Today the focus is on US business tax rates, Apple’s production slow-down, and the German industrial surge.
The US PPI (Producer Price Index) MoM for March will be released. Forecast: 0.5%. If the data is lower than forecast, the USD could receive a negative push.
Assets to trade: USD/JPY, USD/NOK, USD/SGD
The Canadian Employment Change numbers for March will be announced. Forecast: 100.0K. If the results are below the forecast, the CAD could receive a negative push.
Assets to trade: CAD/JPY, USD/CAD, CAD/NZD
Biden made it clear on Wednesday that he is open to compromise after a reporter asked if he would be willing to agree on a tax rate below 28%. Affects USD
German industrial orders rose for the second month in a row in February driven by strong domestic demand, data showed on Thursday in a further sign that manufacturers are set to cushion a pandemic-related drop in overall output in the first quarter. Affects EUR
British households’ spending on credit and debit cards rose strongly to 88% of its pre-pandemic average in the week to April 1, its highest since the week before Christmas. Affects GBP
Production of some of Apple Inc’s MacBooks and iPads has been postponed due to a global component shortage. Affects Apple
Tesla Inc is scouting for locations to open showrooms in three Indian cities and has hired an executive to lead its lobbying and business efforts ahead of its planned entry into the country. Affects Tesla
European vaccine rollout has maintained pace and industrial orders have returned, as Canada has begun to ramp up its immunization efforts boosting the economy. However, lockdown restrictions were recently placed on Canada’s most populace province Ontario which could stall CAD gains.
The pair continues to climb, and will face resistance around 1.501.
Trading in a Pennant, prices could break out in either direction, however, momentum appears to be negative.
After hitting new highs the US index is showing slowing momentum and could turn south soon.