Friday 21st April: European Open Briefing

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Friday 21st April: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei up 0.10 %, Shanghai Composite gained 0.05 %, Hang Seng rose 0.05 %, ASX 200 gained 0.65 %
  • Commodities: Gold at $1281 (-0.20 %), Silver at $17.96 (-0.30 %), WTI Oil at $50.75 (+0.05 %), Brent Oil at $53.00 (+0.05 %)
  • Rates: US 10 year yield at 2.24, UK 10 year yield at 1.07, German 10 year yield at 0.25

News & Data:

  • Japan Nikkei Manufacturing PMI (Apr): 52.8 (prev 52.4)
  • New Zealand ANZ Consumer Confidence (MoM) (Apr): -2.8% to 121.7 (prev -1.70% to 125.2)
  • Asian stocks climb, euro surrenders gains as French election jitters return – RTRS
  • Oil prices set for biggest weekly drop in a month – RTRS

Markets Update:

EUR/USD ran into strong resistance at 1.0775 yesterday and retraced back to 1.0715 later in the NY session. In Asia, the pair consolidated within a 1.0705-20 range. Larger gains seem unlikely ahead of the weekend, as most traders are waiting for the outcome of the first round of the French presidential election.

GBP/USD volatility has decreased significantly following Tuesday's big rally. The pair traded in a 1.2795-1.2815 range. However, GBP will likely remain bid in the short-term and good support is seen at 1.2750.

USD/JPY managed to break above 109.20 resistance yesterday, but still lacks momentum. Strong resistance is seen at 110, and selling rallies is still preferred as the downtrend remains intact.

Amid a lack of data and events, the Australian Dollar consolidated as well. AUD/USD traded in a 0.7515-35 range.

Upcoming Events:

  • 08:00 GMT – French Manufacturing PMI
  • 08:00 GMT – French Services PMI
  • 08:30 GMT – German Manufacturing PMI
  • 08:30 GMT – German Services PMI
  • 09:00 GMT – Euro Zone Manufacturing PMI
  • 09:00 GMT – Euro Zone Services PMI
  • 09:30 GMT – UK Retail Sales
  • 13:30 GMT – Canadian CPI
  • 14:45 GMT – US Manufacturing PMI
  • 14:45 GMT – US Services PMI
  • 15:00 GMT – US Existing Home Sales

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