Economic Calendar and Market Drivers to Pay Attention
US-China Trade Talks:
The United States and China had made progress in all areas in trade talks had a little obvious impact since sticking points still remained and there was no definite timetable for a deal.
Sterling was also hit by another bout of Brexit blues after a round of votes in the U.K. parliament failed to produce any new plan to manage its divorce from the European Union.
Global Growth Concerns
Commodities and Stocks are under selling pressure
JPY Safe Haven:
Japanese Yen continues to get demand as a Safe Haven asset.
The latest lunge lower was led by German bunds where 10-year yields dived deeper into negative territory after European Central Bank President Mario Draghi said a hike in interest rates could be further delayed.
Plans to mitigate the side-effects of negative interest rates could also be considered, suggesting the central bank was preparing for an extended period below zero.
EASING GOES GLOBAL:( Reuters)
That is one reason markets are wagering the Reserve Bank of Australia will also be forced to cut rates, simply to stop its currency from appreciating. Policy easing then becomes a self-fulfilling cycle across the world.
“The continued dovish shift by G7 central banks, ongoing support by the Chinese authorities, and the move by the RBNZ will keep pressure on the RBA to also move in the same direction, however reluctantly,” said Su-Lin Ong, head of Australian and New Zealand strategy at RBC Capital Markets.
“It is, essentially, a global policy cycle.”
The RBNZ’s action had the desired effect on its currency, which was pinned at $0.6786 after diving 1.6 percent overnight. The Aussie was on the defensive at $0.7078.
Draghi’s comments likewise tugged the euro back to $1.1245, and left the U.S. dollar firmer against a basket of its competitors at 96.909.
Only the yen held its own thanks to its safe-haven status and firmed to 110.20 per dollar.
Sterling had its own troubles as an offer by British Prime Minister Theresa May to quit to get her European Union deal through parliament failed, leaving uncertainty hanging over the Brexit process.
That left the pound down at $1.3170, having been as high as $1.3269 at one point on Wednesday.
In commodity markets, palladium was the focus of attention after sliding 7 percent on Wednesday as its meteoric rally finally ran into profit-taking. It was down 0.4 percent on Thursday.
Gold was relatively sedated at $1,308.37 per ounce. [GOL/]
Oil prices nursed modest losses after data showed U.S. crude inventories grew more than expected last week as a Texas chemical spill hampered exports. [O/R]
U.S. crude was last down 21 cents at $59.14 a barrel, while Brent crude futures lost 21 cents to $67.62.
Important Macroeconomic Event of the Day:
GBP Nationwide HPI (MoM) 0.0% -0.1%
GBP Nationwide HPI (YoY) 0.6% 0.4%
EUR Spanish CPI (YoY) 1.4% 1.1%
EUR Spanish CPI (MoM) 0.2%
EUR Spanish HICP (YoY) (Mar) 1.5% 1.1%
EUR Spanish HICP (MoM)
EUR Business and Consumer Survey (Mar) 105.9 106.1
EUR Business Climate (Mar) 0.66 0.69
EUR Consumer Confidence (Mar) -7.2 -7.2
EUR Consumer Inflation Expectation (Mar) 18.0
EUR Selling Price Expectations (Mar) 8.9
EUR Services Sentiment (Mar) 12.0 12.1
EUR Industrial Sentiment (Mar)
USD Continuing Jobless Claims 1,750K 1,750K
USD Core PCE Prices (Q4) 1.70% 1.70%
USD Corporate Profits (QoQ) (Q4) 3.5%
USD GDP (QoQ) (Q4) 2.4% 2.6%
USD GDP Price Index (QoQ) (Q4) 1.8% 2.0%
USD GDP Sales (Q4) 2.3% 2.5%
USD Initial Jobless Claims 220K 221K
USD Jobless Claims 4-Week Avg. 225.00K
USD PCE Prices (Q4) 1.5% 1.5%
USD Real Consumer Spending (Q4) 2.8%
EUR German CPI (YoY) (Mar) 1.6% 1.5%
EUR German CPI (MoM) (Mar) 0.6% 0.4%
EUR German HICP (YoY) (Mar) 1.6% 1.7%
EUR German HICP (MoM) (Mar) 0.7% 0.5%
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