Market Overview Analysis by Ipek Ozkardeskaya covering: EUR/USD, USD/JPY, USD/TRY, S&P 500. Read Ipek Ozkardeskaya's latest article on Investing.com
The week starts very slowly as most Western markets are closed for the Easter holiday. The US revealed the latest core PCE print on a Good Friday and the Federal Reserve Chair Jerome Powell spoke after the data. The headline figure came in line with the expectations at 2.8%, down from 2.9% printed a month earlier, the monthly figure came in at 0.3% as expected, but the prior month's read was revised up to 0.5%.
Of course, as the markets were mostly closed at the time the data came out and Powell spoke, we didn’t see much reaction on Friday. We see slight moves this Monday; theis steady near a 1.5-month high. Attention will shift to the US jobs data this week. Hopefully for the Fed, the data won’t be too strong to spoil the Fed cut expectations.index is sharply sold after the Bank of Japan’s Tankan index fell in Q1 for the first time in a year.
Especially, the non-manufacturing PMI jumped to 53 – the highest since last summer. Still, input prices fell for the first time since last summer on lower material prices to stimulate demand and the property crisis gave no signs of abating, meaning that the enthusiasm regarding the Chinese data should be taken with a pinch of salt.
The IEA expects supply deficit in 2024, while they were looking for a supply surplus in their prediction earlier this year. As a result, the upside risks in oil markets prevail and the positive factors should encourage a further rise of US crude to $85pb per barrel.recording its best performance since 2019.
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