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Macro Roundup (Apr 27)
Apr 27,2020 08:35CST
Data Analysis
The US dollar edged lower against the euro on Friday, ending a four-day winning streak, but broader concerns about the euro's outlook kept dollar bears at bay.

SHANGHAI, Apr 27 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected in the day ahead. 

The US dollar edged lower against the euro on Friday, ending a four-day winning streak, but broader concerns about the euro's outlook kept dollar bears at bay.

The dollar index, which tracks the greenback against a basket of other currencies, lost 0.28% to 100.22, after hitting its highest level since April 7 at 100.87.

The greenback still recorded its biggest weekly rise since early April as the euro weakened after a European Union meeting on Thursday to build a trillion euro emergency fund fell short of satisfying investors’ concerns

LME base metals mostly gained on Friday, with copper leading the increases with a rise of 0.95%. Aluminium added 0.3%, nickel climbed 0.53%, zinc rose 0.61%, while tin lost 0.47% and lead slipped 1.34%. 

SHFE nonferrous metals closed mixed Friday. Tin added 1.2%, nickel rose 0.8%, copper gained 0.2%, while zinc edged down 0.03%, and aluminium shed 0.2%. Lead closed flat. The SHFE will keep its night trading session suspended until May 6.

Oil futures on Friday finished higher for a third straight day, but US prices posted a record weekly decline of more than 32%, as investors weighed a historic collapse in prices that cast a spotlight on problems of oversupply and storage capacity shortage.

Baker Hughes on Friday reported that the number of active US rigs drilling for oil dropped by 60 to 378 this week. That marked a sixth straight weekly decline and implied further declines in domestic oil output.

US orders for durable goods fell in March by the most since 2014 as the coronavirus and plunged oil prices impacted on the manufacturing sector and spurred cancelled orders for Boeing aeroplanes.

Bookings for goods meant to last at least three years dropped 14.4%, led by slumping demand for commercial aircraft, after a revised 1.1% gain in February, Commerce Department data showed Friday. 

Excluding transportation, new orders decreased 0.2%, official data showed. Excluding defence, new orders decreased by 15.8%. Transportation equipment, down two of the last three months, led the decrease, $35.6 billion or 41.0% to $51.2 billion.

US consumer sentiment declined for a third straight month in April as people weigh the coronavirus pandemic and the possibility of an economic re-opening, data released Friday by the University of Michigan showed.

The consumer sentiment index fell to 71.8 in April from 89.1 in March. This came in slightly higher than the market expectation of 71 and the previous estimate of 68.

Further details of the publication revealed that the Current Economic Conditions Index dropped to 74.3 from 103.7 in March and the Index of Consumer Expectations slipped to 70.1 from 79.7.

German business sentiment slumped to its lowest level ever recorded, in its strongest decline in history due to the coronavirus crisis, the Ifo Institute said Friday.

The headline German Ifo business climate Index came in at 74.3 in April, weaker than last month's 85.9 and missing the consensus estimate of 80.

Meanwhile, the current economic assessment arrived at 79.5 points in the reported month as compared to last month's 92.9 and 81.0 anticipated.

"Companies have never been so pessimistic about the coming months," said Clemens Fuest, president of the Ifo institute.


The Japanese central bank begins its monetary policy meeting on Monday, as investors watch for policy moves from the central bank to grapple with the economic impact of the ongoing pandemic.


Key economic data slated for release today include March’s profits of industrial enterprises above the designated size in China and the Germany actual retail sales for March. 



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