Currencies
- The euro (EUR) remains range bound near its 8-month low against the US dollar (USD) at around 1.3458. The pair remains under pressure, ahead of the US Unemployment claims due at 12:30 GMT and better than expected figures might move the pair lower.
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The US dollar (USD) gained yesterday against the Japanese yen (JPY) with its high at 101.51. The pair might be volatile ahead of today’s announcements, with the US New home sales expected to be at 485K and tonight the yearly Tokyo Core CPI will be announced with expectations at 2.7%.
Equities
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China 50 (CNX) reached 3-month high at 7009 as China’s Manufacturing increased to its strongest reading for the last 18 months.
Commodities
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Natural Gas (NGS) continues its drop and reached its 10-month low at 3.740 USD per mmBTU. On the calendar, the Natural Gas Storage will be announced at 14:30 GMT while expectations are at 95B cubic feet held in the underground storage.
Mover & Shaker with FX Options
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New Zealand dollar (NZD) lost more than 130 pips yesterday and declined down to 0.8569 as the New Zealand’s central bank warned of the potential for a significant fall of the currency. Kiwi continues its bearish trend and is currently trading around 0.8580.
- Option traders may consider constructing a Back Spread Strategy with Puts on the NZDUSD and gain if the pair moves lower, while the risk is limited to the premium paid.
- A Back Spread Strategy with Puts can be constructed by selling an at the money Put while buying an out of the money Put at double amount.
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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.