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- Varchev Finance: Trading day in one post 06.04.2018
Varchev Finance: Trading day in one post 06.04.2018
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Loading...Asian Stock Market: Asian markets are trading with mixed moods. Japan's Nikkei has declined by 0.15%, Topix by 0.09%. Australian ASX is also in red territory with 0.21%. Today, only Hong Kong's Hang Seng markets were opened, with a benchmark of 1% rising. Shanghai composite and Shenzhen composite remained closed for official Ching Ming Festival.
FX market: USD holds its upward momentum. EUR/USD is traded around the main horizontal consolidation support. Break below this level will give rise to a short position. The big picture is also positive for the dollar. Reaching the key level of the EUR/USD monthly chart and the failed breakthroughs of the resistance zone indicate that the bulls are losing power and the time comes for a strong dollar. Today we expect the data on Non-Farm payrolls and the change in average hourly wages. Recently, investors attach more importance to average hourly earnings than to NFP, and it is wise for us to do the same. During the news, we expect high volatility. JPY lost some of its upside momentum. In the last few days, JPY is trading down against its major competitors. The reason for this is that the trade war between the United States and China is unlikely to be as violent as Trump's first stated. But today, during the Asian session, the US president again "exploded" against China. Trump has proposed an additional $100 billion in tariffs. These news will return investors' concerns, and we are expecting to rush to JPY again. CAD: The Canadian dollar remains relatively strong. Backed by the high cost of oil, CAD is delighted to be in green territory. Today we expect data on the unemployment rate in the country. During the news we expect high volatility of the currency crosses. Our moods towards CAD in the medium term remain positive.
Commodities market: GOLD is still in its consolidation. Precious metal can not find direction for the third month. The price remains locked between $1300 and $1370. Today, US data will likely affect the price of the metal as it is quoted in dollars. If the data is positive for USD, we will probably see a decrease in the GOLD price. For now, it's a good idea to wait for the price to come out of the consolidated move before we take positions. OIL: Gold futures indicate a drop in oil prices. Brent traded a 0.6% drop at $67.95 a barrel, while WTI declined by 0.7% and traded at $63.11 a barrel.
European stock market: European indices will open with a decrease on the last day of the trader's week. The German DAX will start with about 70 points down on the price of 12,200 euros, the French CAC with a 30 points drop in the price of 5238 euros and the UKX UK with a 40 points drop in the price of 7160 pounds.
US stock market: Everything went well .. the indexes tested the SMA 200, the price did not go below the level and rebounded about 1000 points. And then Trump said $ 50 billion in tariffs are not enough. An additional $ 100 billion may be imposed on imported goods from China. This discouraged investors and the indexes melted again. In the short term, we remain negative toward the US indices.
Busy economic calendar for the European and American trade sessions 06.04.2018
9:00 Germany - Industrial production
10:45 EU - Member of ECB Coure speaks
15:30 USA - Non-farm payrolls
15:30 USA - average hourly earnings
15:30 USA - Unemployment rate
15:30 Canada - Unemployment rate
15:30 Canada - Ivey PMI
18:15 UK - BoE's Governor Mark Carney speaks
20:00 USA - Baker Hughes oil rig count
20:30 USA - Fed's governor Jerome Powell speaks
22:00 USA - Consumer credit change
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