Eurozone Retail Sales, a key measure of consumer spending, decline by 0.2% month-on-month (MoM) in February, as expected, after remaining flat in January, revised higher from -0.1%.
Eurozone Retail Sales (YoY) above expectations (1.6%) in February: Actual (1.7%)
Eurozone Producer Price Index (YoY) in line with expectations (-3%) in February
Eurozone Retail Sales (MoM) meets expectations (-0.2%) in February
Eurozone Producer Price Index (MoM) meets forecasts (-0.7%) in February
ING’s Chris Turner notes that risk assets are rebounding after the Iran ceasefire, with higher equities, a bullish steepening in yield curves and broad currency gains against the US Dollar (USD).
United Kingdom S&P Global Construction PMI above forecasts (43.9) in March: Actual (45.6)
Crude prices tumbled on Wednesday after the announcement of a two-week ceasefire in the Iran war. The price of the US benchmark West Texas Intermediate (WTI) barrel plunged more than 15% from Tuesday’s highs above $106.00 to consolidate around $90.00 at the time of writing.
Dow Jones futures rise 2.32% to near 47,900 during European hours on Wednesday, ahead of the regular United States (US) open. Meanwhile, S&P 500 and Nasdaq 100 futures also gain 2.49% and 3.19% to near 6,820 and 25,150, respectively, at the time of writing.
Commerzbank’s Volkmar Baur reports that the Reserve Bank of New Zealand (RBNZ) left rates unchanged, but Governor Breman’s comments about discussing a hike were read as slightly hawkish, supporting the New Zealand Dollar (NZD) against the US Dollar (USD).
Gold (XAU/USD) sticks to its strong intraday gains through the first half of the European session and currently trades above the $4,800 mark, close to a nearly three-week high set on Wednesday.
The USD/JPY pair trades 0.9% lower to near 158.20 during the European trading session on Wednesday. The pair faces intense selling pressure as the US Dollar (USD) underperforms across the board, following the announcement of a two-week ceasefire between the United States (US) and Iran.
