Good Morning Traders! It is Tuesday the 4th of April, a quiet day regarding releases. We get German export/import data, as well as Eurozone PPI throughout.
Here are some things to look out for ahead of today's session.
Sentiment
American inflation has begun to decline, according to Federal Reserve Governor Lisa Cook, but pricing pressures from the tight labour market, the conflict in the Ukraine, and China's openness could persist.
When OPEC+ announced an unexpected production cut that is anticipated to tighten the global market, oil continued to rise, posting its highest gain in a year. After rising by more than 6% on Monday, West Texas Intermediate pushed towards $81 a barrel.
A year after a number of Western sanctions on Moscow were imposed as a result of the invasion of Ukraine, China's yuan has displaced the US dollar as the most traded currency in Russia.
The unexpected declaration by 0PEC+ that it would reduce oil output by more than 1 million barrels per day was downplayed by President Joe Biden.
Docket
2:00 AM ET
German Exports MoM
Median Forecast 1.8% | Prior 2.1% | Range 3.5%/-1.0%
German Imports MoM
Median Forecast 1.5% | Prior -3.4% | Range 3.1%/-0.5%
5:00 AM ET
Eurozone PPI MoM
Median Forecast -0.45% | Prior -2.8% | Range 0%/-2.1%
Eurozone PPI YoY
Median Forecast 13.2% | Prior 15.0% | Range 14.6%/2.5%
Best of Luck Today Traders!
