EUR Slips Slightly After Weaker IFO Survey Data
Markets are shifting as new data from Germany comes in, with U.S. housing and consumer reports due soon. The IFO survey pointed to only modest improvement in German business sentiment, falling just short of expectations. Meanwhile, traders are eyeing several speeches from Fed officials for any shift in tone, especially following the recent rally in risk assets driven by softer trade rhetoric from Washington.
Key Data Out Today
- Germany IFO Business Climate (Mar): Posted at 86.7, slightly below the consensus of 86.8, showing only marginal improvement in sentiment.
- U.S. Housing Price Index (Jan): Due later, with markets watching for signs of resilience in the property market.
- U.S. Consumer Confidence (Mar): Out at 14:00 GMT, expected to give a clearer view on household sentiment amid recent policy uncertainty.
- Speeches: Remarks from Fed’s Kugler and Williams could offer clues on the Fed’s rate path. Germany’s Bundesbank President Nagel also speaks later today.
Commodities
- Crude Oil: Prices are higher today, with Brent up 0.61% to $73.45 and WTI gaining 0.64% to $69.55. Gains are supported by broader market optimism and easing concerns over global trade tensions.
- Gold: Gold is firmer, trading at $3,022.34 per troy ounce, up 0.42%, as some investors stay defensive ahead of key U.S. data.
- Silver: Silver continues to outperform, rising 1.03% to $33.27, reflecting both industrial demand and a softening dollar tone.
Currency Movements
EUR/USD (1.0803, ↑0.02%)
The euro is flat following German IFO figures, with little new direction for now.
GBP/USD (1.2923, flat)
The pound is unchanged, holding steady after recent softness.
AUD/USD (0.6298, ↑0.20%)
The Aussie gains on improved sentiment and stronger commodities.
NZD/USD (0.5726, ↑0.22%)
Kiwi rises slightly, continuing to recover from last week’s lows.
USD/JPY (150.50, ↓0.14%)
The yen gains slightly as traders reduce dollar exposure ahead of Fed commentary.
USD/CNY (7.2668, ↑0.03%)
Yuan remains under light pressure as China’s growth outlook stays muted.
USD/CHF (0.8838, ↑0.05%)
The Swiss franc continues to drift, following broader dollar moves.
USD/CAD (1.4317, ↓0.01%)
The loonie is flat, supported by oil but lacking fresh catalysts.
USD/MXN (20.0094, ↓0.12%)
Peso gains modestly as risk assets continue to draw support.
USD/INR (85.7580, ↑0.28%)
The rupee softens slightly, with attention on inflation trends.
Market Outlook
Today’s calendar is packed with speeches and data that could easily shift short-term direction. The dollar remains range-bound for now, though consumer confidence and Fed commentary could test that stability. Oil and precious metals are back in favour, while FX markets are likely to stay reactive until more clarity emerges from U.S. economic signals. Traders should stay alert for intraday volatility as headlines hit the wires.