Currencies
- The euro (EUR) dropped yesterday down to 1.3512 against the US dollar (USD). The single currency has formed its resistance at 1.3545 and support at 1.3500 while edging lower.
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The US dollar (USD) rose from 101.19 towards 101.50 against the Japanese yen (JPY). The monthly US CPI and the US Existing Home Sales are coming ahead with expectations of at 0.2% and 4.98M respectively.
Equities
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Asian equities advanced earlier today as investors believe that the tensions in Ukraine won’t hurt the global economic growth. The Hong Kong 40 (HSX) recorded 7 months high at 23608, the Japan 225 (NKI) went up to 15407, China 50 (CNX) to 6790 and India 50 (IND) towards 7743.
Commodities
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Corn (CRN) is currently trading near its four year low at 363 USD cents per bushel as the supply increases due to favourable weather in the US.
Mover & Shaker with FX Options
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Gold (XAU) remains volatile and is now trading near 1307 US dollars an ounce, as investors are weighting the tensions in Gaza and Ukraine against the strong US dollar.
- Option traders may consider constructing a Back Spread Strategy with Puts on the XAUUSD 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 clings to modest gains above 1.0650 ahead of US data
EUR/USD trades modestly higher on the day above 1.0650 in the early American session on Tuesday. The upbeat PMI reports from the Eurozone and Germany support the Euro as market focus shift to US PMI data.
GBP/USD extends rebound, tests 1.2400
GBP/USD preserves its recovery momentum and trades near 1.2400 in the second half of the day on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.