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The Australian dollar appreciated on Monday backed up by positive economic data as traders await the RBA rate decision. The Caixin manufacturing index in China fell below expectations showing a decline in the scale of manufacturing. Inflation in Switzerland cooled off in the year ending March 2023.
AUDJPY soared +0.84% higher following key economic data releases from Australia and Japan. Retail sales in Australia rose more than expected in March ahead of the RBA rate decision on Tuesday. The data came coupled with the manufacturing purchasing managers index which rose to 49.1 from an estimate of 48.7 together with building approvals and home loans at 4.0% and -1.2% respectively.
The Tankan Large Manufacturers index for the first quarter fell to 1 from a consensus of 7 while the non-manufacturers index came as expected at 20. The pair rose from an intraday low at 888.60 and may retest at 90.00 if the 89.80 high is breached.
GBPCHF gained +0.20% after the consumer price index from Switzerland eased in March. The twelve-month inflation cooled off from an anticipated 3.2% to 2.9%. Weighing the CHF also was the purchasing managers’ activity which remained in contraction in March. Data from the UK showed that manufacturing activity in the country declined in March to 47.9 from an anticipated 48.0. The pair’s bulls took over from a low at 1.12700 and may seek 1.1400 past the 1.1367 weekly high.
EURUSD moved back above 1.0800 as it pared early session losses ahead of the US ISM Manufacturing PMIs which is forecast to drop to 47.5 from 47.7. The manufacturing Purchasing Manager’s Index from Germany and the Eurozone were better than expected in March at 44.7 vs 44.4 and 47.3 vs 47.1, respectively. The euro gained on improved risk mood though traders remain cautious in the case of safe haven flows taking over. The pair was up +0.25% as traders soared towards 1.0900.
European stocks wobbled at the beginning of the week following mixed Eurozone data. FTSE100 was up +0.28% following a close above the 7600 on Friday and upside gains are capped by the 7700 level. CAC40 added +0.32% as bulls remain capped between the 7350 level and the 7300 low. DAX was down -0.16% as bulls retracted from the 15700 high and the next key level was 15500.
US stock futures plunged as the OPEC meeting triggered inflation fears. US500 futures were down -0.24% from the 4100 level and the next level is 4050. US100 futures sank by -0.90% from the 13190 level and 13000 is the near-term support. US30 futures remained steady at +0.09% as bulls attempted a break above the 33400, however a failure to break above that level could trigger a near-term retracement towards the 33000 level.
In commodities, gold prices soared above $1950 as the dollar pared early-day gains on resurfacing inflation fears. XAUUSD was up +0.38% as it rose toward the $1980 mark. Above that mark, buyers may reclaim $2000.
