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Summary
It’s Friday April 28th, and here is this week’s edition of forex happy hour and market report for the final trading day of the week. Major currency pairs saw a ton of volatility in the past week as Major central banks laid out their policy statements. Today is Switzerland’s turn to catch the eyes of market participants. Swiss National Bank (SNB) Governor Thomas Jordan sharing his two cents about monetary and investment policy in Bern at 8 AM GMT. He did a bit a of jawboning a week ago in an interview in Washington. He casually said the SNB has willingness to intervene if necessary on the foreign-exchange market. He might be planning to put CHF under pressure a bit more today. Other than this, we have the UK GDP out at 8:30 AM expected to have risen to 2.2%, Euro-Zone Consumer Price Index Estimate will be out at 9 AM, and Canada and the US will release their respective GDP data at 12:30 PM, so there is a lot to look forward to if you are a day trader. For me, not so much, as I am long term investor. Thanks for watching, have a great weekend and come back for more from Capital Index and Invest Diva next week.
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Editors’ Picks
EUR/USD stays weak near 1.0650 ahead of Eurozone PMI data
EUR/USD remains on the back foot near 1.0650 in European trading on Tuesday. Resurgent US Dollar demand amid a cautious risk tone weighs on the pair. Investors stay wary ahead of the preliminary Eurozone and US business PMI data.
GBP/USD eases below 1.2350, UK PMIs eyed
GBP/USD is dropping below 1.2350 in the European session, as the US Dollar sees fresh buying interest on tepid risk sentiment. The further downside in the pair could remain capped, as traders await the UK PMI reports for fresh trading impetus.
Gold could see a rebound before resuming the correction
Gold price sees a fresh leg down in Asia on Tuesday even as risk flows dissipate. Receding fears over Middle East escalation offset subdued US Dollar and Treasury bond yields. Gold remains heavily oversold on the 4H chart, rebound appears in the offing.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin price.
Focus on April PMIs today
In the euro area, focus today will be on the euro area PMIs for April. The previous months' PMIs have shown a return of the two-speed economy with the service sector in expansionary territory and manufacturing sector stuck in contraction.