FX MARKET REPORT 29.04.2021

FX MARKET REPORT 29.04.2021

FX MARKET REPORT 29.04.2021

Daily Commentary
FX MARKET REPORT 29.04.2021
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FX MARKET REPORT 29.04.2021

GBP/USD: Poised to test the March highs at 1.4001/17. EUR/USD has broken key resistance from its March high, 61.8% retracement of its Q1 fall and downtrend from the beginning of the year at 1.2103/18. Analysts at Credit look for further strength to 1.2212, potentially the 1.2243 February high.  EUR/USD removed key resistance at 1.2103/18 yesterday and completed a bullish ‘outside day’ in the process, reasserting an upward bias again. With the USD itself also under pressure and expected to weaken further into month-end we look for further strength to the 78.6% retracement of the Q1 fall at 1.2212, with scope for the 1.2243 February high, which we then look to try and cap to define the top of a fresh sideways range. The dollar index was flat at 90.610, trading not far away from a nine-week low. USD/JPY rose 0.2% to 108.78. The risk-sensitive AUD/USD rose 0.1% to 0.7794 and NZD/USD climbed 0.1% to 0.7258. The Federal Reserve decided on Wednesday to leave the policy interest rate near zero and kept a $120 billion monthly pace of asset purchases, while acknowledging that there had been an improvement in the economic conditions Fed chairman Jerome Powell continued to signal that policy will remain steady for some time, to the benefit of the global economy, with inflation risks distorted by the pandemic-related decline in prices last year.

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GBP/USD: Poised to test the March highs at 1.4001/17. EUR/USD has broken key resistance from its March high, 61.8% retracement of its Q1 fall and downtrend from the beginning of the year at 1.2103/18. Analysts at Credit look for further strength to 1.2212, potentially the 1.2243 February high.  EUR/USD removed key resistance at 1.2103/18 yesterday…

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