Equities slid after new reports showed that the manufacturing industries in the U.S. and Germany slid in March, fueling concerns of a global slowdown.
Stephen Moore, who President Trump on Friday said he would nominate to the Federal Reserve, said in an interview he will be an "independent voice." Speaking to Bloomberg Television, the campaign adviser to Trump said his previous call to fire Chairman Jerome Powell "was probably written in a time of anger" but that the December rate hike was a mistake that has been reversed. He said he looked forward to working with Powell and that Powell could be a "hero." "I do not want to be disruptive, I want to be somebody that can really help Chairman Powell and the others on that board to construct the best pro-growth, stable price system that we can for this country," Moore said.
GBP/USD Pair gained strength on a two-week Brextension. Pair strongly consolidating and providing no clear direction.
The U.S. dollar climbs in Friday trading, as investors grapples with an inverted U.S. Treasury yield curve and another round of disappointing economic data in the eurozone region that put pressure on the euro.
Investing.com - The U.S dollar edged higher against its rivals Friday following a rebound in U.S. home sales, but gains were limited by a sharp rise in the yen as U.S. government bond yields slumped amid fears of slowing growth.
Preliminary PMI figures for the eurozone missed analysts expectations, hitting markets in Europe, and driving German bund yields to below 0 for the first time in two years.
Gold is trading up on the day despite a stronger dollar, All about Eurozone weak data. Palladium falls amid profit taking ahead of the weekend.
Based on the early price action and the current price at 1.1298, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1287.
The time is ripe for euro zone countries to deepen the monetary union and strengthen the currency's global role, but they still have to overcome differences on fiscal instruments for a future common budget, the head of its ESM bailout fund said on Friday. Speaking at a conference in Lisbon, where Eurogroup chairman Mario Centeno made a similar call, Klaus Regling said the ESM's discussions with investors had shown that they are closely looking at the topic of the currency's global role.
Gold prices were higher on Friday as disappointing data in the euro zone drove investors to the safe-haven asset. Business sectors across Europe declined in preliminary data readings in March, with German manufacturing contracting to its slowest reading in six years. “It is about the weakness in the economy in the euro zone and outlook for interest rates which makes holding gold more attractive,” said Quantitative Commodity Research analyst Peter Fertig.
Based on the early price action, the direction of the AUD/USD is likely to be determined by trader reaction to a downtrending Gann angle at .7102 and the 50% level at .7105.
The Dow fell 282 points, or 1.09%, by 9:55 AM ET (13:45 GMT) while the S&P; 500 slipped 27 points, or 0.94%, and the tech-heavy Nasdaq composite was down 85.5 points or 1.08%.
The weak data out of Europe is underpinning gold today despite the stronger U.S. Dollar Index. Weak data means lower interest rates in the Euro Zone and lower rates tend to be bullish for gold. In the U.S., traders will get the opportunity to react to the latest Flash Manufacturing PMI and Flash Services PMI at 13:45 GMT. Weaker-than-expected data should be bullish for gold.
U.S. stock futures took a hit early Friday after data showed a reading on German manufacturing fell to its lowest level since 2012. Dow Jones Industrial Average futures slid 133 points, or 0.5%, to 25,877, while S&P 500 futures fell 13.35 points, or 0.5%, to 2,849.25. Nasdaq-100 futures dropped 32.5 points, or 0.4%, to 7,502.25. Stock futures pushed lower after the Markit manufacturing purchasing managers index for German slid to 44.7, its lowest reading in over six and a half years. "The downturn in Germany's manufacturing sector has become more entrenched, with March's flash data showing accelerated declines in output, new orders and exports," said Phil Smith, economist at IHS Markit, in a press release. Losses were widespread, with the euro dropping 0.7% to $1.1298 and the Stoxx Europe 600 index falling 0.5% to 378.60.
Gold prices initially rallied during Thursday’s session, reaching towards the $1325 level before rolling over significantly. The gold prices have broken below the $1310 level and formed a bit negative candle. The crude oil price has failed to break above the $60 level in yesterday’s session and has pulled back slightly.
After the show of strength in the Wednesday’s session, the pair gave back the gains in Thursday’s session, breaking below the 1.14 level once again. The region above the 1.14 level has been extremely resistive for the pair and given the ECB’s softer stance on interest rate hike as well, the pair will continue to struggle and remain volatile. The 1.1350 level underneath is strong support and likely to attract value. …Read MoreGBP/USD
After yesterday’s losses, EUR/USD jumped to fresh day highs bouncing off two support points in the last three days. The pair is expected to end the week on a positive note.
Euro gains on the positive outcome in key European events. Investors now await macro data updates for short term trading cues.
It’s a big day for the markets. Private sector PMI numbers out of Europe and the U.S will give some guidance on where the economy is heading.
Economic data comes back into focus today. The Eurozone’s private sector PMI numbers will indicate whether the slowdown was temporary or worsening…