Trading news

Turkey Trade Balance dipped from previous -9.03B to -11.22B in March

Spain Gross Domestic Product - Estimated (YoY) meets forecasts (2.7%) in 1Q

The EUR/GBP cross declines to near 0.8660 during the early European trading hours on Thursday. The Euro (EUR) weakens against the Pound Sterling (GBP) following the downbeat German Retail Sales data.

Spain Gross Domestic Product - Estimated (QoQ) registered at 0.6% above expectations (0.5%) in 1Q

The European Central Bank (ECB) is scheduled to announce its monetary policy decision on Thursday, following its April meeting. The Frankfurt-based institution is widely expected to keep its key interest rates unchanged, leaving the deposit facility at 2%, a level considered broadly neutral.

The Euro (EUR) extends losses for the third consecutive day against the US Dollar (USD) on Thursday, trading at 1.1663 at the time of writing, down from weekly highs at 1.1755.

MUFG’s Lloyd Chan notes that Brent Oil near US$120 and higher US Treasury yields are underpinning Dollar strength, with the Dollar holding in the 98.00–99.00 range.

The GBP/USD pair trades flat near 1.3475 during the European trading session on Thursday. The Cable consolidates as investors await the Bank of England’s (BoE) monetary policy announcement at 11:00 GMT.

France Consumer Price Index (EU norm) (MoM) came in at 1.2%, above forecasts (0.9%) in April

Commerzbank’s Charlie Lay and Moses Lim note that the conflict in the Middle East and higher Oil prices have weighed heavily on the Indian Rupee (INR), while the Reserve Bank of India (RBI) focuses on stability.

France Consumer Price Index (EU norm) (YoY) came in at 2.5%, above expectations (2.3%) in April

France Nonfarm Payrolls (QoQ) came in at -0.1%, below expectations (0%) in 1Q

France Producer Prices (MoM) increased to 2% in March from previous -0.2%

Danske Research Team expects the European Central Bank (ECB) to leave the deposit rate at 2.00% while keeping the door open for summer tightening. The bank looks for 25bp hikes in both June and July and sees Euro Area Harmonised Indices of Consumer Prices (HICP) at 2.8–2.9% y/y, with core easing.

Silver price (XAG/USD) is up 1.5% to near $72.35 during the European trading session on Thursday. The white metal gains ground after posting a fresh three-week low at $70.86 on Wednesday.

South Africa Private Sector Credit declined to 8.5% in March from previous 10.5%

German Retail Sales, a key measure of consumer spending, declined again in March. The consumer spending measure fell 2.0% month-on-month (MoM), according to official data released by Destatis, while it was expected to have declined 0.1%. In February, Retail Sales fell by 0.6%.

Germany Retail Sales (YoY) below expectations (0.5%) in March: Actual (-2%)

Germany Retail Sales (MoM) below forecasts (-0.1%) in March: Actual (-2%)

Germany Import Price Index (YoY) registered at 2.3% above expectations (1.6%) in March