Originally updated: 08:00am London Time
Trading Bias: Not applicable
Currency pair: None
Current Sentiment: Neutral
At this stage of today’s session I will be awaiting news flow to provide opportunities to get into the market.
Fundamentals:
Price action overnight was largely dictated by the Dollar index amid a lack of risk appetite ahead of this week’s key risk events. The USD fell off its highs overnight as participants await today’s US ADP a prelude to Fridays all important NFP report, Australian building permits along with Chinese manufacturing data came out relatively as expected which supported the AUD, but was unable to hold on to its gains.
On today’s calendar we have US ADP at 1:15pm London time we will be looking for a positive figure here to get the markets speculating about Fridays NFP.
Technicals:
Given the lack of immediate set ups available at this stage of the session the pairs and levels I will be looking out for that are in line with the fundamentals are;
Short – AUD/USD 0.7700
Short – EUR/USD 1.0850
As always keep an eye on intraday news that may affect the outlook on these positions.
Other Market Moving News:
Overnight the JPY rallied against most of its peers due to safe haven flows caused by a sharp sell off in both Asian and US stocks.
Fed's George also said overnight that it's time for the Fed to discuss a rate hike, adding that policy action taken today will take time to be felt.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
Recommended Content
Editors’ Picks
USD/JPY flat-lines below 151.50 after soft Japanese CPI data
USD/JPY stays defensive below 151.50 after the release of a soft Japan's CPI report and mixed Industrial Production and Retail Sales data on Friday. Japanese verbal intervention also weighs on the pair amid the holiday-thinned conditions on Good Friday. US PCE inflation awaited.
AUD/USD buyers lack vigor above 0.6500 amid Good Friday trading lull
AUD/USD is trading listlessly above 0.6500 in the Asian session amid light trading on Good Friday. The Aussie pair shrugs off encouraging comments from China's FX regulator, as price action remains subdued ahead of the US PCE inflation data.
Gold flirts with record highs above $2,230, all eyes on US PCE data
Gold price flirts with record highs around $2,230 during the Asian session on Friday. The uptick of yellow metal is bolstered by the safe-haven flows amidst growing economic concerns and the prospect of interest rate cuts from the US Federal Reserve.
Optimism price could fall as nearly $90 million worth of OP tokens is due flood markets
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Will they won’t they cut rates is the question of Q2?
There has been some significant push back from Fed and Bank of England members around the timing of rate cuts, and the Bank of Japan still haven’t physically intervened in the FX market to stem yen weakness although they are threatening to do so.