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It was a relatively busy Eurozone economic calendar. Industrial production figures from Italy and economic sentiment figures for Germany and the Eurozone were in focus.
Italian Industrial Production
According to istat, industrial production fell by 0.1% in March, reversing a 0.1% increase in February. Economists had forecast a 0.4% rise. Production rose by 0.9%, quarter-on-quarter, in the 1
st quarter of this year.
Year-on-year production was up 37.7% in March. In February, production had been down by 0.8%. Economists had forecast a 37.2% jump.
Economic Sentiment
In May, Germany’s ZEW Economic Sentiment Indicator jumped from 70.7 to 84.4, with the Current Conditions Indicator rising from -48.8 to -40.1.
4/2/2021 3:12:00 PM GMT
ECB’s Lagarde dared market players to test the bank “as much as they want.”
US President Biden’s plan taking shape, also facing fierce opposition.
EUR/USD bearish potential increases on a break below 1.1700.
EUR/USD downtrend extended to a fresh 2021 low of 1.1703 this week, although the pair managed to trim most of its weekly losses ahead of the close. The dollar peaked on Wednesday, as US Treasury yields reached late on Tuesday a fresh over one-year highs, with the yield on the 10-year Treasury note hitting 1.77%. The greenback’s strength faded afterwards, as the same yield retreated to 1.67% ahead of the close.
The Majors
It was a bullish day for the European majors on Tuesday. The CAC40 and the DAX30 rose by 0.32% and by 0.66% respectively, with the EuroStoxx600 gaining 0.88%.
While economic data from the U.S disappointed, stats from the Eurozone provided support in the early part of the session.
The auto sector was on the move early in the week, with Volkswagen delivering a more optimistic outlook on earnings.
For the majors, concerns over vaccine woes and the latest spike in new COVID-19 cases across Europe limited the upside, however.
The Stats
It was a relatively day on the economic calendar on Tuesday. Economic sentiment figures for Germany and the Eurozone were in focus.
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Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Michael Batnick, Director of Research at New York-based Ritholtz Wealth Management LLC, presented what he believes to be the most important chart of the decade in a Sunday post,
“We just witnessed the only recession in the history of this planet where the personal savings rate hit a 50-year high. This chart, which I think is the most important one from the last decade, comes from J.P. Morgan’s Guide to Retirement … Mathew Klein at Barron’s shows that Americans have saved $1.8 trillion more than they would have had we not experienced a pandemic. Wow. Just wow … To say that this is great news is an understateme