The main events on April 3, 2017
-The Aussie fell in Asia on Monday on mixed data sets that showed retail sales miss expectations, the manufacturing PMI ease, but home building figures soar.
-AUD/USD traded at 0.7618, down 0.14% after the data. USD/JPY changed hands at 111.22, down 0.16%, while EUR/USD rose 0.17% to 1.0673.
-The U.S. dollar index eased 0.14% to 100.28.
-In the week ahead, investors will be looking to Wednesday’s Fed minutes for fresh indications on the timing of the next U.S. rate hike ahead of Friday’s closely watched nonfarm payrolls report and a meeting between Chinese President Xi Jinping and U.S. President Donald Trump in Florida.
-Gold prices held slightly weaker on Monday in Asia after mixed regional data sets and political risk events this week in focus.
-Gold for April delivery eased 0.04% to $1,250.65 a troy ounce.
-Crude gave up slight early gains on Monday in Asia with China shut for a public holiday and investors shrugging off news at the weekend on upbeat output cuts by Russia and a pledge by Iraq to step-up compliance.
-WTI fell 0.14% to $50.53 a barrel. Brent eased 0.24% to $53.40 a barrel.
News for Today:
-The UK is to release survey data on manufacturing activity.
-In the U.S., the Institute of Supply Management is to release its manufacturing survey.
-Meanwhile, New York Fed President William Dudley, Philadelphia Fed President Patrick Harker and Richmond Fed President Jeffrey Lacker are all set to speak.
-New Zealand is to release private sector data on business confidence.
-Financial markets in Shanghai and Hong Kong will be closed for a holiday.
-Australia is to report on the trade balance and the Reserve Bank of Australia’s latest interest rate decision is due.
Main Events of the week:
Tuesday, April 4
The UK is to release survey data on construction activity.
Canada and the U.S. are both to release trade data, while the U.S. is also to report on factory orders.
Wednesday, April 5
The UK is to release survey data on service sector activity.
The U.S. is to release the ADP nonfarm payroll report and later in the day the ISM is to release its non-manufacturing survey.
The Fed is to publish the minutes of its March meeting, where it hiked rates and stuck to its projection for two more hikes this year.
Thursday, April 6
Germany is to release figures on factory orders.
The ECB is to publish the minutes of its latest meeting.
Canada is to publish data on building permits.
The U.S. is to produce the weekly report on jobless claims.
Friday, April 7
The UK is to release industry data on house price inflation as well as reports on manufacturing production and the trade balance.
Canada is to publish its monthly employment report.
The U.S. is to round up the week with the closely watched report on nonfarm payrolls.
EUR/USD Intraday: key resistance at 1.0705.
Our preference: short positions below 1.0705 with targets at 1.0645 & 1.0630 in extension.
Alternative scenario: above 1.0705 look for further upside with 1.0740 & 1.0770 as targets.
Comment: as long as 1.0705 is resistance, likely decline to 1.0645.
Supports and resistances:
Review provided by broker Fidelis Capital Markets