Date : 7th April 2023.
Market Update – April 7 – Stocks & Dollar Higher Ahead of Jobs Day.
Trading was cautious heading into the March jobs report and the Easter holidays. Most global markets will be closed on Good Friday, with much of Europe also shut for Easter Monday. Wall Street will not trade today, but the Treasury market will be open for an abbreviated session due to the employment report. The USD recovered from lows, Stocks closed a tad higher and Yields slipped again (US 10-yr at 3.288%). Gold tested down to $2,000 before settling a $2007.82, & USOil closed at $80.70.
Overnight: Japan – February household spending (weaker) +1.6% vs +4.3% & Leading Indicator Index rises to 97.7 vs 96.5 last time.
Biggest FX Mover @ (07:30 GMT) AUDJPY (+0.31%). Broken a 3-day fall from a test of the 90.00 zone earlier in the week, recovering 88.00 today. MAs aligning higher, MACD histogram & signal line turning positive & rising, RSI 59.35 & rising, H1 ATR 0.103, Daily ATR 1.089.
Always trade with strict risk management. Your capital is the single most important aspect of your trading business.
Please note that times displayed based on local time zone and are from time of writing this report.
Click HERE to access the full HFM Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!
Click HERE to READ more Market news.
Stuart Cowell
Head Market Analyst
HFMarkets
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Market Update – April 7 – Stocks & Dollar Higher Ahead of Jobs Day.
Trading was cautious heading into the March jobs report and the Easter holidays. Most global markets will be closed on Good Friday, with much of Europe also shut for Easter Monday. Wall Street will not trade today, but the Treasury market will be open for an abbreviated session due to the employment report. The USD recovered from lows, Stocks closed a tad higher and Yields slipped again (US 10-yr at 3.288%). Gold tested down to $2,000 before settling a $2007.82, & USOil closed at $80.70.
Overnight: Japan – February household spending (weaker) +1.6% vs +4.3% & Leading Indicator Index rises to 97.7 vs 96.5 last time.
- FX – USDIndex slipped to 101.06 yesterday and remains below 102.00 today at 101.50. EUR slipped under 1.0900 yesterday but trades at 1.0920 now. JPY found a floor at 131.00 this week but remains under 132.00 for a fourth day. Sterling’s decline from the key 125.00 holds at 1.2440, next support 1.2425.
- Stocks – US markets, closed mixed led by tech stocks yesterday (+0.76% to -0.03%) #US500 closed at 4105 – US500 FUTS also higher at 4128.
- Commodities – USOil – Futures held the key $80.00 and a new equilibrium following the OPEC production cut last weekend. Gold – tested into $2000 once again, before settling a $2007.82
- Cryptocurrencies – BTC continues to rotate at what is becoming the key $28k again.
Biggest FX Mover @ (07:30 GMT) AUDJPY (+0.31%). Broken a 3-day fall from a test of the 90.00 zone earlier in the week, recovering 88.00 today. MAs aligning higher, MACD histogram & signal line turning positive & rising, RSI 59.35 & rising, H1 ATR 0.103, Daily ATR 1.089.
Always trade with strict risk management. Your capital is the single most important aspect of your trading business.
Please note that times displayed based on local time zone and are from time of writing this report.
Click HERE to access the full HFM Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!
Click HERE to READ more Market news.
Stuart Cowell
Head Market Analyst
HFMarkets
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.