Posted at 28 April 2021 / Categories Market Roundups
Market Roundup:
•US Redbook (YoY) 13.9%,13.5% previous
•US Feb House Price Index (MoM) 0.9%, 1.0% previous
•US Feb House Price Index 319.7, 316.7 previous
•US Feb S&P/CS HPI Composite - 20 s.a. (MoM) 1.2%,1.1% forecast,1.2% previous
•US S&P/CS HPI Composite - 20 n.s.a. (MoM) 1.2%,0.9% previous
•US Feb House Price Index (YoY) 12.2%, 12.0% previous
• US Feb S&P/CS HPI Composite - 20 n.s.a. (YoY) 11.9%, 11.7% forecast, 11.1% previous
•US Apr Richmond Services Index 22, 16 previous
•US Apr Richmond Manufacturing Index 17, 17 previous
•US Apr Richmond Manufacturing Shipments 16,22 previous
•US CB Apr Consumer Confidence 121.7, 113.0 forecast, 109.7 previous
•US April Texas Services Sector Outlook 34.9,28.9 previous
•US April Dallas Fed Services Revenues 26.1,21.6 previous
Looking Ahead – Economic Data (GMT)
•No data ahead
Looking Ahead - Economic events and other releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro was little changed against dollar on Tuesday, as traders avoided taking out big positions before the Fed meeting. Trading in currencies was largely subdued, ahead of this week’s Federal Reserve two-day meeting ending on Wednesday, where no change to policy is expected. The market will pay close attention to comments from Fed Chairman Jerome Powell, who is likely to face questions over whether improving conditions warrant a withdrawal of monetary easing. Most analysts, though, expect him to say such talk is premature, which could put downward pressure on Treasury yields and the dollar. Immediate resistance can be seen at 1.2118 (23.6%fib), an upside break can trigger rise towards 1.2159 (Higher BB).On the downside, immediate support is seen at 1.2059 (5DMA), a break below could take the pair towards 1.2038 (38.2%fib).
GBP/USD: Sterling remained within the previous session’s ranges agaiinst dollar on Tuesday as investors awaited U.S. Federal Reserve meeting on Wednesday. Investors stayed on the sidelines ahead of the Fed’s policy meeting ending on Wednesday, where the U.S. central bank is expected to confirm that it will maintain its easy monetary policy to bolster the economy. Sterling was 0.02% lower at $1.3893, off last week's top of $1.4009. Immediate resistance can be seen at 1.3917 (23.6%fib), an upside break can trigger rise towards 1.3971(Higher BB ).On the downside, immediate support is seen at 1.3853(5DMA),a break below could take the pair towards 1.3806(38.2%fib ).
USD/CAD: The Canadian dollar was little changed against its U.S. counterpart on Tuesday, holding near its highest level in over five weeks as oil prices climbed and investors awaited comments from Bank of Canada Governor Tiff Macklem.U.S. crude prices settled 1.7% higher at $62.94 a barrel, while the Canadian dollar was trading nearly unchanged at 1.2401 to the greenback, or 80.64 U.S. cents. It traded in a range of 1.2388 to 1.2418..Immediate resistance can be seen at 1.2438 (5DMA), an upside break can trigger rise towards 1.2451(38.2%fib).On the downside, immediate support is seen at 1.2370(23.6%fib), a break below could take the pair towards 1.2300 (Psychological level).
USD/JPY: The dollar gained against the Japanese yen on Tuesday after the Bank of Japan kept policy on hold as widely expected and said it was ready to extend its pandemic relief programme. In a quarterly report released after Tuesday’s rate review, the BOJ revised up its growth forecasts and stuck to its view the world’s third-largest economy would recover as robust U.S. and Chinese demand underpins exports. The Bank of Japan projected on Tuesday that inflation will fail to reach its 2% target during its governor’s term through early 2023, as fresh curbs to combat a spike in COVID-19 cases overshadow the boost to growth from solid global demand. Strong resistance can be seen at 108.88(38.2%fib), an upside break can trigger rise towards 109.00(1Psychological level).On the downside, immediate support is seen at 107.82 (23.6%fib), a break below could take the pair towards 107.23(Lower BB).
Equities Recap
European stocks ended a shade lower on Tuesday as optimism over strong British earnings was offset by UBS disclosing a hit from dealing with U.S. investment firm Archegos, while travel stocks hit record highs on hopes of a post-COVID rebound..
UK's benchmark FTSE 100 closed down by 0.31 percent, Germany's Dax ended down by 0.26 percent, France’s CAC finished the day down by 0.03 percent.
Tepid results from Tesla and 3M weighed on Wall Street on Tuesday, with the main indexes ending mixed as investors focused on wave of earnings reports from Microsoft, Alphabet and other corporate heavyweights.
Dow Jones closed down by 0.01 percent, S&P 500 ended down by 0.02 percent, Nasdaq finished the down up by 0.34 percent.
Commodities Recap
Gold prices were little changed on Tuesday ahead of the U.S. Federal Reserve's meeting, while palladium prices hit a new record high on persistent supply worries.
Spot gold edged up 0.2% to $1,784.16 per ounce by1313 GMT. U.S. gold futures rose 0.2% at $1,784.10.
Oil prices edged higher on Tuesday as OPEC+ was expected to stick to existing plans to boost oil output slightly from May 1, suggesting it does not see a lasting impact on demand from India's coronavirus crisis.
Brent crude was up 24 cents, or 0.4%, at $65.89 a barrel by 12:32 p.m. ET (1632 GMT) after climbing to a session high of $66.45. U.S. oil gained 45 cents, or 0.7%, to $62.36.