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Market Summary 30 April 2021

 


EUR/USD: The euro strengthened against weaker dollar on Thursday after data showed Euro zone sentiment surges in April. Euro zone economic sentiment surged in April as vaccination campaigns against the coronavirus gathered speed, with sharp gains across all sectors of the economy that economists said marked the end of the pandemic-induced recession. Consumer optimism rose to -8.1 from -10.8, in line with an initial estimate published last week, and in retail trade to -3.1 from -12.2.

Immediate resistance can be seen at 1.2150, an upside break can trigger rise towards 1.2200 (Psychological level).On the downside

Immediate support is seen at 1.2101, a break below could take the pair towards 1.2061.

Immediate support is seen at 1.3905, a break below could take the pair towards 1.3815.


USD/CAD
: The Canadian dollar strengthened to a three-year high against its U.S. counterpart on Thursday as U.S. President Joe Bidens push for additional government spending bolstered investor bets on global economic recovery. The Canadian dollar was trading 0.2% higher at 1.2289 to the US dollar, extending a string of gains since last Friday and the biggest advance among G10 currencies.

It touched its strongest level since February 2018 at 1.2270.

Immediate resistance can be seen at 1.2332, an upside break can trigger rise towards 1.2400.

Immediate support is seen at 1.2269, a break below could take the pair towards 1.2200 (Psychological level).


USD/JPY
: The dollar gained against the Japanese yen on Thursday as US DOLLAR was lifted by a rise in U.S. Treasury yields after the government reported strong economic growth for the first quarter and an improvement in new jobless claims in the latest week. Gross domestic product increased at a 6.4% annualized rate in the first quarter, the data showed, and the second-fastest growth since the third quarter of 2003. First-quarter growth was powered by consumer spending, which increased at a 10.7% rate versus a 2.3% pace in the fourth quarter.

A separate report on Thursday showed U.S. initial claims for state unemployment benefits fell 13,000 to a seasonally adjusted 553,000 during the week ended April 24.

Strong resistance can be seen at 109.20, an upside break can trigger rise towards 109.47

Immediate support is seen at 108.50, a break below could take the pair towards 107.80.


Gold
: Gold was the major loser from the positive US GDP data series overnight. Gold traded in a volatile $25 range but finished the session 0.55% lower at $1772.00 an ounce. Notably, once again, gold attempted to rise above $1790.00 an ounce in early New York trading, but was repulsed. Bulls can take some heart that the $1760.00 an ounce Fibonacci support was also tested

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Market Summary 30 April 2021 Market Summary 30 April 2021 Reviewed by DR HISHAM M YOUNES on April 29, 2021 Rating: 5

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