Markets have been rather quiet this week. The dollar seemed to have formed a temporary top against other major currencies, and some consolidations will probably come into view. While U.S. yields edged higher overnight, the USD/JPY stayed in sideways trading below yesterday's high of 102.04. The EUR/USD is back above the 1.3 handle for the moment. In other markets, gold is consolidating around 1430/40 level, while crude oil hovers around 95. Asian equities are mixed after the DOW closed mildly down -0.18%. German ZEW is the main focus today but reaction will probably be muted.
German ZEW economic sentiment is expected to recover back to 40 in May after dipping to 36.3 in April. Eurozone ZEW economic sentiment is also expected to recover back to 27.3 after dipping to 24.9 in the prior month. Both indices had been in a steady rise from last August, but could have topped at 48.5 and 33.4 respectively in March. The re-emergence of a banking crisis in Cyprus weighed down sentiments back in Q1; it will be interesting to see if confidence did improve in Q2.
New Zealand retail sales rose less than expected by 0.5% qoq in Q1. UK RICS house price balance improved less than expected to 1 in April. Japan domestic CGPI was flat yoy in April. Japan machine tool orders, German CPI, eurozone industrial production and U.S. import price will be featured.
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Dollar Consolidates In Quiet Markets
Published 05/14/2013, 05:01 AM
Updated 03/09/2019, 08:30 AM
Dollar Consolidates In Quiet Markets
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