Market Roundup
•German GDP (QoQ) (Q4)-0.3%, -0.3% forecast,-0.1% previous
•German GDP (YoY) (Q4)-0.2% ,-0.2% forecast,-0.4% previous
•Swiss Employment Level (Q4) 5.488M forecast,5.465M previous
•German Feb Business Expectations 84.1,84.0 forecast,83.5 previous
•German Feb German Current Assessment 86.9 ,86.7 forecast, 87.0 previous
•German Feb German Ifo Business Climate Index 85.5,85.5 forecast,85.2 previous
Looking Ahead Economic Data(GMT)
•13:30 Canada Corporate Profits (QoQ) 4.7% previous
•14:00 Belgium Feb NBB Business Climate -16.0 forecast,-16.4 previous
•16:00 Canada Dec Budget Balance -4.01B previous
•16:00 Canada Dec Budget Balance (YoY) -19.14B previous
•18:00 U.S. Baker Hughes Oil Rig Count 497 previous
•18:00 U.S. Baker Hughes Total Rig Count 621 previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro strengthened against dollar on Friday after data showed the German business morale improved in February. German business morale improved in February, a survey showed on Friday, though probably not enough to prevent Europe's biggest economy from slipping into another recession.The Ifo institute said its business climate index rose to 85.5 from 85.2 in January, as expected by analysts in a poll. Germany's gross domestic product (GDP) shrank by 0.3% in 2023, making it the world's worst performing major economy. The euro rose 0.03% to 1.0826 versus the greenback. Immediate resistance can be seen at 1.0869(23.6%fib), an upside break can trigger rise towards 1.0906 (Higher BB).On the downside, immediate support is seen at 1.0808(38.2%fib), a break below could take the pair towards 1.0742 (50%fib).
GBP/USD: Sterling was on track for its first weekly rise versus the dollar since mid-January on increasing risk appetite and some solid British economic data. A survey showed strong growth for services firms and business optimism at a two-year high. But British consumer sentiment fell for the first time in four months in February. Sterling was 0.1% higher versus the dollar but set to end the week up 0.54%, in its first rise since the week ending on Jan. 12. Immediate resistance can be seen at 1.2689(Daily high), an upside break can trigger rise towards 1.2709(23.6%fib).On the downside, immediate support is seen at 1.2639(50%fib), a break below could take the pair towards 1.26055(61.8%fib).
USD/CHF: The dollar dipped against the Swiss franc on Friday as investors took a breather after almost two months of rises built on subsiding expectations for future Federal Reserve rate cuts.The greenback has bounced this year as strong economic data and warnings from Fed officials the inflation fight was not over supported expectations that rate cuts will be pushed out to June or later in the year. The dollar index , which measures the U.S. currency against six others, dropped 0.03% to 103.89 and was set to record its first weekly fall, 0.38%, since the end of December. Immediate resistance can be seen at 0.8817(23.6%fib), an upside break can trigger rise towards 0.8859(Feb 15th high).On the downside, immediate support is seen at 0.8739(38.2%fib), a break below could take the pair towards 0.8687(61.8%fib).
USD/JPY: The dollar dipped against yen on Friday as diminishing prospects for future Federal Reserve rate reductions weighed on greenback. Traders firmed up bets against any U.S. interest-rate cuts before June after Fed Governor Christopher Waller said he is in no rush to cut rates. The bulk of policymakers at the Fed's last meeting were concerned about the risks of cutting interest rates too soon, minutes showed.The yen is the worst-performing G10 currency this year, with a 6.3% slide on the dollar. The greenback is the best performer. The dollar was last trading versus the Japanese currency at 150.45.Strong resistance can be seen at 150.78 (Higher BB) an upside break can trigger rise towards 151.56(23.6%fib).On the downside, immediate support is seen 149.79(38.2%fib), a break below could take the pair towards 149.00(Psychological level )
Equities Recap
European stocks gained on Friday as investors reacted to hawkish comments from a Federal Reserve official and a slew of mixed regional data.
At (GMT 13:24 ),UK's benchmark FTSE 100 was last trading up at 0.14 percent, Germany's Dax was up by 0.20percent, France’s CAC finished was up by 0.74 percent.
Commodities Recap
Gold prices fell on Friday, weighed down by a slight uptick in the dollar after U.S. Federal Reserve policymakers signalled they were in no rush to cut interest rates this year.
Spot gold was down 0.4% at $2,016.43 per ounce, as of 0951 GMT, but still on track for a small weekly rise. U.S. gold futures edged 0.2% lower at $2,026.10 per ounce.
Oil prices were down on Friday and on track to end a two-week winning streak after the U.S. central bank indicated interest rate cuts could be delayed by at least two more months.
Brent crude futures were down 94 cents, or 1.1%, at $83.73 a barrel at 1015 GMT on Friday, while U.S. West Texas Intermediate crude futures were 99 cents, or 1.3%, lower at $77.62.
