Market Roundup
- Ahead Of Britain's May 7 Election, Poll Shows Labour Party Vote Share at 34%, Conservatives on 33%.
- Leader of Britain's Opposition Labour Party Rules Out Any Confidence and Supply Deal with Scottish Nationalists after May 7 Elections.
- PBOC Sets Yuan Mid-Point at 6.1220 / Dlr Vs Last Close 6.1950.
- China Jan-March Industrial Profits -2.7% Yr/Yr.
- China March Industrial Profits -0.4% Yr/Yr .
Economic Data Ahead
- (0200 EDT/0600 GMT) Germany Import Price Index mm, consensus 0.5%,previous 1.4%
- (0600 EDT/1000 GMT) UK CBI Trends - Orders, consensus 4, previous 0
Key Events Ahead
- (0430 EDT/0830 GMT) ECB Coeure, Constancio and Nouy to speak
- (0500 EDT/0900 GMT) Italy 2YZ B 0.00% 27/02/17 . . EUR1.5-2.0BN
- (0500 EDT/0900 GMT) Italy 10YEI B 2.35% 15/09/24 . . EUR0.5BN
- (0500 EDT/0900 GMT) Italy 6YEI B 2.10% 15/09/21 . . BN
- (0530 EDT/0930 GMT) Germany To sell EUR 1.5bln 364 day bills
FX Recap
USD/JPY is trading in the tight range with 25 -30 pips movement seen in daily chart. The pair is currently trading at 118.93 after touching 119.00 on the upper side and 118.76 to the bottom level. USD was bearish against the major counter currencies after the latest below estimates US durable goods orders data released on last Friday. Near term resistance finds at 119.45 (April 20 high), 119.76 (April 15 high). On the other side support level at 118.51 (April 20 low) and 118.30 (March 26 low).
EUR/USD is trading in the stretched range in between 1.0877 to 1.0846. It is currently trading at 1.0853. Trading is very quiet with little data as well as events until later in the week. If pair breaks and sustain below 1.0850 then next target 1.0805/10. Near term resistance finds at 1.0878, 1.0899.
GBP/USD is steady above 1.5172, 61.8% Fibonacci retracement level. Pair is currently trading at 1.5181. A daily close above 1.5172 brings the pair towards 1.5253 levels. Alternatively, close below 61.8% levels lead the pair towards 1.5053.
AUD/USD is hanging around last Friday's close at 0.7814. Pair is currently trading at 0.7821 levels. Momentum studies 5, 10 & 20 dma's flat line, suggests consolidation. Upcoming data for US will be Q1 GDP and FOMC statement. Key support levels seen at 0.7488 and 0.7416 (October 2006 low). Near term resistance stands at 0.7841 levels.
NZD/USD opens at 0.7590 on Monday, Asia 0.7590-0.7626 - last 0.7613. On the topside, immediate resistance is seen at 0.7647 (10-DMA) levels and above which it could be pushed to 0.7680 levels. On the flipside, break below 0.7582 (Today's Low) levels could drag the pair to 0.7513 (April 6 Low) levels.
