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The dollar weakened further after a drop in producer prices ahead of the country’s retail sales, industrial production, and consumer sentiment from the University of Michigan. Next week, the focus shifts to inflation data from the Euro area and Canada. Producer prices in Switzerland also saw a decline in March. Shares in Europe and the US traded in a subdued manner as traders waited for the market’s distinct direction.
EURUSD consolidated gains around the 1.1050 area as the dollar selloff continues after downbeat PPI data. Inflation in France rose more than expected to 5.7% in the year ending April though the month-on-month data slowed to 0.7%. Spanish inflation declined as expected to 3.3% year-on-year. Investors await retail sales data from the US for further clarity on the Fed’s move on rate hikes. The pair was up +0.09% as buyers may target 1.1230 on an extended rise. A slide, however, may give sellers 1.1030 and 1.0980.
GBPCAD extended its slump below 1.6700 as the sterling continued to weaken after a slide in economic growth. A positive risk mood on the day failed to help the pound ahead of the UK employment data next week. Manufacturing sales from Canada will be released later today and are expected to slump to -2.7% from 4.1% ahead of the country’s inflation data. The pair may seek 1.6600 and 1.6580 in the near term. A rebound may revisit 1.6700.
NZDCHF dropped -0.20% trimming down Thursday’s gains in the European session. Business NZ showed that the purchasing manager’s index in New Zealand contracted in March to 48.1 against a survey of 51.0. In Switzerland, producer prices were as expected in March but rose more than the previous month at 0.2% from -0.2%. The CHF was boosted by safe-haven bids on the day. Further down, bears may reclaim 0.5550 before a slide to the 0.5517 low.
European shares were quite mixed in European trade as market participants continue to bet on Fed rate cuts. The UK100 was up +0.16% extending its fourth weekly gain to 7900. France40 was down -0.14% after hitting 7500 psychological resistance. DAX was flat at +0.09% after the bulls got rejected at the 15 800 mark.
US stock futures were a bit subdued ahead of key US data. The US500 futures lost -0.11% trading between 4235 and 4150. US 30 futures were down -0.19% after giving up 34 000 resistance. US100 futures tanked -0.12% as sellers may seek 13 000.
In crypto, bitcoin took advantage of the dollar selloff and continued its surge above $30 000. BTCUSD was up +1.37% as targets may be set at $33 000.
