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Europe roundup: Sterling steadies above 1.3100 Amid Brexit talks; Gold plunges over 1-week low, European shares surge Amid progress in U.S.-China trade talks - Monday, April 15th, 2019

Source FxWire Pro - Media Round Ups Monday, 15 Apr, 2019 11:29:41 GMT
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Market Roundup

  • EUR/USD 0.06%, USD/JPY -0.06%, GBP/USD 0.15%, EUR/GBP -0.08%
     
  • DXY -0.13%, DAX 0.09%, FTSE -0.02%, Brent -0.78%, Gold -0.34%
     
  • U.S. waters down demand China ax subsidies in push for trade deal -sources
     
  • EU countries back starting trade talks with United States
     
  • China cbank says economy showed positive changes in Q1; reaffirms prudent policy
     
  • OECD says Japan should rely on sales tax to generate extra revenue
     
  • Germany sees no need for stimulus to tackle slowdown- spokesman
     
  • UK PM May says no-deal Brexit planning continues - spokesman
     

Economic Data Ahead

  • (0830 ET/1230 GMT) The Federal Reserve Bank of New York is expected to report that manufacturing activity in New York State grew 7 percent in April after rising 3.7 percent in March.
     
  • (1030 ET/1430 GMT) The Bank of Canada releases Business Outlook Survey.

Key Events Ahead

  • (0830 ET/1230 GMT) Federal Reserve Bank of Chicago President Charles Evans appears on CNBC's "Squawk Box" in New York
     
  • (1200 ET/1600 GMT) Bank of England's Jonathan Haskel participates at the Royal Economic Society Annual Conference in London
     
  • (1300 ET/1700 GMT) Federal Reserve Bank of Chicago President Charles Evans speaks on current economic conditions and monetary policy before the New York Association for Business Economics in New York
     
  • (2000 ET/0000 GMT) Federal Reserve Bank of Boston President Eric Rosengren delivers the 33rd Annual Cornelson Distinguished Lecture hosted by Davidson University.
     

FX Beat

DXY: The dollar index edged down as the U.S. Federal Reserve paused its rate tightening efforts. The greenback against a basket of currencies traded 0.05 percent down at 96.81, having touched a low of 96.75 on Friday, its lowest since Mar. 27. FxWirePro's Hourly Dollar Strength Index stood at 10.96 (Neutral) by 0900 GMT.

EUR/USD: The euro rose, hovering towards a near 3-week peak hit in the previous session, as an upbeat assessment of the global economy from an International Monetary Fund meeting last week boosted global investment sentiment. The European currency traded 0.1 percent up at 1.1309, having touched a high of 1.1323 on Friday, its highest since Mar. 26. FxWirePro's Hourly Euro Strength Index stood at 147.62 (Highly Bullish) by 0900 GMT. Immediate resistance is located at 1.1331 (Mar. 25 High), a break above targets 1.1361 (Mar. 19 High). On the downside, support is seen at 1.1273 (Mar. 22 Low), a break below could drag it till 1.1213 (Mar. 28 Low).

USD/JPY: The dollar declined from a near 6-week peak hit earlier in the session after a Reuters poll showed China's economic growth is expected to slow to a near 30-year low of 6.2 percent this year, as sluggish demand at home and abroad weigh on activity. The major was trading 0.1 percent down at 111.94, having hit a high of 112.09, its highest since Mar. 5. FxWirePro's Hourly Yen Strength Index stood at -129.89 (Highly Bearish) by 0900 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of New York empire state manufacturing index and Fed Evan's speech. Immediate resistance is located at 112.60 (Dec. 20 High), a break above targets 113.24 (Dec. 5 High). On the downside, support is seen at 111.20 (Apr. 3 Low), a break below could take it lower at 110.53 (Mar. 20 Low).

GBP/USD: Sterling steadied above the 1.3100 handle after Britain's Foreign Secretary Jeremy Hunt stated that talks between the government and the opposition Labour Party to find consensus over a Brexit plan were more constructive than people expected. The major traded 0.3 percent up at 1.3103, having hit a high of 1.3132 on Friday; it’s highest since Apr. 4. FxWirePro's Hourly Sterling Strength Index stood at 44.89 (Neutral) 0900 GMT. Immediate resistance is located at 1.3121 (Apr. 5 High), a break above could take it near 1.3149 (Apr. 1 High). On the downside, support is seen at 1.3022 (Apr. 8 Low), a break below targets 1.3003 (Mar. 21 Low). Against the euro, the pound was trading 0.1 percent up at 86.32 pence, having hit a low of 86.57 on Friday, it’s lowest since Mar. 22.

