Societe Generale analysts warn that President Trump’s move toward shutting the Strait of Hormuz and ongoing Iranian threats are likely to keep Brent supported.
The GBP/JPY cross trades with a positive bias for the eighth straight day and sits near mid-215.00s, close to the July 2008 swing high during the early European session on Wednesday.
OCBC strategists Sim Moh Siong and Christopher Wong note that the Australian Dollar (AUD) has been restrained by a sharp slump in confidence despite hawkish Reserve Bank of Australia (RBA) rhetoric.
Deutsche Bank economists report highlights a strong rally in the S&P 500, which has risen in 9 of the last 10 sessions and now trades just below its record high.
The USD/CAD pair struggles to capitalize on an intraday uptick and trades around the 1.3770-1.3775 region, up less than 0.05% for the day heading into the European session on Wednesday.
France Consumer Price Index (EU norm) (MoM) in line with forecasts (1.1%) in March
France Inflation ex-tobacco (MoM) up to 1% in March from previous 0.6%
Danske Research Team notes global equities extended gains, pushing MSCI World above pre-war levels on the back of strong earnings revisions. Growth and cyclical stocks outperformed value and defensives, with small caps also participating.
The Australian Dollar (AUD) outperforms its major currency peers, trading 0.23% higher to near 0.7137 against the US Dollar (USD), during the early European session on Wednesday.
India WPI Inflation above forecasts (3%) in March: Actual (3.88%)
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann highlight that GBP/USD extended gains to 1.3590, with short-term conditions remaining overbought. They see scope for a further push toward 1.3605, while judging the 1.3640 resistance as likely out of reach for now.
France Consumer Price Index (EU norm) (YoY) above forecasts (1.9%) in March: Actual (2%)
