EURUSD, H1
The new quarter started cautiously, with investors weary about how the Trumpian era of protectionism will proceed. European markets are closed, and India Australian and New Zealand markets were also closed. President Trump is expected to outline his China tariff list this week, while Beijing is hitting back with tariff increases of up to 25% on 128 U.S. products. Meanwhile, overnight data showed China’s March manufacturing PMI fell to a weaker than expected 51.0, a four month low. Also, Japan’s Q1 Tankan disappointed. This will be a busy week of data and events in the U.S, with the focus on the March jobs report and a speech by Fed Chairman Powell, both Friday. For today, there is the March manufacturing ISM, the Markit PMI, and February construction spending. The Fed’s Kashkari speaks on monetary policy and the economy.
The Greenback has weaken during the the pre-US session with EURUSD breaking over 1.2330 to breach R1 at 1.2338, USDJPY slips from an overnight spike to 106.39 down to 106.25 and cable continues to out perform and targets the 200 moving average at 1.4075. The H1 EMA Crossing Strategy ran to T1 and T2 this morning in thin trading and low volumes fro a net gain of 16 pips.
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Stuart Cowell
Senior Market Analyst
HotForex
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