USD/CHF: The Swiss franc eased, drifting closer to a near 1-month low touched in the previous week, amid optimism over U.S.-China trade negotiations and strong Chinese economic data. The major trades 0.1 percent up at 1.0028, having touched a high of 1.0046 on Thursday; it’s highest since Mar. 15. FxWirePro's Hourly Swiss Franc Strength Index stood at -139.94 (Highly Bearish) by 0900 GMT. On the higher side, near-term resistance is around 1.0052 (Mar. 15 High) and any break above will take the pair to next level till 1.0084 (Mar. 13 High). The near-term support is around 0.9967 (Apr. 3 Low), and any close below that level will drag it till 0.9937 (Mar. 28 Low)

Equities Recap

European shares advanced, as hopes that U.S.-China trade talks could be nearing their final stages eased worries over the global economy.

The pan-European STOXX 600 index gained 0.1 percent at 388.00 points, while the FTSEurofirst 300 index rallied 0.1 percent to 1,524.50 points.

Britain's FTSE 100 trades 0.05 percent up at 7,438.19 points, while mid-cap FTSE 250 gained 0.3 to 19,773.63 points.

Germany's DAX rose 0.1 percent at 12,008.35 points; France's CAC 40 trades 0.1 percent higher at 5,509.77 points.

Commodities Recap

Crude oil prices slumped after international benchmark Brent hit a fresh 5-month high in the previous session, amid mixed signals on global supply. International benchmark Brent crude was trading 0.7 percent lower at $70.99 per barrel by 0956 GMT, having hit a high of $71.85 on Friday, its highest since Nov. 8. U.S. West Texas Intermediate was trading 0.7 percent down at $63.33 a barrel, after rising as high as $64.77 on Tuesday, its highest since the Nov. 1.

Gold prices declined to a more than 1-week low as solid Chinese data and positive signs on the U.S.-China trade front boosted equities and eased concerns about a global economic slowdown. Spot gold rose 0.4 percent to $1,285.95 per ounce by 0959 GMT, having touched a low of $1,285.53 earlier, its lowest since April 5. U.S. gold futures fell 0.4 percent to $1,289.70 an ounce.

Treasuries Recap

The U.S. Treasury yields remained flat on the first trading day of the week amid a muted trading session that witnessed data of little economic significance. The yield on the benchmark 10-year Treasury yield remained flat at 2.560 percent, the super-long 30-year bond yields hovered around 2.971 percent and the yield on the short-term 2-year too traded steady at 2.398 percent.

The United Kingdom’s gilts slipped during European session ahead of the country’s employment report for the month of February and consumer price inflation (CPI) data for the month of March, scheduled to be released on April 16 and 17 by 08:30GMT respectively. The yield on the benchmark 10-year gilts, rose 1 basis point to 1.223 percent, the super-long 30-year bond yields remained tad higher at 1.729 percent and the yield on the short-term 2-year traded 1-1/22 basis points higher at 0.797 percent

The German bunds suffered during European trading session ahead of the country’s ZEW economic sentiment data, scheduled to be released on April 16 by 09:00GMT and eurozone’s consumer price inflation (CPI) data for the month of March, due for release on the following day by 09:00GMT. The German 10-year bond yields, which move inversely to its price, remained tad higher at 0.058 percent, the yield on 30-year note climbed nearly 1-1/2 basis points to 0.718 percent and the yield on short-term 2-year traded nearly flat at -0.575 percent.

The Japanese government bonds remained mixed at the time of closing ahead of the country’s trade balance data for the month of March and industrial production data for the month of February, scheduled to be released on April 16 and 17 by 23:50GMT and 04:30GMT respectively. The yield on the benchmark 10-year JGB note, which moves inversely to its price, slumped 3 basis points to -0.030 percent, the yield on the long-term 30-year jumped 2-1/2 basis points to 0.545 percent and the yield on short-term 2-year plunged 16 basis points to -0.159 percent

The Australian government bonds plunged during Asian session as investors’ risk appetite improved slightly ahead of the Reserve Bank of Australia’s (RBA) monetary policy meeting minutes, scheduled to be released on April 16 by 01:30GMT. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped nearly 6 basis points to 1.945 percent, the yield on the long-term 30-year bond surged 4-1/2 basis points to 2.567 percent and the yield on short-term 2-year traded 3 basis points higher at 1.529 percent.

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