Oil Surges to Year-to-Date High on Positive Chinese PMI Data

by Jennifer

The week commenced at a leisurely pace as many Western markets remained shuttered for the Easter holiday. Notably, the US unveiled the latest core Personal Consumption Expenditures (PCE) data on Good Friday, followed by remarks from Federal Reserve (Fed) Chair Jerome Powell. While the figures met expectations, market reaction remained subdued amid the Easter break.

The EURUSD opened the week under pressure, with yen bulls notably absent. Concurrently, the Nikkei index witnessed significant selling pressure after the Bank of Japan’s (BoJ) Tankan index experienced its first quarterly decline in a year. Meanwhile, oil prices extended their gains to reach their highest year-to-date levels on the back of encouraging Chinese Purchasing Managers’ Index (PMI) data.


In the realm of equities, the first quarter concluded last week with the S&P500 achieving its strongest performance since 2019, marking a notable milestone.


Turning to Turkey, Sunday’s municipal elections delivered sobering results for leaders backed by President Erdogan’s AKP party, particularly in major cities like Istanbul. The USDTRY currency pair, which has been trading higher in the aftermath of the elections, is poised to continue its upward trajectory at a potentially accelerated pace. This anticipation stems from the likelihood that the central bank may adopt a less aggressive stance in countering the lira’s depreciation, now that the elections have concluded.

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