German IFO Institute's Business Climate Index deteriorates to 86.4 in March from 88.4 in February, revised lower from 88.6.
Switzerland ZEW Survey – Expectations fell from previous 9.8 to -35 in March
Germany IFO – Expectations in line with forecasts (86) in March
Germany IFO – Current Assessment came in at 86.7, above forecasts (86) in March
European Central Bank (ECB) President Christine Lagarde signaled at the ECB and its Watchers conference at Goethe University in Frankfurt during European trading hours on Wednesday that the central bank is ready for monetary policy adjustments if inflation proves stronger.
Commerzbank’s Thu Lan Nguyen notes that EUR/USD has rebounded about two cents from its recent low near 1.14, driven mainly by Euro strength while the Dollar trades sideways.
OCBC strategists Sim Moh Siong and Christopher Wong highlight that rising Oil prices are worsening Japan’s terms of trade, fiscal risks and policy uncertainty, keeping the Japanese Yen (JPY) under pressure.
Gold (XAU/USD) retains positive bias through the first half of the European session, though it remains below the weekly high, around the $4,600 mark set earlier this Wednesday.
Dow Jones futures inch higher 0.7% to near 46,750 during European hours, ahead of the United States (US) regular market open on Wednesday. Meanwhile, S&P 500 and Nasdaq 100 futures gains 0.6% and 0.63% to near 6,650 and 24,360, respectively, at the time of writing.
Deutsche Bank’s Chief UK Economist Sanjay Raja notes that UK inflation data broadly matched expectations, with Headline CPI at 3% and stronger Services CPI driving a firmer Core CPI outcome.
Silver price (XAG/USD) extends its winning streak for the third trading day on Wednesday, trading over 2% around $73.00 during the European session. The white metal strengthens amid increased efforts from United States (US) President Donald Trump to end the war in the Middle East.
The NZD/USD pair extends its steady descent for the second consecutive day and drops to the 0.5800 mark during the early part of the European session on Wednesday.
