SHANGHAI, Mar 27 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
Last night
As concerns of a trade war eased, the US dollar index fell to a five-week low overnight and hovered around 89.
Most base metals rebounded as bearish sentiments improved. SHFE zinc rose over 1%, while copper and nickel fell. After the slump last week and the sharp growth in inventories yesterday, LME copper dropped to a low in three and a half months.
The general Texas business activity index slid to 21.4 in March from 37.2 in February, according to the monthly Texas Manufacturing Outlook Survey by the Federal Reserve Bank of Dallas.
China’s yuan-denominated crude oil futures contract was launched yesterday in Shanghai, and gained over 3% during the day. The contract opened at 431 yuan/barrel and fell 0.6% overnight.
Day ahead
Economic data of the eurozone for March and the US' Consumer Confidence Index are two key factors to watch today.
The US dollar dipped to around 89 overnight as trade war concerns improved. The US dollar is likely to remain rangebound and decline in the short term.
Base metals saw mixed trading last night, and this trend is likely to continue in the short term.
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