U.S. President Joe Biden announced $2.3 trillion worth of spending to be spread out over an 8-year period including $621 billion for transportation and $580 billion for manufacturing. Biden’s bill includes $111 billion to provide broadband access nationwide and provide better wages and benefits for home care workers.
US stock futures trading mixed ahead of the Easter break. While European stocks extend higher after better-than-expected German and French Manufacturing data. On the other hand, Chinese shares ended higher despite weaker-than-expected Caixin PMI data.
Crude oil prices trading sideways ahead of the OPEC meeting results. During the previous session, the black gold slipped despite better-than-expected EIA inventory data. The data showed the US crude oil inventories unexpectedly fell by 0.876 million barrels in the March 26th week.
In the currency market, the US dollar index slightly retreated after the index hits a fresh session high of 93.42, the highest level has been since mid-November 2020. The Index fell near to 93 areas during the North American session on Wednesday following the mixed US macro-economic data.
The safe-haven metal trading steady above $1710 after the yields on the US 10-year Treasury note retreated to 1.70%. Moving ahead to the North American session, the Gold investors should closely monitor the US jobless claims and ISM data.
On the data front, Eurozone Manufacturing PMI was revised higher to 62.5 in March 2021 while German Manufacturing PMI came at 66.6 in March of 2021 from 60.7 in February.
On Wednesday, the US released the ADP employment and pending home sales data. The US private-sector employers added 517K jobs in March as compared to the previous month's upwardly revised reading of 176K. Meanwhile, the Pending home's sales in February plunged 10.6%, the sharpest decline in almost a year.
Moving ahead today, the important events to watch:
US – Jobless claims: GMT – 12.30
US – ISM manufacturing PMI: GMT – 14.00
Worldwide, more than 128 million people have been confirmed infected and more than 2.8 million have died. The United States has confirmed over 31.09 million cases and has had more than 564,000 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair struggling to find the upside momentum. The important levels to watch this week 1.1680 and 1.1760.
The important levels to watch for today: Support- 1.1700 and 1.1680 Resistance- 1.1760 and 1.1790.
GOLD: The yellow metal rebounded after it found support just ahead of the March 8 low at $1,677.10. Overall, the momentum remains bullish throughout the European session.
The important levels to watch for today: Support- 1708 and 1700 Resistance- 1720 and 1726.
Quote of the day: Risk no more that you can afford to lose, and also risk enough so that a win is meaningful. – Ed Seykota.