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DAILY MARKET REPORT

Today the attention in the markets remains focused on possible measures and changes that the European Central Bank may undertake in the April meeting to deal with rising inflation. The ECB Monetary Policy Statement is set to be released at 11:45 GMT.

DAILY MARKET REPORT

Today the attention in the markets remains focused on possible measures and changes that the European Central Bank may undertake in the April meeting to deal with rising inflation. The ECB Monetary Policy Statement is set to be released at 11:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 12:30.

European shares opened slightly higher while the EURUSD held the early gains as the traders and investors waited to hear from the ECB President Christine Lagarde, to try and understand how the ECB responds to higher inflation. For Euro, the key support area to watch today is 1.0800/1.0770. The currency pair has been moving lower in the last few months, largely due to a broad strengthening in the US dollar.

EQUITIES

Wall Street ended higher on Wednesday. On Thursday, the US stock futures trade flat as investors wait for the release of the US retail sales report. The data is expected to show a 0.6% rise in sales for March.

OIL

Crude oil prices ended higher for the second consecutive day on Wednesday despite the release of weak oil inventory data from API and EIA. On Wednesday, the EIA inventory data showed the US crude inventories rose by more than 9 million barrels last week, compared to the market expectations of a 0.863 million increase.

CURRENCIES

In the currency market, the GBPUSD surged to a fresh weekly high of 1.3140 on Thursday supported by a robust employment report from the UK. However, considering the recent rebound in the British pound, the US dollar movement will continue to play a vital role in this currency pair's future direction. The Australian dollar struggling to find upside momentum following the release of Australia's unemployment rate came weaker than expected.

GOLD

The precious metal holding the previous session gains and remained in favour as a safe haven due to a dramatic spike in US consumer inflation. The overall momentum remains bullish throughout the week after the metal received additional support amid concerns of an escalation in the Ukraine conflict.

Economic Outlook

On the data front, the Bank of Canada raised its benchmark interest rate Wednesday by half a percentage point to 1%. The central bank now expects the annual inflation rate to average almost 6% in the first half of this year and remain well above its control range of 1% to 3% throughout 2022.

Moving ahead today, the important events to watch:

Eurozone – ECB interest rate decision and statement: GMT – 11.45

US – Retail sales: GMT – 12.30

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 499 million people have been confirmed infected and more than 6.18 million have died. The United States has confirmed over 80 million cases and has had more than 985,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For Euro, the resistance for the pair remains above 1.0950, any break over targets 1.1000/40. On the other side, the immediate support is near 1.0860 and any break will drag the euro to 1.0830 and 1.0800 levels.

eurusd

The important levels to watch for today: Support- 1.0860 and 1.0800 Resistance- 1.0950 and 1.1040.

GOLD: Gold price trades steady above $1970. If the bullish momentum continues the next upside levels to watch are $1982 and $1998. On the downside, any meaningful pullback now seems to find some support near the $1965 zones, below which the slide could further get extended towards the $1955/50 region.

gold neww

The important levels to watch for today: Support- 1965 and 1950 Resistance- 1982 and 2000.

Quote of the day - “Use limit orders exclusively-except when placing stops. Be careful what you use: there is no magic solution. Success cannot be bought; it can only be worked on.” Alexander Elder.

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