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Wall Street indices have a mixed session, ending the day around opening levels. After two very dynamic downward sessions, the lack of a rebound could signal the weakness of the bulls.
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On the other hand, rising U.S. bond yields and a strengthening dollar add supply pressure on stock indices.
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Despite a calm start to the session, the USD finishes the day as the strongest G10 currency again, gaining about 0.2-0.3% against most pairs. USDJPY gains 0.30% to 154.640.
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U.S. industrial production grows as expected by 0.4% m/m, the same as in February. U.S. capacity utilization rises slightly as expected to 78.4% from 78.2%.
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Very weak data from the U.S. housing market. Housing starts: 1.321 million (expected: 1.485 million; previously: 1.525 million). Building permits: 1.458 million (expected 1.51 million; previously: 1.518 million). Housing starts are down 14.7% m/m compared to the previous reading, although there was previously an increase of over 10%.
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CPI inflation in Canada rose by 0.6% m/m compared to 0.7% m/m previously and 0.3% previously. Yearly CPI stood at 2.9%, as expected, and 2.8% previously.
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AMD (AMD.US) is today the second-highest gaining company in the Nasdaq 100 index after announcing new processors for artificial intelligence in laptops and personal computers.
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Tesla (TSLA.US) loses 2.90% after Elon Musk informed employees that the company is eliminating over 10% of its global workforce, raising renewed concerns about the company's growth prospects.
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Goldman Sachs highlights the US as the only G10 nation where recent inflation data has exceeded expectations, suggesting potential for continued upward movement in the USD.
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With inflation pressures mounting, currencies that are particularly sensitive to policy decisions, like the EUR, are expected to lag behind the USD. This trend is likely to persist as markets and central banks navigate these inflationary developments.
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Gold again tests around 2400 USD per ounce, following news that Israel plans to respond to Iran's recent retaliatory attack. Just yesterday, it seemed that the situation might deescalate, but it appears that tensions could further intensify.
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In the cryptocurrency market, declines again prevail. Bitcoin loses 0.80% to 63000 USD. Ethereum loses a bit more, 1.20%, trying to stay above the 3000 USD level, and Altcoins (Total3) excluding ETH lose nearly 2.00%.
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