Here is what you need to know on Tuesday, March 31st:
- The American dollar posted a modest intraday advance against major rivals, although ended the day with uneven strength, and far from recovering its bullish tone. The EUR/USD pair neared the 1.1000 figure but finished the day close to 1.1050.
- GBP/USD spent the day consolidating around 1.2400 with the Pound refusing to give up.
- The Japanese yen appreciated although it lost some ground ahead of the close, as Wall Street closed in the green. US Treasury yields remained depressed, near record lows.
- Gold prices consolidated,
- Crude oil prices remained under selling pressure and reached fresh multi-year lows. WTI traded as low as $19.00 a barrel, recovering modestly ahead of the US close. US President Trump and his Russian counterpart Putin discussed the oil market situation and agreed to hold talks at ministerial levels.
- Overall, sentiment remained sour amid the coronavirus crisis. The number of cases keeps rising, with those in the US at around 157,000. In Italy and Spain, the number of cases has surpassed those reported by China, while the global death toll approaches 37,000. Chances of a quick economic comeback dilute.
- Crypto Today: Bitcoin sees big retest of bearish flag structure
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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