Consumer sentiment figures out of Germany and Eurozone and industrial production figures out of the U.S will be in focus later today.
The economic calendar was on the quieter side again through the Asian session this morning.
Key stats due out later this morning are limited to Tertiary Industry Activity Index numbers out of Japan. Outside of the numbers, the RBA released its monetary policy meeting minutes from 2nd April.
Disappointing earnings results from Goldman Sachs and Citigroup was an early blip in the earnings season. The weaker than expected numbers failed to pin back the bulls, however.
The RBA released its meeting minutes this morning. Salient points from the minutes included:
The Aussie Dollar moved from $0.71642 to $0.71530 upon release of the minutes. At the time of writing, the Aussie Dollar was down 0.38% to $0.7146.
Moves in the Tertiary Industry Activity Index in February will provide direction to the Yen later this morning. Forecasts are for a 0.2% decline. The index rose by 0.4% in January, which had broken a downward trend since a 2.2% increase in October. The figures will be released by the Ministry of Economy, Trade and Industry.
At the time of writing, the Japanese Yen was up 0.04% to ¥111.99 against the U.S Dollar.
At the time of writing, the Kiwi Dollar was down 0.16% to $0.6752 for the session.
The ASX200 led the way, up by 0.38% at the time of writing. Elsewhere, the Nikkei was up by 0.18%, with the Hang Seng and CSI300 up by 0.09% and 0.029% respectively.
After a quiet start to the week, April’s economic sentiment figures for Germany and the Eurozone are due out later this morning.
The key driver is Germany’s ZEW Economic Sentiment figure, though expect the Eurozone number to also have an impact. Forecasts are EUR positive.
Following a spate of weak economic indicators, the markets are in search of a turnaround…
Outside of the numbers, expect corporate earnings to continue to influence risk sentiment ahead of some high impact stats due out tomorrow.
At the time of writing, the EUR was down 0.01% at $1.1303.
Following a quiet Monday that provided the Pound with some much-needed upside, it’s a busier day on the economic calendar.
February wage growth and unemployment figures are due out alongside March claimant count numbers this morning.
Forecasts are for a pickup in wage growth and a smaller than February increase in claimant counts that are both Pound positive.
At the time of writing, the Pound was down 0.05% to $1.3093.
It’s another relatively quiet day on the economic calendar. March industrial production figures are due out of the U.S this afternoon.
While forecasts are for a 0.2% increase in production, month-on-month, in March, the Dollar will need more to find support.
Outside of the stats, expect today’s key earnings to influence risk sentiment through the day. Bank of America and Netflix Inc. are due to release quarterly earnings today. Of interest will be Netflix Inc.’s earnings outlook as Disney makes progress on competing against its platform.
At the time of writing, the Dollar Spot Index was up by 0.01% to 96.955.
It’s a busier day ahead on the economic calendar. February foreign securities purchases and manufacturing sales figures are due out this afternoon.
While the Loonie will likely respond to the manufacturing sales figures, market risk sentiment will remain the key driver through the day. China will release 1st quarter GDP and March industrial production figures tomorrow that will likely set the tone for the remainder of the week.
The Loonie was down 0.11% at C$1.3382, against the U.S Dollar, at the time of writing.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.