The Market In All Fools Day Or A Day Filled With Surprises.By Kenneth@Xtrade - on April 1, 2019
The Market in All Fool Day or A Day filled with surprises.
The weekend came to a close just in time for April fool’s day. The weekend was well exhausted. Profit-taking was effected on Friday, followed by an increased volume of traders to the Cryptocurrencies.
Oil Traders are taking advantage of the woes hitting US Shale oil. Apparent supply constraints may help bolster prices to where OPEC&OPEC+ had set their targets $60-$70bbl. The Baker Hughes Rig Count revealed that the number of US Rigs had falling from 824 to 815 the previous week. WTI Prices crossed the $60.00 bbl. Level and knee jerking. The week is laced with economic data from the US to gauge the strength of the economy with The ISM report and NFP report on Friday. The EU will also provide some hits, while Investors monitor another round of US- Chinese negations which Prime Minister Liu and US trade representatives in Washington beginning today.
Progress is seen as positive sign for both US & Chinese economies with appetite for risker assets encouraged. Tension between the two economies weighs negatively on global stocks, Commodities and attracts investors to the Safe-Havens.
As the Q4 earnings winds down, Q1 kicks in with marred distinction. Thus awkwardly supporting global markets to a degree despite the said global slow down.
Today. China’s PMI surprised Market participants. Boosting Asian Stocks
With the Asian markets up, it is likely that the EU markets are likely to remain bullish for most of the trading day. The US stock are also expected to be hawkish in today’s trading session.
UK100: By the time of print 11:30 GMT. The FTSE 100 was caught trading up 0.53% between 7,221.5 – 7,279.0 mostly jerking around 7,250.00 and 7,252.00.
Germany 30: Since Friday the DE30 futures has been climbing to trade between 11,597.4 – 11,723.5 by the time of print it was seen up 1.22% at 11,675.2
Italy 40: The Italian FTSE. FTSE MIB also gathered more steam seen 0.46% from the day’s open rate 20,859.50 to around 20,837.00. the Resistance for today is set at 20,947.50 and the lowest at 20,802.00.
USA30: The Dow was also seen joyful up 0.72% at 26,119.5 trading from 25,997.5 lows and 26,157.5 highs so long as the Sino- US negotiations rings a positive tone, upside movements will be exploited.
Some mixed movements, Most of the Energy, and Agricultural sectors remains bullish. However, The Metals expect copper and palladium are shedding gains.
Oil: WTI Crude prices were driven up as per our intro supply issues arise, and progress in US China relationship. The day’s up side is seen at $60.90 crossover to $61.00 should not be a surprise.at the Time of print it was up 1.20% around 60.86.
Gold: Prices have been lingering since as the USD gained investors shied away from the precious metal to take tabs on the USD and some of the riskier assets. Trading down 0.23% at 1,295.45 by the time of print further downside to 1,292.00 or beyond could still be seen today by the US session.
Although the USD was seen supported. A basket of other major currencies was observed trading up against the Dollar. Mostly, due to local data.
The Chinese Purchasing Managers Index for example bolstered the AUD, Yuan, The EUR, GBP, were bullish to the USD following Dovish undertones from the central bankers, while Brexit deliberations further complicates and clouds the visibility of upcoming trends
GBP/USD: The pair seems to be oscillating in a familiar range, with more or less the same amount of volume traded. Meaning it is likely to see movements between 1.3004 – 1.3136. By the time of print they were 0.40% up at 1.3095. recouping most of its looses.
EUR/USD: Was spotted standing at 1.1235 up 0.18% from the previous close of 1.1218. the day’s upside could be seen at around 1.1243. at this point I would like to remind the Market participants that the ECB’s fantasy would have been to reach as close as possible to parity with the USD.
USD/JPY: This pair could be said to be trading sideways since late last week as it keeps around the 110 threshold. Opening at 110.800 and spotted up 0.09% at 110.96 the day’s resistance of 111.18 could be breached again.
Some other currencies to watch could be the Turkish Lira, USD/TRY in which the Lira seems to weaken to the USD as the municipal elections in Turkey is underway. The AUD, NOK, MXN are some extras.
The new week has not caused traders to jump ship as the y usually do on Monday’s BTC/USD was seen up 0.50% and about 80% of all tokens were bolstered upwards or trading sideways.
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