BOE Monetary policy and US Trade Balance have little effect on Markets ahead of Easter weekend

[RTFX-Trading]

What's new:

Bank of England interest rate unchanged at 0.50%.
CH: Unemployment rate in March at 3.30%, exp 3.10%.
DE: Index of final consumption in March -0.1% as expected.
GB: Index of "core" producer prices in March is 0.1% as expected.
GB: Deficit in Trade Balance shrinks to £-7.315B, exp £-7.580B.
DE: Total industrial output in February, -2.9%, exp -3.10%.
CA: Unemployment rate in March increases to 8.0%, last 7.7%.
CA: Net Change in employment is -61.3K, exp -50.0K.
U.S.: Trade balance in February is $-26.0B, exp $-36.9B.
U.S.: Import prices in February 0.5%, exp 0.90%.
U.S.: Initial Jobless claims 654K, exp 650K.
CA: February trade balance 0.1B, last -0.99 billion.

European Session Rates:

EURUSD: 1.3336 - 1.3235
USDCHF: 1.1520 - 1.1428
GBPUSD: 1.4780 - 1.4627
EURCHF: 1.5271 - 1.5211
USDJPY: 100.53 - 99.80
Gold: $ 876


Comments:

    
The trade deficit stood at 26.0 billion dollars in February, the lowest level since November 1999. This is a record, seventh straight that the trade deficit is decreasing.

Jobless claims have reached 654'000 for the week of April 4 against the previous week 674'000. The number of people enrolled in the unemployment insurance was 5'840'000 for the week of March 28 against 5'745'000 the previous week. The market had a very modest reaction to these announcements as it seems that traders will not take any risk before the Easter weekend.

The Bank of England left rates unchanged at 0.50%. It confirmed the acquisitions of £75B in assets and extended the plan by 2 months. Both came as no surprise. Very little reaction to the announcement, the Pound remained close to its first media day of 1.4653 against the dollar, and close to the first daily resistance at 0.9062 against the euro. The GBPUSD has since rose above the daily pivot point at 1.4700 and should test the first daily resistance at 1.4764.

Good Day


Nicolas Longchamp

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