Another session with little importance on data releases
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. The dollar is keeping softer across the board to start the day, as risk is a bit more tepid after US futures erased early gains to keep slightly lower now.
Wall Street rallied strongly overnight, supposedly on more positive coronavirus developments, but a late report may suggest that there is some other reason as to who was behind the buying in US stocks overnight and why.
That said, there is no denying the improving trend in the virus trajectory in many places. But once again, all this optimism may still run into stumbling blocks as it doesn't necessarily mean any quick return to normalcy with lockdown measures still in place.
In the big picture, the real winner will be those that will be able to grasp and gauge how consumer behaviour will change all over the world in the coming months.
It is something that cannot really be quantified but will have massive implications for businesses and economies all over the world when trying to weigh up the recovery speed.
0545 GMT - Switzerland March unemployment rate
Prior release can be found here. The unemployment rate is expected to tick higher amid restrictive measures being enacted in the country amid the virus outbreak. It is a similar case all over the world so don't be too alarmed.
0600 GMT - Germany February industrial production data
Prior release can be found here. Expectation is for a softer reading amid supply chain disruptions from China two months' back and expect March, April data to be worse so the release here is a bit lagging in that sense.
0645 GMT - France February trade balance data
Prior release can be found here. The release predates the intense lockdown measures across the euro area region so it isn't one that matters.
0700 GMT - Switzerland March foreign currency reserves
Prior release can be found here. A proxy indicator of potential SNB intervention but I would argue that sight deposits data give a better idea on that rather than this.
0730 GMT - UK March Halifax house prices data
Prior release can be found here. A read on housing market conditions in the UK, which like most countries is expected to see a dip considering the impact of the virus outbreak. A minor data point all things considered.
1000 GMT - US March NFIB small business optimism index
Prior release can be found here. This is arguably the most important release during the session as it pertains to sentiment related to smaller firms in the US. We already know things are bad with joblessness skyrocketing but if the outlook for smaller firms are extremely gloomy then expect any potentially quick widespread recovery to be placed on hold.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
