This trading week featured central bank decisions, key inflation data from the US and Canada, as well as updates on oil inventories and business sentiment.
Germany:
● At 6:00 a.m. GMT, the trade balance data for February was released. The actual figure came in at €17.7 billion, which was lower than both the previous value (€16.2 billion) and the forecast (€18.4 billion).
Eurozone:
● At 9:00 a.m. GMT, the Vice-President of the European Central Bank, Luis de Guindos, delivered a speech. Markets closely followed his comments regarding future monetary policy.
Canada:
● At 2:00 p.m. GMT, the Ivey Purchasing Managers' Index for March was published. The index came in at 51.3, below both the previous reading of 55.3 and the forecast of 55.4, signaling a slowdown in business activity.
New Zealand:
● At 2:00 a.m. GMT, the Reserve Bank of New Zealand announced a decision to lower the key interest rate from 3.75% to 3.50%, causing volatility in NZD currency pairs.
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United States:
● At 2:30 p.m. GMT, the EIA released its report on crude oil inventories. Stockpiles rose by 2.553 million barrels, compared to the forecasted drop of 2.262 million barrels, indicating an increase in reserves.
● At 5:00 p.m. GMT, the 10-year US Treasury bond auction took place. The actual yield was 3.435%, significantly lower than the previous 4.310%.
● At 6:00 p.m. GMT, the FOMC meeting minutes were released, offering additional information about the Committee members’ views on the economy and potential future policy moves.
United States:
● At 12:30 p.m. GMT, Consumer Price Index (CPI) data for March was published. Monthly CPI: -0.1% (previous 0.2%, forecast 0.3%). Core CPI (monthly): 0.1% (previous 0.2%, forecast 0.3%). Annual CPI: 2.8% (down from 3.1%). These figures evidenced a deceleration in US inflation.
● Also at 12:30 p.m. GMT, the initial jobless claims report was released. The reading came in at 223,000 — slightly above the prior week’s 219,000 and the forecast of 218,000—indicating a mild rise in unemployment claims.
● At 5:00 p.m. GMT, the US 30-year Treasury bond auction took place. The expected yield was 4.623% (final results may not have been available at the time of reporting).
United Kingdom:
● At 6:00 a.m. GMT, GDP data for February was published. The month-over-month figure showed 0.5% growth (matching the forecast and up from the previous -0.1%). Year-over-year growth reached 1.4%, slightly above the forecast of 0.9%.
Eurozone:
● At 9:45 a.m. GMT, ECB President Christine Lagarde was scheduled to speak. Investors were closely watching her remarks.
United States:
● At 12:30 p.m. GMT, the March Producer Price Index (PPI) report is due. Markets expect no change (0.0%).
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