Yesterday data on US was weaker than expected. The number of US Initial Jobless Claims was 352K vs. forecast for 349K. Philadelphia Fed Index in April was 1.3 vs. forecast for 2.7. US Leading Index in March dropped from 0.5% to -0.1%, forecast was 0.1%. DJIA fell 0.56%, the euro grew 20 points. However, there was positive news yesterday, Spain’s bonds rose after the nation sold 10-year debt at the lowest yield since September 2010 as borrowing costs for governments across Europe declined on bets interest rates will stay lower for longer. Spain’s 10-year yield fell for 2 basis points to 4.66%. Spain’s IBEX35 grew 0.13%, European Stoxx600 rose 0.1%.
Today at 10:00 GMT+4 data on German PPI in March is published, it is estimated to be 0.1% vs. -0.1% in the previous month. At 12:00 GMT+4 data on Current Account in Eurozone in February is issued, forecast 14.9 billion vs. 14.8 billion in January. At 15:30 GMT+4 Bundesbank-Chef Jens Weidmann speaks. Probably he will speak about key rate cut.
Today General Electric and McDonalds report on their performance in Q1, both companies are expected to have profits per share, $0.35 vs. $0.34 in Q1 last year and $1.27 vs. $1.23 respectively.
Today is the last day of G-20 summit and IMF and World Bank conference opens. Nothing new is expected during the summit, conference finishes on Sunday.
If data on Eurozone’s Current Account and stock market estimates are in line with forecasts, we expect the growth continuation. Technically, in order to continue moving upward the price has to break the testing level 1.3062, the resistance of indicator lines on the H4, the first target is 1.3115, then 1.3137. If data is weak we expect the price drops to the level of 1.2992, which on the daily chart corresponds to second unsuccessful attempt to consolidate above the Kruzenshtern indicator line (blue sliding) and blue trendline.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday data on US was weaker than expected. The number of US Initial Jobless Claims was 352K vs. forecast for 349K. Philadelphia Fed Index in April was 1.3 vs. forecast for 2.7. US Leading Index in March dropped from 0.5% to -0.1%, forecast was 0.1%. DJIA fell 0.56%, the euro grew 20 points. However, there was positive news yesterday, Spain’s bonds rose after the nation sold 10-year debt at the lowest yield since September 2010 as borrowing costs for governments across Europe declined on bets interest rates will stay lower for longer. Spain’s 10-year yield fell for 2 basis points to 4.66%. Spain’s IBEX35 grew 0.13%, European Stoxx600 rose 0.1%.
Today at 10:00 GMT+4 data on German PPI in March is published, it is estimated to be 0.1% vs. -0.1% in the previous month. At 12:00 GMT+4 data on Current Account in Eurozone in February is issued, forecast 14.9 billion vs. 14.8 billion in January. At 15:30 GMT+4 Bundesbank-Chef Jens Weidmann speaks. Probably he will speak about key rate cut.
Today General Electric and McDonalds report on their performance in Q1, both companies are expected to have profits per share, $0.35 vs. $0.34 in Q1 last year and $1.27 vs. $1.23 respectively.
Today is the last day of G-20 summit and IMF and World Bank conference opens. Nothing new is expected during the summit, conference finishes on Sunday.
If data on Eurozone’s Current Account and stock market estimates are in line with forecasts, we expect the growth continuation. Technically, in order to continue moving upward the price has to break the testing level 1.3062, the resistance of indicator lines on the H4, the first target is 1.3115, then 1.3137. If data is weak we expect the price drops to the level of 1.2992, which on the daily chart corresponds to second unsuccessful attempt to consolidate above the Kruzenshtern indicator line (blue sliding) and blue trendline.
The material has been provided by InstaForex Company – www.instaforex.com
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