EUR/USD
With little in the way of news flow, particularly as the European markets are closed, EUR came off its overnight highs to test its session low at 1.3802. With little fundamental to lead the move the retracement was observed after its session high of 1.3831 was met but not broken. Looking ahead to the rest of the week, participants will get to digest the release of Eurozone PMI’s on Wednesday, and German IFO expectations on Thursday.GBP/USD
Similar to its peers, GBP/USD has remained muted with the Easter holiday weekend leading to very light volumes. After breaking the psychological handle of 1.6800 overnight, the pair came off its highs, now moving to the downside, falling back below the aforementioned handle. Looking ahead the participants will get to digest the release of the BoE minutes on Wednesday and the UK retail sales on Friday.USD/JPY
Overnight, JPY weakened after the release of poorer-than-expected Japanese trade balance, - 1446.3bln vs. Exp. -1080.9bln (Prev. -800.3bln, Rev. -802.5bln), showed the trade deficit widened more than forecast last month. Overnight some news flow out of Japan suggested Japan's PM Abe's government plans to shake up the GPIF by replacing several key advisors in a sign that the leader wants public funds to invest more aggressively which could be of importance moving ahead. In a light session there was little else to give direction to the pair, however it came off its session highs, moving to trade generally sideways. Looking ahead the markets will see the release of US PMIs, weekly jobs reports and the BoJ deputy governor Nakaso talking in Kyoto on Wednesday.
Recommended Content
Editors’ Picks
GBP/USD stays below 1.2450 after UK employment data
GBP/USD trades marginally lower on the day below 1.2450 in the early European session on Tuesday. The data from the UK showed that the ILO Unemployment Rate in February rose to 4.2% from 4%, weighing on Pound Sterling.
EUR/USD steadies above 1.0600, awaits German ZEW and Powell speech
EUR/USD is holding above 1.0600 in the European morning on Tuesday, having hit fresh five-month lows. The pair draws support from sluggish US Treasury bond yields but the rebound appears capped amid a stronger US Dollar and risk-aversion. Germany's ZEW survey and Powell awaited.
Gold price holds steady below $2,400 mark, bullish potential seems intact
Gold price oscillates in a narrow band on Tuesday and remains close to the all-time peak. The worsening Middle East crisis weighs on investors’ sentiment and benefits the metal. Reduced Fed rate cut bets lift the USD to a fresh YTD top and cap gains for the XAU/USD.
SOL primed for a breakout as it completes a rounding bottom pattern
Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold. For SOL, however, the sensational altcoin could have a big move in store.
Key economic and earnings releases to watch
The market’s focus may be on geopolitical issues at the start of this week, but there is a large amount of economic data and more earnings releases to digest in the coming days.