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Daily Market Insight
Content
Global Economic Update
Currencies
Indices
Commodities
Economic Calendar
Indices

Global Economic Update

Europe

In the UK, retail sales registered a drop of 1.8% on a monthly basis in March, compared to a revised advance of 1.7% in the prior month. Market anticipation was for retail sales to fall 0.5%.

In the Eurozone, the preliminary services PMI registered an unexpected rise to a level of 56.2 in April, compared to a reading of 56.0 in the previous month. Markets were expecting services PMI to fall to 55.9.

In the Eurozone, compared to a level of 56.2 in the prior month the flash manufacturing PMI advanced unexpectedly to a level of 56.8 in April. Markets were anticipating the manufacturing PMI to drop to a level of 56.0.

The seasonally adjusted current account surplus in the Eurozone expanded to EUR37.9 billion in February, following a revised current account surplus of EUR26.1 billion in the previous month.

US

In the US, the preliminary Markit manufacturing PMI unexpectedly eased to a level of 52.8 in April, lower than market expectations of a rise to 53.8. The Markit manufacturing PMI had recorded a reading of 53.3 in the prior month.

In April, the flash Markit services PMI registered an unexpected drop to a level of 52.5 in the US, compared to a level of 52.8 in the previous month. Market expectation was for Markit services PMI to rise to a level of 53.2.

In March, existing home sales registered a rise of 4.4%, on monthly basis, to a level of 5.71 million in the US, higher than market expectations of 5.60 million. Existing home sales had recorded a revised level of 5.47 million in the prior month.

Asia

In Japan, the leading economic index slightly rose to 104.8 in February from a revised reading of 104.7 in the prior month.

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EUR/USD

EURUSD

The Euro strengthened against the US Dollar in the New York session on Friday, closing 0.19% higher at 1.0721.

At GMT 0500, the Euro is trading at 1.0857 against the US Dollar, 1.27% higher from the New York close.

The Euro hit a high of 1.0723 and a low of 1.0680 against the US Dollar in the New York session.

On the technical indicator front, the Stochastic RSI (StochRsi) has crossed 0.20 from below and the Relative Strength Index (RSI) has crossed 30 from below.

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GBP/USD

GBPUSD

In the New York session on Friday, the Pound strengthened 0.14% against the US Dollar to close at 1.2804.

The pair is trading at 1.2799 at GMT 0500 in the Asian session, with the Pound trading marginally lower against US Dollar from the New York close.

The pair witnessed a high of 1.2809 and a low of 1.2762 in the New York session.

Immediate downside, the first support level is seen at 1.2760, followed by 1.2721, while on the upside, the first resistance level situated in 1.2836, followed by 1.2873.

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USD/JPY

USDJPY

The USD traded marginally higher against the JPY in the New York session on Friday, with the pair closing the session at 109.14.

The pair is trading at 110.06 at GMT 0500 in the Asian session, with the US Dollar trading 0.84% higher against Yen from the New York close.

In the New York session, the pair traded at a high of 109.29 and a low of 108.85.

The pair is expected to find its first support at 109.14 and first resistance at 110.69. The second support is expected at 108.22 and second resistance at 111.32.

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EUR/GBP

EURGBP

On Friday, the Euro traded marginally higher against the Sterling in the New York session and ended at 0.8372.

In the Asian session, at GMT 0500, the pair is trading at 0.8481, with the Euro trading 1.3% higher against Sterling from the New York close.

The pair witnessed a high of 0.8375 and a low of 0.8349 in the New York session.

The pair is expected to find its first support at 0.8388 and first resistance at 0.8536. The second support is expected at 0.8294 and second resistance at 0.8590.

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AUD/USD

AUDUSD

On Friday, the Aussie Dollar traded 0.15% higher against the US Dollar in the New York session and ended at 0.7543.

In the Asian session, at GMT 0500, the pair is trading at 0.7558, with the Aussie Dollar trading 0.20% higher against US Dollar from the New York close.

The AUD hit a high of 0.7545 and a low of 0.7517 against the USD in the New York session.

In technical indicators, the Three Inside Up pattern has formed on the chart and the Stochastic Oscillator has moved up from the oversold territory.

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Major Indices

Major Indices
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FTSE 100

FTSE 100

The FTSE 100 fell 0.06% on Friday and closed at 7114.55. During the day, the index traded at a high of 7134.53 and a low of 7104.22.

On the technical indicator front, the StochRsi has moved down from the overbought region and the short term Simple Moving Average (SMA) has crossed the long term SMA from above.

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Dow

DOW

The DJIA fell 0.15% on Friday and closed at 20547.76. During the session, the index traded at a high of 20597.24 and a low of 20505.33.

The DJIA is expected to find the first support at 20,502.98, and the next support at 20,458.20. The index is expected to find the first resistance at 20,594.89, and the next resistance at 20,642.02.

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Nasdaq Composite

NASDAQ

The Nasdaq Composite weakened 0.11% on Friday and closed at 5910.52. During the session, the index traded at a high of 5918.98 and a low of 5899.43.

The Nasdaq Composite is expected to find the first support at 5,900.31, and the next support at 5,890.10. The index is expected to find the first resistance at 5,919.86, and the next resistance at 5,929.19.

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Major Commodities

Major Commodities - Yearly Performance

Commodities
Gold/Silver
Crude/Corn
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Gold ($/oz)

Gold

Gold rose in the New York session on Friday, closing 0.11% higher at USD 1286.00 per ounce.

At GMT 0500, the precious metal is trading at USD 1276.90 per ounce, 0.71% lower from the New York close.

Gold hit a high of USD 1290.10 per ounce and a low of USD 1280.70 per ounce in the New York session.

The precious metal is expected to find its first support at USD 1270.30 per ounce and first resistance at USD 1286.80 per ounce. The second support is expected at USD 1263.70 per ounce and second resistance at USD 1296.70 per ounce.

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WTI Crude ($/barrel)

Crude Oil

On Friday, crude oil traded 2.09% lower in the New York session and ended at USD 49.63 per barrel.

At GMT 0500, the commodity is trading at USD 49.84 per barrel, 0.42% higher from the New York close.

Crude oil witnessed a high of USD 50.93 per barrel and a low of USD 49.20 per barrel in the New York session.

In technical indicators, the RSI has crossed the overbought level (70) from above and the Commodities Channel Indicator has crossed -100 from above.

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