The dollar hemorrhage continues in European trading.The moves on the session are turning rather outsized now but they're all in one direction. And that is the dollar falling out of favour as it continues to be pummeled across the board.

Deutsche Bank warns of a dollar confidence crisis.Deutsche is saying that amid the latest developments, there is a risk that major shifts in capital flow allocations take over from currency fundamentals. In turn, that will produce "disorderly" moves in the currencies market and trigger a confidence crisis in the US dollar.

Dax (Germany) index Elliott Wave technical analysis [Video].Function: Counter Trend.

Eurozone PPI rises 0.2% mom, 3.0% yoy in Feb.Eurozone PPI rose 0.2% mom and 3.0% yoy in February. The monthly gain was primarily driven by a 0.4% mom increase in prices for intermediate goods, alongside smaller rises in energy (0.2% mom) and capital goods (0.2% mom) prices.

OPEC+ reportedly not expected to change oil output policy today.And no change to policy is expected. So, carry on as you will.

SNB board member says negative rates still an option if needed.The Swiss National Bank could introduce negative interest rates if necessary because the policy has worked in the past, though it would prefer to avoid it, governing board member Petra Tschudin said on Thursday.

Crude oil feeling the pinch from global growth fears.The Trump's announcement yesterday was without a doubt worse than expected. There were some positive caveats like reciprocal tariffs not coming into effect immediately and so on, but there's a limit to optimism and hopefulness.

Goldman Sachs estimates latest tariffs to weigh on China's GDP growth by a further 1%.That being said, they are still maintaining their forecast for China's full year 2025 GDP growth at 4.5%. I'm not sure how their estimate works on that but okay.

Spain 3-y Bond Auction: 2.292% vs previous 2.487%.Spain 3-y Bond Auction: 2.292% vs previous 2.487%

Eurozone Producer Price Index (MoM) came in at 0.2%, above forecasts (0.1%) in February.Eurozone Producer Price Index (MoM) came in at 0.2%, above forecasts (0.1%) in February

Dollar slumps further across the board as tariff angst weighs.The dollar is falling further in European trading as it fails to find any shelter in the first wave of the market reaction towards Trump's tariffs. Worries about the tariffs driving the US economy to the brink of a recession are outweighing everything else, with traders clearly not liking the sort of uncertainty that Trump is bringing to the table on the domestic front.

UK PMI services finalized at 52.5, outlook and employment subdued.UK PMI Services was finalized at 52.5 in March, up from 51.0 in February, marking the highest level since August 2024. PMI Composite also improved to 51.5, a five-month high.

Kenyan shilling stable, importer dollar demand low.Kenya's shilling was unchanged on Thursday, helped by low importer demand for the dollar, traders said.

German Chancellor Scholz: Europe will respond appropriately and proportionately.Europe will respond appropriately and proportionately. Trump's decision on tariffs is fundamentally wrong.

Fed to deliver 75-100 bps of rate cuts this year, says UBS Global Wealth Management.At the end of last year, they argued for the Fed to cut rates four times in 2025 before scaling that back amid Q1 developments. But now with Trump's tariffs, they are putting their previous forecast back on the table in expecting Powell & co.

The Euro jumped more 1% to above $1.09, hitting its highest level since early October 2024, benefiting from a general dollar weakness as traders react to the latets batch of tariffs announced by President Trump. The US is set to impose a 10% tariff on all imports, with significantly higher rates for certain nations. The European Union will face total tariffs of up to 20%, prompting European Commission President Ursula von der Leyen to warn that the measures would deliver “a major blow” to the global economy. She also confirmed that the EU was preparing countermeasures. More than 20% of European Union exports go to the US and Germany will be one of the most affected countries. Traders are now pricing in a nearly 90% probability of a 25bps rate cut by the ECB in April, with expectations for the deposit rate to fall to 1.82% by December, down from previous estimates of 1.9% and the current 2.5%.

Eurozone PMI composite finalized at 50.9, steady but shaky.Eurozone's private sector continued to show signs of stabilization in March, with PMI Composite finalized at 50.9 — the highest in seven months — up from February's 50.2. PMI Services was finalized at 51.0, up from prior month's 50.6.

