FX News Today

Wall Street was higher overnight, with the Dow up 0.4% and outperforming on the back of strong retail sales data and better earnings from Travelers and American Express.

Core European bourses were mixed, with the DAX up nearly 0.6%, the CAC 40 up 0.3%, and the FTSE slightly underwater.

Japan released its March national CPI, which as expected remain well below the 2% BoJ’s target, The overall raised to 0.5% y/y from 0.2%, and the core is at 0.8% from  the 0.7% y/y.

Tha Japanese inflation supports once again the BoJ’s large-scale easy monetary policy.

The US, Canada, the UK, several European and Asian markets closed for Good Friday, with Europe remaining shut for Easter Monday. Only Japan is open from the Asia trading centres.

Currencies

Charts of the Day

Majors

Technician’s Corner

EURUSD is still trading below the 1.13 level, retracing nearly 23% of yesterday’s losses. The April low of 1.1184, then the March 7 bottom of 1.1177 will be in the cross hairs in the coming sessions if we face a move below 1.1220.

GBPUSD has been stable at the upper 1.29 level, still unable to break through 1.30, fluctuating between the 1.3006 and 1.2960, which are Resistance and Support (PP) level respectively. Indicators are giving negative signals.

USOIL is ending the week with modest losses, narrowing at 64.00 level. Bigger picture, declining US inventories, OPEC+ production cuts, and Saudi Arabia export reductions should continue to support Oil prices. Support is set at 63.00 and Resistance at 64.70.

XAUUSD is trading at year-to-date lows, after breaking through the 1275 Support level. 1270 is the next Support level, with indicators are showing signs of stabilization.

Main Macro Events Today

Housing Data (USD, GMT 12:30) – Both Building Permits and Housing Starts are expected to have increased in March, by 1.299M and 1.230M respectively, up from 1.291M and 1.162M in February.3.

Support and Resistance

SupportResistance

 

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

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