- Canada January GDP has risen for 8 straight months
- Good producing +0.8%
- Services 0.0%
- 9 of 20 industries increased
- Advance February reading +0.8%
Articles
Canada January GDP +0.2% vs +0.2% expected
216606 March 31, 2022 20:40 Forexlive Latest News Market News
- Canada January GDP
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US initial jobs claims for the current week 202K versus 197K expected
216605 March 31, 2022 20:35 Forexlive Latest News Market News
K
- Prior week 187K (lowest level since 1969 when it came in at 182K)
- Initial jobless claims 202K versus 197K estimate.
- 4 week moving average initial jobless claims 208.5K versus 212.0K (revised from 211.75) last week.
- Continuing claims 1.307M vs 1.35M est. Last week continuing claims came in at 1.35M revised to 1.342M. That was the lowest level since January 3, 1970.
- 4-week moving average of continuing claims
For the full report CLICK HERE.
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US: Personal Income rises 0.5% MoM in February vs 0.5% exp., Personal Spending rises 0.2% MoM vs 0.5% exp.
216604 March 31, 2022 20:35 FXStreet Market News
Personal Income in the US rose by 0.5% MoM in February whist Personal Spending rose by 0.2%, the latest data release by the Bureau of Economic Analysis and Department of Commerce showed on Thursday. The latter thus came in in line with the expected gain of 0.5% MoM, while the former came in lower versus the expected MoM gain of 0.5%.
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Breaking: US annual Core PCE inflation rises to 5.4% in February versus 5.5% expected
216603 March 31, 2022 20:35 FXStreet Market News
Annual inflation in the US rose to 5.4% in February according to the latest Core PCE Price Index reading released by the US Bureau of Economic Analysis on Thursday. That was a tad below the expected reading of 5.5% YoY, but above January’s 5.2% reading.
Full Article
US February PCE core +5.4% y/y vs +5.5% expected
216602 March 31, 2022 20:33 Forexlive Latest News Market News
- Prior was +5.2% y/y
- PCE core MoM +0.4% vs +0.4% expected
- Prior MoM +0.5%
- Deflator YoY +6.4% vs +6.7% expected
- Prior deflator YoY +6.1%
- Deflator MoM +0.6% vs +0.6% prior
Consumers spending and income for February:
- Personal income +0.5% vs +0.5% expected. Prior month +0.0%
- Personal spending +0.2% vs +0.5% expected. Prior month -0.2%
- Real personal spending -0.4% vs +2.2% prior
GBP/USD contained in low 1.3100s ahead of US data, 21DMA continues to act as resistance
216601 March 31, 2022 20:33 FXStreet Market News
- GBP/USD is consolidating in the 1.3100s ahead of key US data releases as traders monitor geopolitical developments.
- BoE dovishness in contrast to the Fed is keeping the pair capped under its 21DMA for now.
Amid a lack of fresh UK fundamental developments to drive any independent movements in sterling, and as US dollar markets consolidate ahead of key US data releases as market participants monitor geopolitical developments, GBP/USD is trading subdued in the low-1.3100s. At current levels in the 1.3120s, the pair trades flat and well within this week’s approximate 1.3050-1.3200 ranges. Notably, the 21-Day Moving Average continues to act as a barrier to further progress for the pair, suggesting the near-term technical bias remains tilted to the downside.
Many strategists have noted the stark divergence between the BoE, which has been sounding ever more dovish on the need for further tightening as worries switch more to economic weakness as a result of the growing cost-of-living squeeze in the UK as opposed to rampant inflation, and Fed. Indeed, further strong data releases this week plus more hawkish rhetoric from monetary policymakers has solidified expectations for a 50 bps rate hike in May. Though this hasn’t prevented some month-end weakness in the US dollar and yields, the combination of which helped lift GBP/USD from earlier weekly lows in the mid-1.3000s, it is likely a key factor preventing the pair from advancing above its 21DMA.
US February Core PCE inflation data, February Personal Income and Spending figures and the latest Weekly Jobless Claims report will all be released at 1330BST. The data is likely to underpin the narratives of high inflation/a tight labour market in the US, meaning further USD weakness is unlikely. In the absence of further pricing out of geopolitical risk related to the Russo-Ukraine war, GBP/USD’s near-term upside prospects look somewhat limited.
