Prevailing geopolitical uncertainties weighed on market sentiments Tuesday. As Investors looked forward to the US Housing Starts, Building Permits and Industrial Production during the Tokyo Session, the Euro strengthened against the Dollar while the Yen weakened. Sterling edged higher and the Australian Dollar nose dived. The New Zealand having hit a 2 week high Monday, eased.
By the London Session, Euro further advanced and PM May’s call for an early Parliamentary elections in Britain gave the Yen a boost. The Sterling shot up, so did the Swiss Franc but the Australian Dollar further retreated.
The Wall Street Session opened with Indices on the low, largely due to May’s surprises call for general elections in June. The Dollar weakened further against the Euro. The Sterling further advanced with a sharp rise. The Canadian Dollar weakened as Oil prices fell. Oil prices were affected by concerns that US Production Growth is undermining OPEC Production Cut efforts. The Australian Dollar yet further declined largely due to the drop in Iron Ore prices.
Potential Catalysts
Data Front
EuroZone CPI (YoY) (Mar) (5:00 AM ET)
US Crude Oil Inventories (10.30 AM ET)
New Zealand CPI (QoQ) (Q1) (6:45 PM ET)
Japan Exports (YoY) (Mar) (7.50 PM ET)
