesday after a sell-off a day earlier, even as data showed inflation continuing to rise in the bloc in March. Euro zone inflation jumped in March, an initial estimate showed on Wednesday, taking another step higher in what is likely to be a temporary but sharp climb that may put price growth above the European Central Bank’s target near 2% later this year.Inflation in the bloc accelerated to 1.3% from 0.9% a month earlier, in line with expectations The common currency was last down 0.28% against dollar at 1.1731. Immediate resistance can be seen at 1.1751(50DMA), an upside break can trigger rise towards 1.1817(10DMA).On the downside, immediate support is seen at 1.1721 (23.6%fib), a break below could take the pair towards  1.1700 (Psychological level).

GBP/USD: Sterling edged higher against the dollar and the euro on Wednesday as traders look past economic data in Britain and focused on a planned April re-opening of shops in England. Data showed that Britain’s economy grew faster than previously thought in the final three months of last year, with gross domestic product rising 1.3% from the previous quarter. It still shrank by the most in more than three centuries in 2020. Sterling edged up 0.2% to $1.3772 at 1107 GMT versus the dollar, which rose to multi-month peaks versus other currencies this week amid U.S. generous fiscal stimulus and speedy vaccinations. Immediate resistance can be seen at 1.3805(38.2%fib), an upside break can trigger rise towards 1.3847(21DMA).On the downside, immediate support is seen at 1.3715 (50% fib), a break below could take the pair towards 1.3621(61.8%fib).

USD/CHF: The dollar strengthened against the Swiss franc on Wednesday as greenback was  steady   before U.S. President Joe Biden announces a multitrillion-dollar plan to rebuild America’s infrastructure. Investors were looking ahead to Biden’s trip to Pittsburgh on Wednesday, where he is expected to push for a “Build Back Better” plan. Its price tag could be as high as $4 trillion to pay for conventional roads and bridges while also tackling climate change and domestic policy issues like income equality. At 12:30 GMT, the dollar was 0.30 percent lower versus the Swiss franc at 0.9416.Immediate resistance can be seen at 0.9449 (23.6%fib), an upside break can trigger rise towards 0.9500 (Psychotically level).On the downside, immediate support is seen at 0.9404  (5DMA), a break below could take the pair towards 0.9343(38.2%fib).

USD/JPY: The dollar rose fresh one year high against the Japanese yen Wednesday as investors bet that massive fiscal stimulus and aggressive vaccinations will help the United States lead a global pandemic recovery. President Joe Biden is set to outline later on Wednesday how he intends to pay for a $3-$4 trillion infrastructure plan, after earlier this week saying 90% of adult Americans would be eligible for vaccination by April 19.The dollar index rose as far as 93.435, the highest in almost five months. It has climbed from close to 90 at the start of March, on course for its best month since 2016.The greenback set a fresh one-year top of 110.97 yen. Strong resistance can be seen at 111.00(Daily high), an upside break can trigger rise towards 111.50 (23.6%fib).On the downside, immediate support is seen at 109.66 (Daily low), a break below could take the pair towards 109.34 (38.2% fib).

Equities Recap

European shares headed towards record highs on Tuesday on hopes of a vaccine-driven economic recovery, while investors looked past the fallout of a U.S. hedge fund default that hit banking stocks a day earlier.

At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading down at 0.08 percent, Germany's Dax was up  by 0.01 percent, France’s CAC   was down by 0.13 percent.

Commodities Recap

Gold was on track for its biggest quarterly decline in more than four years on Wednesday, as elevated U.S. bond yields and a stronger dollar diminished the safe-haven bullion's appeal.

Spot gold was little changed at $1,687.02 per ounce by 1106 GMT, having earlier touched its lowest since March 8 at $1,677.61. U.S. gold futures were up 0.1% at $1,687.20.

Oil prices fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered its 2021 demand growth forecast, although strong Chinese factory activities lent some support.

Brent crude for May, which expires on Wednesday, fell 32 cents, or 0.5%, to $63.82 a barrel at 0948 GMT. The more active Brent contract for June was down 30 cents, or 0.5%, at $63.87 a barrel.

U.S. West Texas Intermediate (WTI) crude futures fell 28 cents, or 0.5%, to $60.27 a barrel.

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