German ZEW Survey, Nike and GameStop Earnings

As the dollar continued to weaken against other major currencies, the EUR/USD pair rose above the 1.07-level. Not only did the weakness of the dollar affect the move but also the recovery of the common European currency against some other major currencies like the Australian dollar (AUD) and New Zealand dollar (NZD).

German producer price index (PPI) data for February showed that inflation remains still high at a year-on-year rate that month at 15.8%. Though this is below the 17.8% inflation seen in the previous month, the rate of price increases is not slowing down as rapid as anticipated.

The eurozone trade balance deficit meanwhile significantly reduced from €18.1 billion to just €11.3 billion in January.

On Tuesday the results of the German ZEW survey on business expectations and current conditions can be expected.

Gold prices remained in an elevated position with market participants possibly still concerned about the overall state of the economy after the FDIC and others had to step in to halt a possibly wider-reaching collapse of the banking industry. The price of a troy ounce of the precious metal crossed on Monday for the first time in a year briefly above the $2,000-threshold in the spot markets.

Silver prices also remained in an elevated position around $22.5 per troy ounce, while palladium continued to decline closer towards the $1,400-level.

Oil prices rebounded from the recent lows after WTI crude oil futures briefly traded even below $65 per barrel during the session on Monday. Gasoline prices also moved moderately up from their intraday lows, though it remains to be seen whether concerns about the overall state of the economy after multiple bank depositors’ bailouts will still affect the overall market sentiment.

As usual on Tuesday the American Petroleum Institute (API) publishes its Weekly Statistical Bulletin that increase also data on crude oil, gasoline and distillate stockpiles in the U.S. Then on Wednesday the Energy Information Administration (EIA) follows up with a similar dataset in its Weekly Petroleum Status Report.

After a dip in the morning hours on Monday, stock market indices like the US 500 recovered over the course of the day and the index traded by Tuesday morning close to the 4,000-mark.

Pinduoduo (-14.12%) was besides some underperforming banks like First Republic, one of the worst performing equities during the session on Monday. The stock was likely reacting to the weaker than anticipated performance, even though the company reported that revenue was up by 46%. Bad news followed the company also on Tuesday as Google suspended its app after allegedly finding malware in some versions.

Only few major companies are expected to publish their respective results this week, including Tencent Music, HUYA, GameStop and Nike on Tuesday, Chewy on Wednesday and Accenture on Thursday.