On today’s US side of the equation we get April PMI’s

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Today, the focus is on the release of April PMI confidence indicators in the US and the Eurozone. The consensus bar is set low due to the current dire economic situation, with expectations of slight improvements in manufacturing and services sectors. The German Bundesbank suggests that Germany may have avoided a winter recession, but the economic situation remains weak. If the PMI data matches or exceeds expectations, it could push yields through resistance levels. The US Treasury is also starting its end-of-month refinancing operation with a record volume $69bn 2-year Note auction. The Japanese yen is not affected by verbal interventions warning or calls for a less easy monetary policy by the BoJ. The BoJ is set to give a new economic assessment on Friday. The UK PMI data and speeches by BoE officials are also being closely watched. The EUR/USD pair remains weak ahead of the Eurozone PMI data. ECB Villeroy states that the central bank cannot be the solution to the funding of the green transition and that private sources should provide the main part of the financing. Czech central bank policymaker Holub believes there is no need for the CNB to accelerate the pace of rate cuts as the economy shows signs of a rebound. The CNB is expected to revise its growth forecast and keep the current pace of rate cuts at the next meeting. Gold price continues to decline due to reduced safe-haven demand and lower expectations of Fed rate cuts. Pendle cryptocurrency sees a 10% price increase after Arthur Hayes' optimism on Pendle derivative exchange. Overall, the focus is on the PMI data releases and central bank actions in various countries.

#Pmi #EconomicData #CentralBanks #Yields #UsTreasury #JapaneseYen #Eur/usd #Ecb #GreenTransition #Cnb #GoldPrice #Cryptocurrency

https://www.fxstreet.com/analysis/on-todays-us-side-of-the-equation-we-get-april-pmis-202404230631