The Swiss franc strengthened toward 0.87 per USD, the highest level since early November 2024, as investors flocked to safe-haven assets in response to US President Donald Trump's more aggressive-than-anticipated tariffs on major trading partners. Meanwhile, as part of his "reciprocal tariffs" strategy, President Trump imposed a 31% levy on Swiss imports. On the domestic data front, the annual inflation rate in Switzerland stood at 0.3% in March 2025, unchanged from February’s near four-year low, slightly below market forecasts of 0.5%.

The HCOB Italy Services PMI fell to 52 in March 2025 from February’s eight-month high of 53, slightly below forecasts of 52.5. New orders grew for the second straight month, albeit at a slower pace. While export orders showed a slight contraction in March, they remained on an upward trajectory, nearing stabilization. Employment levels also increased modestly. The combination of sustained job creation and slower new work inflows enabled firms to clear outstanding orders during the month. On the cost side, input price inflation accelerated to a near one-year high, attributed to increased wage, energy, and raw material costs. In response, companies raised their charges at a pace that was among the most pronounced seen over the past year. Looking ahead, a larger proportion of service providers expect business activity to increase over the next 12 months. However, overall confidence declined notably, reflecting growing concerns about future economic conditions.

PSI 20 increased to a near 11-year high of 6999.00 Index Points. Over the past 4 weeks, PSI 20 gained 4.42%, and in the last 12 months, it increased 10.89%.

The HCOB Eurozone Services PMI rose to 51.0 in March 2025, exceeding the preliminary estimate of 50.4 and slightly above February’s reading of 50.6. This signaled a modest acceleration in output growth, despite a slight decline in new business volumes. Employment levels continued to increase, with the pace of job creation reaching its highest level since June 2024. On the pricing front, both input costs and output charges recorded their slowest rates of increase in four months. However, business optimism softened to its lowest level since November 2024.

The Hang Seng dipped 353 points or 1.5% to end at a one-month low of 22,850 on Thursday, pressured by broad-based sector losses. Concerns over a deepening trade dispute with the U.S. intensified, with China vowing "resolute" retaliation against bigger-than-expected Trump latest tariffs. The U.S. imposed an additional 34% levy on Chinese imports on top of a 20% tariff introduced earlier this year. Meanwhile, U.S. futures plunged sharply, fueled by fears that escalating trade tensions could complicate central banks’ efforts to cut interest rates. Tech stocks led the decline, falling around 2%, followed by consumer and financial sectors. Losses were limited by hopes that China would introduce more stimulus measures aimed at boosting consumption to offset tariff impacts. Chinese e-commerce stocks listed in the city saw a slump, notably Alibaba (-5.1%) and JD.com (-5.0%). Other major decliners included Shenzhou Intl. (-13.7%), Techtronic Inds. (-12.6%), and BYD Electronic Intl. (-8.7%).

The annual inflation rate in Georgia accelerated to 5.4% in March 2025, from 2.4 in the previous month. This marked the highest reading since March 2023, as prices rose faster for food and non-alcoholic (6.6% vs 3.7% in February), clothing and footwear (1.5% vs 0%) and health (8.8% vs 5.4%). In addition, costs remained unchanged for furnishings, household equipment, and maintenance (-2.1%). Meanwhile, costs eased for alcoholic beverages and tobacco (4.2% vs 4.7%), miscellaneous goods and services (6.3% vs 7.6%) and education (4.9% vs 5.2%). Moreover, prices tumbled for transport (-0.5 vs. 0.4) while deflation slightly worsened for communication (-12.4% vs. -12.2%). On a monthly basis, consumer prices rose 1.1% in March 2025, following a 0.4% gain in the previous month.

