German factory orders, Eurozone producer prices on the agenda today

The major currencies were mostly little changed, although the yen was once again down as the bond market rout continues to be rather relentless. This came after more hawkish talk from the Fed yesterday, which also boosted the dollar. It should be noted that EUR/USD is testing levels back below 1.0900 currently with little impediment to a potential drop to the March low of 1.0806.

Stocks also fell yesterday as the odds of a 50 basis point rate hike at the next Fed meeting rose, although US futures are more stable now.

Looking ahead, German Factory Orders and Eurozone Producer Prices are the relevant releases, but they won’t do much to change the plot of the story in the market yet. The battle between inflation and central banks is always front and center and it is in the bond market that we are seeing this transpire.

0600 GMT – Germany February Factory Orders
07:30 GMT – Germany March construction PMI
08:30 GMT – UK March Construction PMI
09:00 GMT – Eurozone February PPI figures
11:00 GMT – MBA mortgage applications in the US on April 1

That’s all for the upcoming session. I wish you all the best days ahead and good luck with your trading! Stay safe there.


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