Europe rallies on impressive China, US data
Posted 2 hours agoSharePrint
European equities head higher
European bourses are on the rise rounding off an upbeat week. Following all-time highs on Wall Street overnight and record Chinese quarterly economic expansion, stocks across Europe appear well supported heading towards the weekend.
Signs of strong economic recoveries in the world’s two largest economies is buoying demand for riskier assets globally and key levels are being breached across the board. The DAX trades at an all-time high whilst the FTSE has crossed the key 7000 level, fairly apt in the week that the UK economy continued to reopen. 7000 was a level last seen around the pandemic crash. The more domestically focused FTSE250 has rallied to record levels boosted by travel and leisure stocks on reopening optimism.
CAD edges higher, US confidence data next
Posted 4 hours agoSharePrint
The Canadian dollar is slightly higher on Friday. Currently, USD/CAD is trading at 1.2513, down 0.25% on the day. On the fundamental front, Canada will release tier-2 data, including Housing Starts. In the US, today’s highlight is UoM Consumer Sentiment, which is expected to accelerate to 88.9 points.
Canada ADP employment report sparkles
Canada’s ADP job report has been bleak in recent months, with triple-digit declines in the past two months. However, the indicator roared back in March, with an impressive gain of 634.8 thousand new jobs. ADP attributed the strong rebound in the labour market, which was based in all sectors, to relaxed health restrictions in some provinces.
NZ dollar steady ahead of Consumer Sentiment
March 15, 2021SharePrint
The New Zealand dollar is in positive territory in the Monday session. Currently, NZD/USD is trading at 0.7186, up 0.17% on the day.
NZD looked strong throughout last week, but surrendered most of these gains on Friday, as the pair slid 0.74 per cent. It was a combination of economic data and US Treasury yields that sent the pair sharply lower to end the week. The BusinessNZ Manufacturing Index slowed to 53.4 in February, down from 57.5 beforehand. This points to weaker growth in the manufacturing sector. In the US, UoM Consumer Sentiment jumped to 83.0 in February, up from 76.2 a month earlier. The reading was much stronger than the estimate of 78.5 and was its highest level in 12 months. According to Surveys of Consumers chief economist Richard Curtin, the strong reading was a result of the increasing number of vaccinated Americans, as well as anticipation over the Biden stimulus package. Meanwhile, US 10-year