Full Article
South Africa Trade Balance (in Rands) rose from previous 3.55B to 10.6B in February
216600 March 31, 2022 20:29 FXStreet Market News
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FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
OPEC+’s JMMC recommends to raise oil ouput quotas by 432K BPD from May, as expected
216599 March 31, 2022 20:29 FXStreet Market News
The OPEC+ Joint Ministerial Monitoring Committee, which typically meets ahead of the main OPEC+ meeting of oil ministers, agreed to recommend that the group raise its output quotas by 432,000 barrels per day (BPD) from May, as expected. Focus now shifts to the OPEC+ meeting of oil ministers, which allegedly just began. Likely, as has been the case in meetings over the last few months, a deal will be struck quickly.
The OPEC+ meeting comes against the backdrop of a large intra-day decline in oil prices as a result of sources reporting that the White House is considering a record oil reserve release of up to 180M barrels over the next several months (allegedly amounting to about 1M BPD). OPEC+ nations have up until now ignored calls from the US and other major oil consuming nations (like India) to increase output at a faster pace.
Full Article
Inflation is back on the menu. PCE report coming up in today’s trade
216598 March 31, 2022 20:26 Forexlive Latest News Market News
It’s all about inflation today as we mark the final hours of Q1 2022.
The PCE report is due at the bottom of the hour and core inflation is expected up 5.5%. Personal income is forecast to rise 0.5% and spending by the same pace.
At the same time, we also get weekly initial jobless claims and Canadian January GDP with the preliminary February look.
On the FOMC calendar, it’s the Fed’s Williams at 9 am ET.
For more, see the economic calendar.
Full Article
Gold Price Forecast: XAU/USD eyes further upside potential amid geopolitical instability – ANZ
216597 March 31, 2022 20:26 FXStreet Market News
Gold’s status as a safe-haven asset has shone brightly over the past month. It is likely the market will have a long period of uncertainty. With such a backdrop, gold is likely to find plenty of support from investors, economists at ANZ Bank report.
Gold remains an effective hedge against geopolitical uncertainty
“While geopolitical crises do not last forever, we expect the secondary impacts of the Russia-Ukraine crisis to provide a strong level of support for gold prices this year.”
“The broader isolation of Russia will see a structural shift in the energy sector, which will be inflationary. There is also a higher risk of weaker economic growth (particularly in Europe). This should create a positive backdrop for investor demand. As such, we see the gold price staying above $1,900/oz, despite the prospects of an aggressive rate hike cycle by the Fed.”
Full Article
When is the US February PCE Price Index and how could it affect EUR/USD?
216596 March 31, 2022 20:26 FXStreet Market News
US PCE Price Index Overview
Thursday’s US economic docket highlights the release of the February Personal Consumption Expenditure (PCE) Price Index, scheduled later during the early North American session at 12:30 GMT. The headline gauge is expected to have accelerated from 6.1% YoY in January to 6.7% during the reported month. The core reading is also anticipated to rise from 5.2% to 5.5% YoY in February and come in at 0.4% on a monthly basis, down from 0.5% in January.
How Could it Affect EUR/USD?
A strong than expected reading will reaffirm market bets that the Fed would hike interest rates by 50 bps at the next two meetings. This should be enough to push the US Treasury bond yields higher and assist the US dollar to capitalize on its intraday gains. Conversely, a softer print is more likely to be overshadowed by concerns about the Ukraine crisis and do little to dent the intraday USD bullish sentiment. This, in turn, suggests that the path of least resistance for the EUR/USD pair is to the downside.
Eren Sengezer, Editor at FXStreet, outlined important technical levels to trade the EUR/USD pair: “On the downside, 1.1100 (200-period SMA) aligns as key support and buyers could take action in case the pair retreats toward that level. If that support fails, however, the near-term technical outlook could turn bearish and the pair could face interim support at 1.1080 (Fibonacci 61.8% retracement of the latest downtrend, 20-period SMA) before targeting 1.1040 (Fibonacci 50% retracement, 50-period SMA, 100-period SMA).”
“The first resistance is located at 1.1200 (psychological level) ahead of 1.1230 (Static level). If the pair starts using the latter as support, it could stretch higher toward 1.1270 (static level),” Eren added further.
Key Notes
• US February PCE Inflation Preview: Will inflation data confirm 50 bps May hike?
• EUR/USD Forecast: US inflation data could derail euro’s rally
• EUR/USD fades the spike to weekly highs around 1.1180
About the US PCE Price Index
The Personal Spending released by the Bureau of Economic Analysis, Department of Commerce is an indicator that measures the total expenditure by individuals. The level of spending can be used as an indicator of consumer optimism. It is also considered as a measure of economic growth: While Personal spending stimulates inflationary pressures, it could lead to raise interest rates. A high reading is positive (or Bullish) for the USD.
Full Article
Chile Industrial Production (YoY) dipped from previous -1.1% to -3% in February
216595 March 31, 2022 20:21 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.