Market News

South Africa Producer Price Index (MoM) climbed from previous -0.2% to 0% in February

Societe Generale analysts note that USD/MXN has formed an interim low near 17.10 and is in a short-term rebound within a broad consolidation. The 18.00/18.20 area, aligned with the 200-DMA and January peak, is highlighted as key resistance.

South Africa Producer Price Index (YoY): 1.8% (February) vs previous 2.2%

Commerzbank analyst Volkmar Baur expects the South African Reserve Bank (SARB) to keep rates unchanged, despite inflation having fallen to its new 3% target and real rates remaining restrictive.

Eurozone M3 Money Supply (3m): 3% (February)

Italy Business Confidence rose from previous 88.5 to 88.8 in March

Italy Consumer Confidence down to 92.6 in March from previous 97.4

Eurozone Private Loans (YoY) came in at 3%, below expectations (3.1%) in February

Eurozone M3 Money Supply (YoY) below expectations (3.3%) in February: Actual (3%)

ING’s Francesco Pesole highlights that EUR/USD has slipped back below 1.16 despite firm risk sentiment, as earlier gains on the European Central Bank’s (ECB) surprise hawkishness are partly unwound. Markets have reduced pricing for an April ECB hike, closely tracking Oil moves.

BNY strategist Geoff Yu argues that rising European real yields are increasingly offsetting traditional support for the Dollar from higher US real rates. He notes that the spread between US and European real rates has stayed tight, limiting further Dollar upside.

NZD/USD extends its losing streak for the third successive day, trading around 0.5780 during the European hours on Thursday. The technical analysis of the daily chart signals a bearish bias as the pair is consolidating within a descending channel pattern.