SHANGHAI, Apr 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.
The US dollar was roughly flat on Monday amid thin trades with Europe out on holiday.
The dollar index, which tracks the greenback against a basket of other currencies, was little changed on the day and finished at 99.504.
"The dollar rallied some overnight in holiday-thinned trade, though pulled back in light N.Y. trade on Monday. There was zero data on tap, and focus largely remained on virus developments," wrote analysts at Action Economics.
The US dollar had given back some recent gains as the selling pressure against its key peers persisted over the last couple of weeks on eased market sentiment. However, the financial market remained cautious about the economic impact from the coronavirus as authorities imposed stricter measures to curb the spread of the virus.
SHFE nonferrous metals closed mostly higher on Monday, with copper leading the gains with a rise of 1.5%. Tin rose 1.2%, zinc and lead climbed more than 0.9%, while aluminium dipped less than 0.1% and nickel fell 0.7%.
The LME was closed Monday for the Easter Monday holiday, and trades will resume on Tuesday.
Crude prices settled on a mixed note Monday, with global prices higher but US prices down as the weekend’s OPEC+ deal failed to soothe demand concerns.
OPEC producers dominated by Saudi Arabia and allies led by Russia agreed on a deal on Sunday to cut production by nearly 10 million barrels per day from May.
Analysts from Goldman Sachs and elsewhere said the OPEC+ move was “too little, too late” after weeks of a damaging price war between Saudi Arabia and Russia.
US stocks closed mixed on Monday as investors gear up for the start of earnings season this week.
The coronavirus pandemic is expected to show up in companies’ first-quarter report cards, even though the virus didn’t shut down the US economy until mid-March.
Gold, viewed as a safe haven, hit its highest level since 2012, up 1.2% on the day, as investors weighed expectations for further moves by central banks and fiscal policymakers to boost the global economy.
Key economic data slated for release on Tuesday include China’s trade balance for March, the US import price index for March and its weekly crude oil change surveyed by the American Petroleum Institute (API).