A few light releases to get things done in European commerce today


The dollar continues to hold its own, with the euro and the pound in particular collapsing sharply. The latter two aren’t helped by worsening technical difficulties, with EUR/USD testing its 2020 low at 1.0635 and GBP/USD finding little respite, crashing to its all-time low. since July 2020 as sellers eye the 1.2500 level.

The bond sell-off may take a breather, with some security flows possibly playing a role as stocks continue to struggle to stay afloat. Yesterday’s nearly 3% drop in the S&P 500 brings it closer to its February and March lows, as stocks struggle amid persistent inflation, rising rates and a dubious economic outlook.

The Nasdaq decline in particular is worrisome, as it breaks above its 38.2 retracement level of the rise since the pandemic rally:

The same old themes above will be the things to watch, with month-end streams adding to the mix. Economic data will continue to take a back seat for today, with no major releases of note in European trade.

06:00 GMT – Germany May GfK Consumer Sentiment
0645 GMT – France April consumer confidence
0800 GMT – Switzerland April Credit Suisse Investor Sentiment
1000 GMT – UK April CBI Retail Reported Sales
11:00 GMT – MBA mortgage applications in the US on April 22

That’s all for the upcoming session. I wish you all the best days ahead and good luck with your trading! Stay safe there.


cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button