Currencies
- The euro (EUR) rebounded from is low at 1.3789 up to 1.3850 against the US dollar (USD). The euro erased part of its losses as the Fed chair, Janet Yellen, stated yesterday that Fed has a commitment to support the US economy.
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The British Pound (GBP) skyrocketed almost 120 pips and climbed up to its four year high at 1.6836 against the US dollar (USD). The sterling made a rally yesterday after the UK unemployment rate fell down to 6.9%, far below the expectations of 7.2%.
Equities
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The European stocks rallied as companies reported their financial results and the EU Stocks 50 (ESX) rose from yesterday’s low at 3009 all the way up to 3091.
Commodities
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Natural Gas (NGS) swing between gains and losses and is now trading around 4.550 US dollars per mmBTU. The energy is under pressure as the Energy Information Administration will release its weekly Natural Gas Storage report at 14:30 GMT and forecasts show 35 Billion held in the underground storage during last week.
Mover & Shaker with FX Options
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The US dollar (USD) increased sharply from 1.0958 all the way up to 1.1032 against the Canadian dollar (USD). The loonie depreciated after the Bank of Canada (BoC) press conference, which was dovish and signalled slow growth on exports.
- The monthly Canadian CPI due at 12:30 GMT and options traders may consider constructing a Bull Call Spread on USDCAD as the pair may continue its upside.
- A bull call spread can be constructed by purchasing an at-the-money Call and selling an out-of-the-money Call.
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Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.