Aluminum futures dropped below $2,470 per tonne, a seven-month low, as escalating trade tensions and tariffs weighed on global demand. President Trump announced sweeping "reciprocal tariffs," setting a 10% baseline duty on imports and imposing steep levies on major economies, including China (54%), the EU (20%), Japan (24%), and India (26%). The US also began enforcing a 25% duty on imported vehicles, adding to trade disruptions. Earlier, Trump's 25% tariffs on steel and aluminum from Canada, Mexico, and the EU took effect on March 12, alongside a 200% tariff on Russian aluminum. Meanwhile, Canada banned Russian aluminum and steel imports. Rising protectionism has fueled uncertainty, driving aluminum prices lower. At the same time, output is increasing, with alumina producers in Guinea, Australia, and China expanding capacity. China’s aluminum production hit a record 44 million tons in 2024.

The HCOB Eurozone Composite PMI climbed to 50.9 in March 2025, surpassing both the preliminary estimate of 50.4 and February’s final reading of 50.2. This marked the third consecutive month of expansion in the bloc’s private sector and the strongest growth since last August, albeit modest overall. Notably, goods production increased for the first time in two years, while services activity accelerated compared to February. New business inflows remained largely unchanged, while employment saw a slight uptick—the first increase since July 2024. On the pricing front, inflation for both input costs and output charges eased to three-month lows. However, business optimism weakened to its lowest level since December.

The HCOB Germany Composite PMI was revised higher to 51.3 from a preliminary of 50.9 and compared to 50.4 in February. The data signaled the strongest expansion in the private sector in ten months, as the manufacturing downturn eased (48.3 vs. 46.5), with production rising for the first time in nearly two years. Meanwhile, growth in the services sector moderated slightly (50.9 vs. 51.1). A slight increase in manufacturing new orders was more than offset by lower intakes of new work at services firms, resulting in a further modest drop in overall new business. Total export sales were also down. Employment fell the least in ten months, as a softer rate of job shedding in manufacturing coincided with an uptick in hiring in services. Price pressures eased due to slower rates of input cost and output price inflation in the service sector. Discounting in the manufacturing sector meanwhile moderated. Lastly, data showed a broad-based improvement in expectations towards activity.

The HCOB France Services PMI rose to 47.9 in March 2025, improving from 45.3 in the previous month and surpassing the initial forecast of 46.6. However, this still marked the seventh consecutive month of negative readings, underscoring ongoing weaknesses in demand within the sector. Production continued to decline, driven by challenging economic conditions and weak client interest. Similarly, new orders fell for the seventh month in a row, with the volume of new work from international customers decreasing at the fastest pace in three months. In addition, job shedding remained prevalent in March, mainly due to the non-replacement of voluntary departures. On the prices front, inflationary pressures eased, with input costs rising at the slowest rate since last October, while output charges increased as companies sought to pass on higher operating expenses to clients. Finally, business confidence remained subdued, with growth expectations well below the historical average.

The HCOB Germany Services PMI was revised higher to 50.9 in March 2025 from a preliminary of 50.4, indicating the sector's fourth consecutive month of expansion. However, growth slowed as new business declined at the fastest rate in six months due to weak demand, heightened uncertainty, and competition from abroad. Firms reduced backlogs significantly, supported by moderate job creation. Optimism increased, driven by expectations of fiscal expansion, new products, and technological advancements. Input cost and output price inflation eased to their lowest since October, though price pressures remained above pre-pandemic levels.

The HCOB France Composite PMI for March 2025 was revised slightly up to 48, from the flash estimate of 47, and above February's 13-month low of 45.1. France's private sector saw its seventh consecutive month of contraction, yet the downturn was modest and the mildest since October. Manufacturing activity (PMI at 48.5 vs 45.8 in February) showed a mild uptick, with the softest contraction in over two years, while services (PMI at 47.9 vs 45.3) saw a slight improvement but remained stuck in a downturn. March saw a milder decrease in output, accompanied by a slower reduction in new business. Employment continued to decline for the fourth month, although the rate of job shedding was the softest over this period. Meanwhile, inflationary pressures eased, with selling charges rising only slightly and operating costs experiencing the softest increase of the year. Lastly, there was a pick-up in business confidence, though the outlook remained subdued by historical standards.

Eurozone HCOB Services PMI came in at 51, above expectations (50.4) in March.Eurozone HCOB Services PMI came in at 51, above expectations (50.4) in March