The foreign exchange market reacted to the swine flu pandemic at the start of the week with traders bidding higher the safe-haven currencies. The dollar and yen advanced across the board amid declining global equities, pushing the euro lower to 1.3001 and 125.68, respectively.
The US economic calendar for the coming week will see a barrage of reports including the Case-Shiller home price survey, Richmond Fed survey, Conference Board’s consumer confidence survey, Q1 GDP, personal income, consumption, PCE, Chicago PMI, University of Michigan consumer sentiment, durable goods orders, and ISM manufacturing. Consensus estimates call for Q1 GDP to post a decline of 5.0% versus the previous decline of 6.3%. Meanwhile, consumer confidence is estimated to improve in April to 29.5, versus 26.0 a month earlier.
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