Best Trade Ideas for April
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USD/JPY: Bulls in control near multi-month tops, eyeing 107.00
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook
Fibonacci Levels
XAU/USD: Gold facing a further weakness the last hours and trading below 23.6% retracement area. It seems that bears gain the battle.
US Market View
U.S. stock markets are set to open higher against the calmer bond market backdrop, able to focus on the progress of the administration’s $1.9 trillion stimulus bill on Saturday. Final PMIs for February were also revised up across most of Europe, with Eurozone manufacturing posting its best reading since early 2018, at 57.9, and the UK Manufacturing PMI being revised up to 55.1. China’s Caxin PMI, however, fell to its lowest in nine months.
Central banks push back against the bond market bears, pushing yields down. The manufacturing recovery in China slows, but Europe's and Japans accelerates. The bond market volatility that dominated last week’s trading has subsided, with the first concrete sign of central banks pushing back against those pushing yields higher in anticipation of higher inflation. The European Central Bank will also publish later details of its bond purchases last week, which should show how keen the ECB was to avoid what it calls an “unwarranted tightening of financial conditions.”
USA Key Point
- US Treasury yields tick higher ahead of North American trading.
- Eurozone February final manufacturing comes at PMI 57.9 vs 57.7 prelim.
- Pound keeps a little higher, but buyers need to do more to recapture upside momentum.
- USD/JPY: Bulls in control near multi-month tops, eyeing 107.00.
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