Trading news

ING strategists Francesco Pesole, Frantisek Taborsky and Chris Turner note that the US Dollar (USD) has stabilised after Iran said the ceasefire was violated, but still see scope for renewed weakness.

The Euro (EUR) trades on the front foot against the US Dollar (USD) on Thursday as the Greenback remains under pressure following the US-Iran ceasefire and hopes for de-escalation. At the time of writing, the pair is trading around 1.1676, extending gains for the fourth straight day.

Scotiabank strategists Shaun Osborne and Eric Theoret report that the Pound (GBP) is consolidating Wednesday’s strong rebound versus the US Dollar (USD), with domestic risk limited ahead of upcoming Bank of England (BoE) speeches and data.

United States EIA Natural Gas Storage Change above expectations (41B) in April 3: Actual (50B)

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said on Thursday that central banks should hike interest rates if inflation expectations threaten to de-anchor and ignite an inflation spiral, per Reuters.

OCBC strategists Sim Moh Siong and Christopher Wong note that USD/CNH has fallen sharply on a stronger Chinese Yuan (CNY) fix and improved risk sentiment following the US-Iran ceasefire.

United States Wholesale Inventories above expectations (-0.2%) in February: Actual (0.8%)

Commerzbank economists Bernd Weidensteiner and Christoph Balz highlight that recent US labor market indicators, especially nonfarm payrolls and hours worked, have become unusually volatile and subject to larger revisions.

TD Securities’ Senior Commodity Strategist Daniel Ghali notes that Copper prices have almost fully retraced losses from the Iran war despite heavy fund liquidations and weakening risk assets.

BNY’s Head of Markets Macro Strategy Bob Savage flags that USD/JPY is firmer as BoJ Governor Ueda reiterates accommodative policy and markets price a modest rate hike.

EUR/GBP trades in a tight range on Wednesday, with subdued price action as traders refrain from placing aggressive directional bets amid uncertainty over whether the US-Iran ceasefire will hold.

MUFG’s Head of Research Derek Halpenny notes the US Dollar has stabilised after a modest rebound as markets reassess the fragile Middle East ceasefire and its impact on risk sentiment.

Russia Central Bank Reserves $ down to $767.5B from previous $775.4B

The United States' (US) real Gross Domestic Product (GDP) expanded at an annual rate of 0.5% in the fourth quarter, the US Bureau of Economic Analysis' third estimate showed on Thursday.

ING’s Francesco Pesole sees limited further downside in EUR/GBP after the cross fell to 0.870 on Sterling’s (GBP) sensitivity to the equity rally.

Inflation in the United States, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, held steady at 2.8% in February, the US Bureau of Economic Analysis (BEA) reported on Thursday. This print came in line with the market expectation.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 219K for the week ending April 4.

United States Core Personal Consumption Expenditures (QoQ) meets expectations (2.7%) in 4Q

United States Personal Consumption Expenditures Prices (QoQ) meets forecasts (2.9%) in 4Q

United States Personal Spending in line with expectations (0.5%) in February