FX News Today
- Wall Street was higher overnight, with the Dow up 0.4% and outperforming on the back of strong retail sales data and better earnings from Travelers and American Express.
- Core European bourses were mixed, with the DAX up nearly 0.6%, the CAC 40 up 0.3%, and the FTSE slightly underwater.
- Japan released its March national CPI, which as expected remained well below the 2% BoJ’s target. The overall rose to 0.5% y/y from 0.2%, and the core is at 0.8% from the 0.7% y/y.
- The Japanese inflation supports once again the BoJ’s large-scale easy monetary policy.
- The US, Canada, the UK and several other European and Asian markets are closed for Good Friday, with Europe remaining shut for Easter Monday. Only Japan is open from the Asia trading centres.
Charts of the Day
Technician’s Corner
- EURUSD is still trading below the 1.13 level, retracing nearly 23% of yesterday’s losses. The April low of 1.1184, then the March 7 bottom of 1.1177 will be in the cross hairs in the coming sessions if we face a move below 1.1220.
- GBPUSD has been stable at the upper 1.29 level, still unable to break through 1.30, fluctuating between the 1.3006 and 1.2960, which are Resistance and Support (PP) level respectively. Indicators are giving negative signals.
Main Macro Events Today
- Housing Data (USD, GMT 12:30) – Both Building Permits and Housing Starts are expected to have increased in March, by 1.299M and 1.230M respectively, up from 1.291M and 1.162M in February.
Support and Resistance
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Andria Pichidi
Market Analyst
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