Euro area PMI figures for March are on the agenda today
Suddenly, all eyes are on FX in the market this week as dollar and yen strength are keeping a more risk averse tone with the former in particular starting to take a crack at key levels across the board – which may feed into softer tones elsewhere.
Oil’s plunge yesterday also didn’t help with the mood as US equities turned tail later in the session and the more defensive posture is being maintained in Asia today.
The only comfort investors can take is that Treasury yields are continuing to nudge lower but even that might be in part due to haven/safety flows, so it’s not all positive.
US futures are keeping the calm for now, with S&P 500 futures and Dow futures near flat levels while Nasdaq futures are up 0.3%. But given the more tepid sentiment this week, that could easily switch up if the dollar pushes the agenda further later today.
0700 GMT – UK February CPI figures
0700 GMT – UK February PPI figures
0815 GMT – France March flash manufacturing, services, composite PMI
0830 GMT – Germany March flash manufacturing, services, composite PMI
0900 GMT – Eurozone March flash manufacturing, services, composite PMI
The readings are expected to show little change across the region, as overall economic conditions are little changed as compared to February. Tighter restrictions are still in place for the most part and that is likely to keep a lid on any major improvement in business activity, which should reaffirm a double dip recession in the Eurozone.
0930 GMT – UK March flash manufacturing, services, composite PMI
1100 GMT – US MBA mortgage applications w.e. 19 March
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Amid the sudden turn higher rates this year, recent mortgage activity has dipped with purchases falling sharply alongside refinancing activity so it’ll be one to watch out for.
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.