{"id":145414,"date":"2019-04-08T11:40:48","date_gmt":"2019-04-08T15:40:48","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=145414"},"modified":"2019-04-08T11:18:26","modified_gmt":"2019-04-08T15:18:26","slug":"quiet-start-to-the-week-as-traders-await-catalysts","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/04\/quiet-start-to-the-week-as-traders-await-catalysts\/","title":{"rendered":"Quiet Start To The Week As Traders Await Catalysts"},"content":{"rendered":"
April 8, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Soft Start For USD<\/strong><\/h2>\n

It was a quiet start to the week over the European morning on Monday as a light data sheet saw limited moves while traders await clear directional catalysts. The US\u00a0Dollar was a little softer<\/strong>\u00a0over the session as the market waits for further information regarding the likelihood of a forthcoming US\/China trade deal. Talks continued in Washington last week as Trump told reporters that\u00a0an\u00a0\u201cepic deal\u201d<\/strong><\/a>\u00a0could come as early as four weeks from now. The Index trades 96.83 as of writing, having fallen back below Friday\u2019s opening price.<\/p>\n

EUR Trades Higher on USD Weakness<\/strong><\/h2>\n

EURUSD has taken advantage of a softer US Dollar at the start of the week with price trading up to highs of 1.1241 as of writing. For now, price remains supported by the 1.1194 level which has been tested twice in recent weeks.\u00a0Concerns over the health of the eurozone economy are keeping EUR pressured<\/strong>\u00a0in the near term.<\/p>\n

Brexit Uncertainty Weighs on GBP<\/strong><\/h2>\n

GBPUSD trading remains a\u00a0headline-driven rodeo<\/strong>\u00a0as the market struggles to get a grip on Brexit developments. Theresa May is due to continue cross-party talks with Jeremey Corbyn this week which could result in the UK remaining in an indefinite customs union with the EU or simply\u00a0extending the current Brexit deadline<\/strong>\u00a0by around a year. GBPUSD remains supported at the 1.30 end of the 130 \u2013 1.33 range though is looking heavier recently.<\/p>\n

Equities Take A Break<\/strong><\/h2>\n

Despite the optimism around a potential US\/China trade deal, the\u00a0SPX500 has taken a breather<\/strong>\u00a0at the start of the week following the strong rally into the close last week. Price is now well above the 2860.11 level resistance, with bulls eyeing a move back up to the 2940.69 highs next.<\/p>\n

Safe Havens Rallying<\/strong><\/h2>\n

Safe havens have been the clear winner<\/strong>\u00a0over the European morning today. Both gold and JPY are\u00a0trading higher against USD. Gold prices had been stagnant over recent days after testing the 1280.58 level support but are now breaking higher, trading 1297.36 last as a combination of a softer USD and softer equities attracts investors.<\/p>

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USDJPY has moved lower after testing the 111.76 resistance level which remains the key upside level to break. Indeed,\u00a0JPY has moved higher this morning despite BOJ<\/strong>\u00a0governor Kuroda\u00a0reaffirming his message<\/a>that rates will stay at current levels for an extended period of time.<\/p>\n

Oil Remains Firm<\/strong><\/h2>\n

Oil prices have picked up<\/strong>\u00a0where they left off this week with price breaking out above the 63.40 level resistance this morning. OPEC production cuts, as well as expectations that these cuts will be extended, along with optimism over a US\/China trade deal continue to keep oil supported.<\/p>\n

Commodity Currencies Mixed<\/strong><\/h2>\n

USDCAD has been a little softer today<\/strong>\u00a0with CAD rising as a result of a weaker dollar and higher oil prices. The pair traded below the 1.3377 level earlier before rebounding slightly though we could see price back under here if USD continues to drift lower today. However, we don\u2019t have much in the way of data, so we are unlikely to see any big moves.<\/p>\n

AUDUSD has been a little weaker today,<\/strong>\u00a0despite trade deal optimism. It seems as though, given the level of anticipation, the market is waiting for something more concrete regarding the progress of the ongoing US\/China trade talks.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Soft Start For USD It was a quiet start to the week over the European morning on Monday as a light data sheet saw limited moves while traders await clear directional catalysts. The US\u00a0Dollar was a little softer\u00a0over the session as the market waits for further information regarding the likelihood of a forthcoming […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-145414","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/145414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=145414"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/145414\/revisions"}],"predecessor-version":[{"id":145422,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/145414\/revisions\/145422"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=145414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=145414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=145414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}