Summary:

  • US Conference Board seems to be the most important release scheduled for today
  • Weekly change in oil stocks by API is worth looking at in order to make some predictions ahead of the DoE report
  • A few central bank speeches in the calendar as well

The US dollar lost ground on Monday despite receding risks related to a trade war following Mnuchin’s remarks. Today the greenback will get a chance to recoup at least a part of those losses as consumer sentiment data will be released. On top of that, traders should take a closer look at oil prices as the API is going to reveal its own calculations with regard US oil inventories.

3:00 pm BST – US Conference Board: It’s going to be a reading for March, hence one may expect another decent result taking into account the highest since 2004 reading seen in the University of Michigan survey. The median estimate points to 131 points meaning a tiny improvement from 130.8 points seen in the prior month. Of course the data will be impacted by tariffs therefore it will be interesting to see how those new trade restrictions influenced consumers’ moods.

9:40 pm BST – Weekly oil stocks by API: The latest API report illustrating a decent draw in inventories turned out to be in line with the DoE release thus it’s worth keeping a close eye on today’s print. According to the preliminary estimates provided by Reuters this week reading is going to show a small build in stocks, however, draws are expected in case of gasoline and distillates.

Central bank speakers scheduled for today:

8:00 am BST – ECB’s Vasiliauskas

10:00 am BST – ECB’s Nowotny

4:00 pm BST – Fed’s Bostic

link do file download linkThe USDCHF has come back to its relevant support area which could encourage to enter a long. However, the ongoing bearish momentum is fairly strong therefore there is no point in entering a long until the market draws a bullish candlestick. Source: xStation5