NEWS / Foreign Exchange

French Business Confidence Rises Unexpectedly in March

- The European indices are currently trading in negative territory in the session. While indices traded lower European commodity stocks added some upside as oil and metal prices are on the rise.

- European government bonds are currently trading lower in the session. EGBs opened lower after JGBs closed sharply lower in Asia, and French business confidence exceeded expectations.

- French business confidence unexpectedly rose to a one-year high of 109 in the month of March, while the production outlook indicator was above estimates at ??“1, and the own-company production outlook was also above estimates at 17. The unexpected rise in business confidence resulted from a rise in domestic orders.

- Spanish producer prices for the month of February were slightly ahead of estimates, but still fell to their lowest level on over three years on a y/y basis as a result of lower oil costs.

- The Swedish trade balance grew by less than expected to SEK11.9B in February from SEK11.4B in January.

- Front month crude oil futures are currently trading near a three-month high as tension around Iran increases. Recall that, on Friday, 15 British sailors were captured in Iranian orders and are still being held. The UN Security Council also voted to increase sanctions on Iran this weekend.