- Futures indicate a lower open for European markets following Wall Street’s declines; EU50 down over 1.5%
- The United States is imposing 245% tariffs on selected Chinese products, while Hong Kong halts postal shipments to the U.S.
- Today’s focus will be on U.S. retail sales, industrial production, and the Bank of Canada’s interest rate decision. Fed Chair Jerome Powell is scheduled to speak at around 7:20 PM CET.
Market sentiment today suggests mounting downward pressure and concerns over the trade war. The U.S. dollar is sharply weakening, with USD Index futures (USDIDX) pulling back by 0.7%, pushing EURUSD nearly 0.9% higher, above the 1.13 level. Gold is benefiting from the uncertainty, gaining nearly 2% and approaching $3,300 per ounce. The economic calendar is centered around U.S. data and Powell’s speech. The Bank of Canada is widely expected to keep interest rates unchanged.
Economic Calendar
10 AM GMT – Eurozone: Final CPI data for March
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YoY: Expected 2.2% (unchanged)
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MoM: Expected 0.6% vs 0.4% previously
1:30 PM GMT – U.S.: Retail Sales (March)
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Headline: Expected +1.2% MoM vs +0.2% previously
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Core Retail Sales: Expected +0.4% MoM vs +0.3% previously
2:15 PM GMT – U.S.: Industrial Production (March)
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Overall: Expected -0.2% MoM vs +0.7% previously
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Manufacturing Output: Expected +0.2% vs +0.9% previously
2:45 PM GMT – Bank of Canada Interest Rate Decision
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Expected: 2.75% (no change from previous)
3 PM GMT – U.S.
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NAHB Housing Market Index: Expected 38 vs 39 previously
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Business Inventories: Expected +0.2% vs +0.3% previously
Central Bank Speakers
5 PM GMT – Fed’s Hammack
7:30 PM GMT  – Fed Chair Jerome Powell
EURUSD (D1 interval)
