Global Economic News in Brief: Apr 15 to Apr 19 2024

Global Economic News-in-Brief: Apr 15 to Apr 19

April 15: The US Retail Sales

As per the sources from the US Census Bureau, US Retail Sales rose 0.7% in March. However, the forecasted figure of the indicator was a rise of 0.2%. The increase was due to a leap in revenues at online shops and it was also indicating that the economy had concluded in the first quarter on a solid basis. Such an an increase will be boosting the predictions that the Federal Reserve will continue to delay interest rates until September. Since there was an increase in the values of the indicator, it will have a favourable impact on the value of the US dollar quotes. The indicator will next be disclosed on 15th May 2024 at 12:30 GMT.                                                 

April 16: ZEW Economic Sentiment Indicator

On Tuesday at 09:05 GMT, the ZEW Germany Economic Sentiment Indicator was disclosed and was found to be 42.9 in place of the anticipated figure of 42.7. When the indicator that reflects the sentiment of institutional investors was published on 19th Mar 2024, it stood at 31.7. So, now there was a steady growth in the readings and hence it will have a favourable impact on the euro quotes. The market participants who are trading in the currency will be closely watching the changes in the readings of the ZEW Economic Sentiment Indicator, which will next be released on 14th May 2024 at 09:05 GMT.

April 16: Building Permits

The announcement of the Building Permits was one of the most significant releases made this week. The Census Bureau revealed the indicator on Tuesday at 12:30 GMT and according to the reports, 1.458 million permits for the building of new facilities were issued by the government or other regulatory authority for March compared to February. It was 4.3% lower than the revised February rate of 1.523 million. However, it is 1.5% above the March 2023 rate of 1.437 million. Due to the decline in the readings of the indicator, a negative effect was felt on dollar quotes on Tuesday. So it will be monitored by market participants who are trading in the US dollar quotes and those who are related to the housing sector of the market.

April 17: EIA Crude Oil Stocks Change

Based on the sources from the US Energy Information Administration, 2.735 million barrels of commercial crude oil were stocked by US companies instead of the expected 1.175 million. Since the EIA Crude Oil Stocks Change is one of the indicators impacting world oil prices, market participants who are associated with the energy sector of the market will be scrutinizing these results. Furthermore, this drop in the readings of the indicator will have a positive impact on the oil barrel price. It will next be disclosed on 24th Apr 2024 at 14:30 GMT.

April 18: Existing Home Sales

On Thursday, the National Association of Realtors unveiled yet another crucial indicator at 14:00 GMT, which was the Existing Home Sales. The sales of secondary housing sales in the US dipped to 4.19 million in March from a one-year high from the previously revised figure of 4.38 million. The reports indicated the ongoing impact of high mortgage rates and rising prices. As there was a decrease in the readings of the indicator, it will have a negative effect on US dollar quotes. Other housing data released this week indicated an upturn in builder confidence and a decline in construction starts. Mortgage rates remain more than twice as high as they were at the end of 2021, and Federal Reserve Chair Jerome Powell stated on Tuesday that the Fed is willing to maintain rates higher for longer than expected to curb inflation.

April 19: Retail Sales from the UK

When the Retail Sales of the UK was announced on Friday at 06:00 GMT by the Office for National Statistics, it stood at 0.0% in place of the anticipated 0.3%. The change in the readings of the indicator will have an impact on the market, therefore, the release was observed by the market participants who are dealing with British Pound quotes.