Macro Events & News

FX News Today

  • A mixed picture on Asian bond markets as Stock markets were mostly higher, while Japanese indices fell back from early lows and Chinese indices rallied in the second part of the session.
  • A lacklustre Bank earnings report yesterday saw some investors turning cautious again and in Asia many will be waiting for Chinese GDP numbers tomorrow.
  • US futures are moving higher, with the Dow Jones future up 0.239%.
  • The front end WTI future is trading at USD 63.27 per barrel.

Charts of the Day

Technician’s Corner

  • EURUSD settled to narrow orbit of 1.1300, consolidating with MACD, and RSI been flattened in the neutral zone confirming the lack of direction. Resistance is set at PP level at 1.1306 and Support is at the latest low 1.1292.
  • USDCAD edged higher at 1.3395, holding inside recent ranges, as crude oil slumped $0.50. As it is set for a 2nd trading day above 20-day MA with upper Bollinger bands extending to the upside, a retest of the next Resistance levels at 1.3405 and 1.3440 could be seen.
  • USDJPY  found support again under the 112.00 mark, after topping at 112.03 overnight. A move over the March 5 high of 112.13 could take the pairing to near 4-month highs. Support now comes in at 111.79.

Main Macro Events Today

  • Earnings and Unemployment Rate – Average Earnings are expected to have remained at 3.4% while the unemployment rate is expected to have increased to 4%.
  • German ZEW – The ZEW investor sentiment is expected to lift out of negative territory in the April reading and rise to 0.5 from -3.6 in March, which would be a continuation of the improvements in recent months and suggests that pessimists no longer outnumber optimists.
  • US Industrial Production – March industrial production is projected to rise 0.2%, after a flat February reading, and capacity utilization should edge up to 79.2% from 79.1%.
  • NZ CPI Inflation – New Zealand’s inflation rate is expected to have declined to 1.8% y/y compared to 1.9% y/y in the final quarter of 2018.
  • Trade Balance – The Japanese trade balance is expected to turn out positive in March, standing at 310 billion Yen, compared to 335 billion Yen in February.

Support and Resistance

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Andria Pichidi

Market Analyst

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