Data released:
05:00 GMT Japan Consumer Confidence Index (Apr) 37.0 38.3 37.5
06:00 GMT Germany Gross Domestic Product s.a (QoQ) (Q1) Preliminar 0.8% 0.7% 0.4%
06:00 GMT Germany Gross Domestic Product n.s.a (YoY) (Q1) Preliminar 2.5% 2.2% 1.3%
06:00 GMT Germany Gross Domestic Product w.d.a (YoY) (Q1) Preliminar 2.3% _ 1.4%
08:00 GMT EMU ECB Monthly Report
09:00 GMT UK CB Leading Economic Index (Mar) 0.3% _ 0.4%
09:00 GMT EMU Consumer Price Index (YoY) (Apr) 0.7% 0.7% 0.5%
09:00 GMT EMU Consumer Price Index - Core (YoY) (Apr) 1.0% 0.7% 0.7%
09:00 GMT EMU Consumer Price Index (MoM) (Apr) 0.2% 0.2% 0.9%
09:00 GMT EMU Gross Domestic Product s.a. (QoQ) (Q1) Preliminar 0.2% 0.4% 0.2%
09:00 GMT EMU Gross Domestic Product s.a. (YoY) (Q1) Preliminar 0.9% 1.1% 0.5%
The Dollar Spot Index rose for the fourth time in fifth days.
Ukraine was in focus again.
Russia has no intention of sending troops into Ukraine, which is sliding into a civil war that will preclude holding legitimate elections, according to Foreign Minister Sergei Lavrov.
In Ukraine, pro-Russian separatist groups were excluded from national unity talks that started in Kiev with the aim of easing tension before the May 25 presidential vote. It would be “ridiculous” for the U.S. and European Union to hold Russia accountable if the election is disrupted, according to Lavrov.
EURO
The euro fell to the lowest level in 11 weeks versus the dollar after European Central Bank Vice President Vitor Constancio said policy makers are prepared to add further monetary stimulus if needed.
The euro remained little changed near daily lows after the latest string of Eurozone data showed Q1 GDP came in below expectations, while April CPI met forecast.
Eurozone gross domestic product grew 0.2% in the first quarter 2014 and 0.9% YoY, missing expectations of 0.4% and 1.1% respectively. Meanwhile, consumer inflation rose 0.2% in April and 0.7% YoY, matching market’s consensus.
EUR/USD fell to $1.3680. Below $1.3700 support comes at $1.3640 (Feb 24 lows) and $1.3560 (Feb 12 lows). Initial resistance comes at $1.3720/30, then - at $1.3770/80.
POUND
The pound came under renewed pressure and resumed its decline following a phase of consolidation as the dollar catches a bid at the European opening.
The pound dipped to a fresh 1-month low, extending its pullback from multi-year highs reached last week just below $1.7000.
There are no major indicators scheduled for the UK today, but investors will be watching US CPI and jobless claims.
Earlier released data showed the United Kingdom CB Leading Economic Index dipped from previous 0.4% to 0.3% in March.
GBP/USD challenged support at $1.6720 (trend line from Nov 11’2013) before recovered a bit. Below support comes at $1.6660 (Apr 15 lows). Initial resistance is around $1.6780, then - at $1.6820 (May13 lows).
YEN
Following last quarter’s biggest miss in 18 months, Japanese GDP surged to its biggest beat in 3 years. This is the same kind of reflexive (and at that time entirely unsustainable) bounce that was seen after the Tsunami in 2011. Of course the big problem is that this removes much of the crutch for further QQE in July that so many have been hoping for. The initial pop in the Nikkei has faded rapidly into selling pressure and USDJPY is also losing ground… good news is once again, terrible news for equity investors.
The Japanese economy expanded an annualized 5.9% from the previous three months in the first quarter, beating analysts’ estimates for a 4.2% expansion, a report showed today.
Separate report showed Japanese consumer confidence index April fell 37.0 vs 37.5 previous.
USD/JPY holds above Y102.00. Further resisatance is around Y102.75 and Y103.40. Stronger one remains at Y104.30/80. Below Y102.00 support comes at Y101.30 (Apr 10 lows) and Y100.70 (Feb 7 lows).
DATA AHEAD
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