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Canada March industrial product price +1.6% m/m vs +1.6% expected

134982   April 30, 2021 20:33   Forexlive Latest News   Market News  

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United States Core Personal Consumption Expenditure – Price Index (MoM) registered at 0.4% above expectations (0.3%) in March

134981   April 30, 2021 20:33   FXStreet   Market News  

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

United States Personal Spending came in at 4.2%, above expectations (4.1%) in March

134980   April 30, 2021 20:33   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

US Dollar Index Price Analysis: Recovery targets the 91.00 hurdle

134978   April 30, 2021 20:26   FXStreet   Market News  

• DXY adds to Thursday’s gains and approaches 91.00.
• The next resistance comes in at the 100-day SMA.

DXY gathers further upside traction and already approaches the key resistance at the 91.00 yardstick.

If the upside impulse gathers extra steam, then the next target will be at the minor hurdle at the 91.00 mark ahead of the 100-day SMA, today at 91.03.

Below the 200-day SMA (91.98) the outlook for DXY is expected to remain on the negative side.

DXY daily chart

USD/CHF climbs above 0.9100 as focus shifts to US data

134977   April 30, 2021 20:21   FXStreet   Market News  

• USD/CHF is rising modestly on the last trading day of the week.
• SNB Chairman Jordan reiterated their willingness to intervene in forex markets.
• Annual Core PCE Price Index in US is expected to rise to 1.8% in March.

Following a sharp decline on Wednesday, the USD/CHF pair struggled to find direction on Thursday before edging higher on Friday. As of writing, the pair was up 0.22% on the day at 0.9103.

SNB commentary weighs on CHF

Earlier in the day, Swiss National Bank (SNB) Chairman Thomas Jordan repeated that it remains essential for them to continue to use negative interest rates and stay ready to intervene in forex markets. “Swiss franc has weakened but remains highly valued,” Jordan added and made it difficult for the CHF to preserve its strength.

On the other hand, the US Dollar Index (DXY) extends rebound toward 91.00 on Friday, allowing USD/CHF to stay in the positive territory. 

Ahead of the US Bureau of Economic Analysis’ Personal Consumption Expenditures (PCE) Price Index, Personal Income and Personal Spending data, the DXY is up 0.28% on the day at 90.88.

Investors expect the Core PCE Price Index, the Federal Reserve’s benchmark inflation gauge, to rise to 1.8% on a yearly basis in March from 1.4% in February. If US T-bond yields gain traction on a stronger-than-expected reading, the USD could look end the week on a firm footing and help USD/CHF push higher.

Technical levels to watch for

South Africa Trade Balance (in Rands) above expectations (25B) in March: Actual (52.77B)

134976   April 30, 2021 20:09   FXStreet   Market News  

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

ForexLive European FX news wrap: Dollar holds slight gains, equities sluggish

134975   April 30, 2021 20:02   Forexlive Latest News   Market News  

Forex news from the European trading session – 30 April 2021

Headlines:

Markets:

• USD and CAD lead, EUR lags on the day
• European equities mostly lower; S&P 500 futures down 0.5%
• US 10-year yields up 1 bps to 1.645%
• Gold down 0.1% to $1,769.63
• WTI down 2.0% to $63.71
• Bitcoin up 2.4% to $54,269

There was a slew of inflation and GDP data in the euro area but none of which really made a splash in the market.

The releases mainly reaffirmed higher price pressures due to base effect adjustments – Eurozone core CPI remains subdued – while Q1 GDP figures across Europe reflected resilience but tepid economic activity in general.

The dollar though, did see some bids as EUR/USD slumped from 1.2110 to 1.2080 as sellers break back below the key trendline resistance @ 1.2108 and even now taking a run below the 100-hour moving average to seize some near-term control.

USD/JPY kept largely steady at 108.80-90 levels while GBP/USD also fell from 1.3940 to 1.3901 but buyers are hanging on at the figure level despite sellers breaking back below the key hourly moving averages @ 1.3912-14 during the session.

Meanwhile, commodity currencies remain little changed in general though the loonie is able to hold its own with USD/CAD seen at 1.2270-80 levels despite lower oil prices.

Elsewhere, the bond market remained calmer but equities are being dealt with a bit of a blow after yesterday’s bounce back as US futures are marked modestly lower.

US PCE deflator data and month-end flows at the fix are the two key things to watch next ahead of the weekend.

India Infrastructure Output (YoY): 6.8% (March) vs -4.6%

134974   April 30, 2021 20:02   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Brazil Unemployment Rate came in at 14.4%, below expectations (14.5%) in February

134973   April 30, 2021 20:02   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

EUR/JPY Price Analysis: Correction lower seen as temporary

134971   April 30, 2021 19:56   FXStreet   Market News  

• EUR/JPY comes under pressure following new 2021 highs.
• Interim support lines up at the 20-day SMA near 130.50.

EUR/JPY trades on the defensive after hitting new YTD peaks in the 132.35/40 band on Thursday.

Current price action suggests the rally remains healthy in the near-term. That said, the surpass of recent tops should open the door to the 133.00 round level initially and then followed by the September 2018 high at 133.13.

The immediate support line near 129.90 sustains the bullish momentum in the near-term. This area of interim contention is reinforced by the 50-day SMA at 129.75.

In the meantime, while above the 200-day SMA at 126.26 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

Silver Price Analysis: XAG/USD holds steady above the lower end of a short-term trading range

134969   April 30, 2021 19:56   FXStreet   Market News  

• Silver edged lower for the third consecutive session on Friday, though lacked follow-through.
• The recent price action constitutes the formation of a rectangle pattern on short-term charts.
• Weakness below $25.75-70 will mark a bearish break and set the stage for a further decline.

Silver failed to capitalize on the previous day’s bounce from the $25.75-70 support zone and traded with a mild negative bias for the third consecutive session on Friday. The white metal remained depressed through the mid-European session and was last seen hovering around the $26.00 mark.

Looking at the technical picture, the XAG/USD has been oscillating in a narrow trading band over the past two weeks or so. The rangebound price action constitutes the formation of a rectangle, suggesting indecision and warranting some caution before placing any aggressive directional bets.

Meanwhile, bearish technical indicators on hourly charts support prospects for an eventual breakdown through the trading range support. Moreover, oscillators on the daily chart – though have managed to hold in the bullish territory – have been struggling to gain any meaningful positive traction.

That said, it will still be prudent to wait for sustained weakness below the $25.75-70 cluster support before positioning for any further depreciating move. The XAG/USD might then turn vulnerable to accelerate the downfall further towards challenging the key $25.00 psychological mark.

Some follow-through selling will set the stage for an extension of the downfall towards the $24.65-60 horizontal support. Bearish traders might then aim to challenge the $24.00 mark before the XAG/USD eventually drops to retest YTD lows, around the $23.80-75 region touched on March 31.

On the flip side, any positive move beyond the $26.25 immediate hurdle might continue to confront stiff resistance near the $26.50-60 heavy supply zone. A sustained move beyond will mark a bullish breakout and assist the XAG/USD to aim back to reclaim the $27.00 round figure.

XAG/USD 4-hour chart

Technical levels to watch

India FX Reserves, USD up to $584.11B in April 23 from previous $582.41B

134968   April 30, 2021 19:33   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.