Europe roundup: Euro gains versus weaker Dollar, European shares rises, Gold gains, Oil rises , sets out for weekly gains on demand hopes-16th April ,2021

16. April 2021 14:21:25

Market Roundup

•UK Mar Car Registration (MoM)   453.4%, -43.1% previous        

•French Mar Car Registration (YoY) 191.7%, -20.9% previous

•Italian Mar Car Registration (YoY) 497.2%, -12.3% previous

•Italian Mar Car Registration (MoM)  18.7%,6.7% previous

•German Mar Car Registration (MoM)  50.4%, 14.5% previous

•German Mar Car Registration (YoY)  35.9%, -19.0% previous

•Swiss March PPI (YoY) -0.2%,-1.1% previous

•Swiss Mar March PPI (MoM)  0.6% , 0.3% previous

•Italian Feb Trade Balance  4.754B, 1.587B previous        

•EU March CPI (MoM)  0.9%,0.9%forecast, 0.2% previous           

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

•EU March CPI ex Tobacco (YoY)  1.3%,0.8% previous

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

Looking Ahead – Economic Data (GMT)

•12:30 Canada Feb Wholesale Sales (MoM)  -0.4%forecast,4.0% previous

•12:30 US March Building Permits (MoM)  -8.8% previous

•12:30 US March Housing Starts  1.613M forecast, 1.421M previous

•12:30 US March Building Permits  1.750M forecast, 1.720M previous

•12:30 US March Housing Starts (MoM) -10.3% previous

•12:30 Canada Feb Foreign Securities Purchases  1.27B previous

 •12:30 Canada Feb Foreign Securities Purchases by Canadians  3.54B previous

•14:00 US April Michigan 5-Year Inflation Expectations  2.70% previous

•14:00 US April Michigan Consumer Expectations  83.6 forecast, 79.7 previous

•14:00 US April Michigan Current Conditions  96.3 forecast, 93.0 previous

•14:00 US April Michigan Michigan Consumer Sentiment  89.6 forecast, 89.6 previous

•15:00 Russia March PPI (MoM)  3.5% previous

•15:00 Russia March PPI (YoY)  10.7% previous

Looking Ahead – Economic events and other releases (GMT)

• No significant events

Fxbeat

EUR/USD: The euro strengthened on Friday as the dollar fell broadly   as Treasury yields lagged gains. U.S. Treasury yields dived to one-month lows on Thursday as a possible safe-haven bid related to increased U.S.-Russia tensions, along with Japanese buying and technical factors, helped overshadow better-than-expected economic data. Data from the University of Michigan due at 1400 GMT is expected to show a pick-up in U.S. consumer sentiment. The euro was up 0.17% to $1.1985.  Immediate resistance can be seen at 1.2000 (Psychological level), an upside break can trigger rise towards 1.2020(23.6%fib).On the downside, immediate support is seen at 1.1957(38.2%fib), a break below could take the pair towards 1.1910(50%fib).

GBP/USD: Sterling steadied against the dollar on Friday, as sterling was helped by a speedy rollout of vaccinations against COVID-19 across the United Kingdom and by dwindling expectations of negative interest rates. Investors awaited the Scottish parliamentary election on May 6.The Scottish National Party (SNP) is expected to perform well again and has vowed to push for a second referendum on independence from the United Kingdom if it wins a majority in the Scottish parliament. Sterling versus a weakening dollar, gained 0.13% to $1.3798, it was set for weekly gains, after ending its worst week of the year against the greenback last Friday. Immediate resistance can be seen at 1.3811 (38.2%fib), an upside break can trigger rise towards 1.3915(23.6%fib).On the downside, immediate support is seen at 1.3712 (50%fib), a break below could take the pair towards 1.3670 (April 12th low ).

USD/CHF: The dollar declined against the Swiss franc on Friday as an extended retreat in Treasury yields weighed on greenback. The benchmark 10-year U.S. Treasury yield dipped to a one-month low of 1.528% overnight, moving further away from March’s 1.776%, it highest in more than a year, even in the face of Thursday’s stronger-than-expected retail sales and employment data. Retail sales increased 9.8% last month, beating expectations for a 5.9% rise. First-time claims for unemployment benefits fell last week to their lowest in more than a year, separate reports showed Thursday. Immediate resistance can be seen at 0.9236(50%fib), an upside break can trigger rise towards 0.9269 (11DMA).On the downside, immediate support is seen at 0.9176(38.2%fib), a break below could take the pair towards 0.9148(Lower BB).

USD/JPY: The dollar dipped against the Japanese yen on Friday amid an extended retreat in Treasury yields, as investors increasingly bought into the Federal Reserve’s insistence it would keep an accommodative policy stance for a while longer.The benchmark 10-year U.S. Treasury yield dipped to a one-month low of 1.528% overnight, moving further away from March’s 1.776%, it highest in more than a year, even in the face of Thursday’s stronger-than-expected retail sales and employment data. Strong resistance can be seen at 108.91(50%fib), an upside break can trigger rise towards 109.26 (9DMA).On the downside, immediate support is seen at 108.46(38.2%fib), a break below could take the pair towards 108.18(Lower BB).

Equities Recap

European stocks hit a record high on Friday after strong U.S. and China data spurred optimism about a speedy global recovery, while strong results from Germany’s Daimler boosted carmakers.

At (GMT 12:20 ),UK’s benchmark FTSE 100 was last trading up at 0.52 percent, Germany’s Dax was up by 1.12 percent, France’s CAC  was last up by 0.44 percent.

Commodities Recap

Gold prices firmed near a seven-week peak on Friday, on course to register their best week in five, as a retreat in U.S. Treasury yields and the dollar lifted the metal’s appeal.

Spot gold had risen 0.3% to $1,767.80 per ounce by 0945 GMT, having hit its highest since Feb. 26 at $1,769.37 on Thursday. It is up 1.4% so far this week.U.S. gold futures  were steady at $1,767.10.

Oil rose on Friday and was setting out towards weekly gain as strong demand outlook and indications of monetary recuperation in China and the United States offset rising COVID-19 infections in some other significant economies.

Brent crude rose 8 cents, or 0.1%, to $67.02 a barrel by 1145 GMT, on track for a weekly gain of 6.3% after rising for five straight sessions. U.S. West Texas Intermediate (WTI) crude fell 14 cents, or 0.2%, to $63.32.