The euro recorded gains against most of its major counterparts defying the worsening condition of eurozone’s periphery bond market. Italian Trade Balance for March came out narrower than expected, while market participants await ZEW German Economic Sentiment at 19.7 versus 22.3 previously, later today. European Central Bank (ECB) Nowotny commented that there is no urgency for a third long term refinancing operation (LTRO) even as the 5-year Credit Default Swap (CDS) of Spain recorded a new high. Against the US dollar, the single currency rebounded to 1.3125 from 1.3044, after it briefly dived below 1.30. ECB President Draghi is due to deliver the opening comments at the 6th ECB Statistics Conference, in Frankfurt today at 12:30 GMT.

The US dollar appeared softer versus a basket of currencies as stronger than expected March retail sales enhanced risk appetite. Against the Swiss franc, the greenback dropped to 0.9156 from 0.9217. Versus the Canadian dollar, the US dollar rose to 0.9998 from 0.9991 after a volatile session, in anticipation of today’s interest rate decision by Bank of Canada. Jim Yong Kim was chosen to be the next president of the World Bank after emerging markets failed to rally around a challenger to the US monopoly on the job.

The Australian dollar rose slightly to 1.0351 from 1.0339 against the US dollar. The minutes of the Reserve Bank of Australia meeting in April revealed that the central bank will wait to see fresh inflation signals before cutting its lending rate.

Oil prices rose to 102.83 from 101.99 dollars a barrel. Gold dropped to 1651.28 from 1652.66 US dollars an ounce. Against the euro, gold dropped to 1265.61 from 1268.91 euro an ounce. Silver remained flat around 31.45 dollars an ounce.

OutlookPivotPreference1Sentiment2
EURUSD1.3090LONG @ 1.309050% of deals buy EUR
USDJPY80.80SHORT @ 80.8086% of deals buy USD
GBPUSD1.5850LONG @ 1.585042% of deals buy GBP
AUDUSD1.0380SHORT @ 1.038061% of deals buy AUD
GOLD1640LONG @ 164069% of deals buy GOLD
OIL101.80LONG @ 101.8070% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
CalendarCurrencyTime (GMT)EventForecast
GBP
08:30Core Consumer Price Index m/m for March
0.30%
EUR09:00German ZEW Economic Sentiment Index
20
USD12:30House Starts in March
705k
EquitiesEUROPEUSASIA3
FTSE 1000.26%S&P 500-0.05%NIKKEI0.06%
DAX0.63%DJIA0.56%HIS-0.76%
CAC0.51%NASDAQ-0.76%CSI 300-0.64%
3 at the time of writing