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The markets experienced relief on Thursday as investors shifted their focus to US GDP data. Despite mixed data in the Eurozone, there was optimism in the market. Tech earnings also helped boost investor confidence amidst corporate earnings seasons. Initial Jobless Claims and Pending Home Sales are due for release in the New York session.
USDZAR went under some selling pressure on Thursday as investors await key economic data from the US. The dollar was subdued as recession worries and banking sector turmoil were revived following downbeat earnings from First Republic Bank.
Investors, however, look to the release of the US gross domestic product and core personal consumption expenditure for more cues on the Fed`s monetary policy path. The South African Rand rode on slowing producer inflation published on Wednesday. The pair dropped -0.66% after establishing a high at 18.40. An extended dip may give sellers 18.20 and 18.00.
EURCHF appreciated by +0.22% from an intraday low at 0.9834 as bulls fought for 0.9900 after breaching the 0.9850 resistance-turned-support. Data from the European Commission showed that consumer confidence in the eurozone was as expected in April at -17.5. This along with downbeat Spanish employment data failed to weigh down the euro against the CHF in European trade. The CHF failed to attract safe-haven flows in the European session as risk-on sentiment dominates the markets.
NZDCAD rose by +0.48% despite negative data from New Zealand. The Canadian dollar tumbled against the New Zealand dollar due to the falling prices in the oil market. The crude oil prices suffered a plunge on Wednesday as demand concerns linger. The upside gains could be limited as the ANZ Business Confidence dropped to -43.8 vs -43.4 anticipated. The pair rose from the 0.8240 level and could extend its rally above the 0.8380 level, a 9-day high.
European stocks rallied on investor optimism following better-than-expected Tech earnings. UK100 rallied +0.26% from the 7800 support level and 7900 resistance. CAC40 traded higher by +0.27% though bulls traded inside a thin range between the 7450 and 7500 levels. DAX rose by +0.21% from the 15750 level and upside gains are capped by the 15950 level.
As investors await the US economic data, US stock futures slightly rebounded early Thursday. US500 futures added +0.28% after bulls found near-term support at 4050. Upside gains are capped by the 4100 level. US100 futures advanced by +0.16% after rebounding from the 12800 level. Near-term targets are at 12900 and 13000 levels. US30 futures soared by +0.49% and critical levels to watch out for are 33250 support and 33600 resistance.
US 10-year yields shaded off gains by -0.06% from the 3.47% level despite bulls bouncing off the 3.40% level. The 3.60% remains a key resistance level in the near term. The US economic data could provide key data on economic performance and Fed focus.
