schedule-of-weekly-market-report-analysis

What are the current market trend?

The US dollar inched higher against a basket of currencies in recent trade, despite the benchmark US 10-year Treasury debt yield wrapping up in negative territory for a fourth consecutive week.

Up 0.69%, the dollar index (DXY) appears poised to revisit weekly resistance at 97.72 this week.

Despite US consumer confidence reporting a lower-than-expected number Tuesday, along with softer-than-forecast US macro releases throughout the week, the buck reigned supreme, largely due to currency losses elsewhere.

Meanwhile, in other currencies:

EUR continued to fall against USD

The euro fell sharply against its US counterpart, down 0.73% on the week.

Chalking up its second consecutive weekly loss, traders’ crosshairs are now likely fixed on 1.1176: the 2019 yearly low, though do remain cognizant of the current weekly demand at 1.1119-1.1295.

The single currency began the week on a high note amid a better-than-expected German IFO survey, the first increase following six declines in succession.

Things swiftly turned sour, however, as the EUR/USD pencilled in four consecutive daily bearish candles.

In sympathy with sterling to an extent and a robust US dollar, Friday’s daily candle ended by way of a relatively strong bearish pin-bar formation.

UK Brexit

The British pound also sustained further losses in recent sessions, down 1.29% vs. the dollar.

Brexit drama continued to hog the headlines as Parliament forced indicative votes – indicative votes are when MPs vote on a series of options to discover whether there is any consensus in Parliament.

Cable fell sharply Friday after the House of Commons rejected PM Theresa May’s EU Withdrawal Agreement for a third time, unlocking a new stage in the Brexit saga but layering further uncertainty onto the economy and markets in the process.

UK MPs voted by a margin of 58 (344 vs. 286) to reject May’s Withdrawal Agreement.

The UK is still set to leave the EU on April 12 with no deal.

However, some analysts believe that a further delay to the Brexit process is still likely, which will mean Britain will need to take part in EU elections.

Technically speaking, the weekly candles remain defensive around the underside of supply at 1.3472-1.3204.

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Schedule of important market events of the week

In the upcoming trading week, we recommend paying attention to the following macroeconomic events.

Monday, April 1st

On Monday, we expect the publication of important economic releases:

  1. Statistical data from Tankan in Japan at 02:50 (GMT+3:00)
  2. Caixin manufacturing PMI at 04:45 (GMT+3:00)
  3. German manufacturing PMI at 10:55 (GMT+3:00)
  4. UK manufacturing PMI at 11:30 (GMT+3:00)
  5. Consumer price index in the Eurozone at 12:00 (GMT+3:00)
  6. Report on retail sales in the US at 15:30 (GMT+3:00)
  7. ISM manufacturing PMI at 17:00 (GMT+3:00)

Tuesday, April 2nd

On Tuesday, the RBA will announce its decision on the key interest rate at 06:30 (GMT+3:00).

It is expected that the regulator will keep the key marks of monetary policy at the same level.

Important statistics:

  1. UK construction PMI at 11:30 (GMT+3:00)
  2. Core durable goods orders in the US at 15:30 (GMT+3:00)

Wednesday, April 3rd

On Wednesday, investors will assess the following economic reports:

  1. The volume of retail sales in Australia at 03:30 (GMT+3:00)
  2. A number of indicators on economic activity in the Eurozone at 11:00 (GMT+3:00)
  3. UK services PMI at 12:30 (GMT+3:00)
  4. Preliminary data on the US labor market from ADP at 15:15 (GMT+3:00)
  5. ISM manufacturing PMI at 17:00 (GMT+3:00)

Thursday, April 4th

On Thursday, financial market participants will be focused on the ECB monetary policy meeting account at 14:30 (GMT+3:00).

At 17:00 (GMT+3:00) we expect Ivey PMI in Canada.

Friday, April 5th

On Friday, the trading week will end with the publication of reports on the labor market in the US and Canada at 15:30 (GMT+3:00).

We recommend paying attention to the difference between the actual and forecasted values.

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