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Macro Roundup (Apr 18)

iconApr 18, 2022 09:30
Source:SMM
The dollar rose to a two-decade peak against the yen and kept close to a two-year high to the euro on Friday, as more hawkish comments from Federal Reserve officials reinforced expectations for faster U.S. policy tightening.

SHANGHAI, Apr 18 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar rose to a two-decade peak against the yen and kept close to a two-year high to the euro on Friday, as more hawkish comments from Federal Reserve officials reinforced expectations for faster U.S. policy tightening.

The greenback was 0.43% higher at 126.40 yen after earlier reaching 126.56 for the first time since May 2002.

The euro slipped 0.14% to $1.0812, heading back toward the overnight low of $1.0785, a level unseen since April 2020.

Stock futures fell Sunday evening as investors braced for a week of major first-quarter earnings reports ahead.

Futures on the Dow Jones Industrial Average lost about 150 points, or 0.4%. S&P 500 futures shed 0.5%. Nasdaq futures were lower by 0.8%.

Bank of America reports quarterly results Monday before the bell. Several Dow blue-chip names report earnings this week, including IBM, Procter and Gamble, Travelers, Dow Inc, Johnson and Johnson, American Express and Verizon.

Oil prices settled higher on Thursday after an early decline as investors covered short positions ahead of the long weekend and on news that the European Union might phase in a ban on Russian oil imports.

Brent futures settled up $2.92, or 2.68%, at $111.70 a barrel. U.S. West Texas Intermediate futures closed $2.70 or 2.59% higher at $106.95 a barrel.

Both contracts recorded their first weekly gain in April. For several weeks, prices have been the most volatile since June 2020.

Gold inched lower on Thursday but prices finished a second consecutive weekly gain as the Ukraine crisis and broadening inflationary pressures lifted the safe-haven metal’s appeal.

Spot gold fell 0.29% to $1,971.95 per ounce, while U.S. gold futures slipped 0.49% to $1,974.9 but gained 1.51% for the week with markets closed Friday.

The pan-European Stoxx 600 provisionally ended up 0.68%, with travel and leisure stocks gaining 3.19% while technology dropped 0.46%.

The ECB kept its monetary policy unchanged but confirmed it will end its bond buying in the third quarter. Once the bond buying program is completed, the ECB is expected to begin hiking interest rates, following the same path as the Bank of England and the U.S. Federal Reserve.

macroeconomy

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