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Europe Roundup: Euro dips a focus turns to ECB policy meeting on Thursday, European shares rebound, Gold retreats, Oil dips as rising COVID-19 in India dents demand outlook-April 21st,2021

Market Roundup

•UK Mar Core CPI MoM (MoM)  0.4%,0.3% forecast, -0.5% previous

•UK Mar PPI Output (MoM)  0.5%,0.3% forecast, 0.6% previous

•UK Mar Core CPI (YoY)  1.1%, 1.1% forecast, 0.9% previous

•UK Mar CPI (MoM)  0.3%,0.3% forecast, 0.1% previous

•UK Mar CPI, n.s.a  109.40, 109.10 previous

•UK Mar CPI (YoY)  0.7%,0.8% forecast, 0.4% previous

•UK Mar PPI Input (YoY)  5.9%,4.4% forecast, 2.6% previous

•UK Mar PPI Input (MoM)  1.3%,0.6% forecast, 0.6% previous

•US Mortgage Refinance Index 3,219.9  , 2,916.7 previous

•US Mortgage Market Index 724.8, 667.7 previous

•US MBA Purchase Index 295.5, 279.5 previous

Looking Ahead - Economic Data (GMT)

•12:30 Canada Trimmed CPI (YoY) 1.9% previous

•12:30 Canada Median CPI (YoY) 2.0% previous

•12:30 Canada Common CPI (YoY) 1.3% previous

•12:30 Canada CPI Mar (MoM)  0.6% forecast, 0.5% previous

•12:30 Canada   Mar Core CPI YoY 1.2% previous

•12:30 Canada   Mar CPI (YoY)  2.3% forecast, 1.1% previous

•12:30 Canada  Mar Core CPI (MoM)  0.3% previous

•14:00 Canada BoC Interest Rate Decision 0.25% forecast, 0.25% previous

•14: 00 US Gasoline Inventories 0.464M forecast, 0.309M previous

•14:30 US Cushing Crude Oil Inventories               0.346M previous

•14:30 US Crude Oil Inventories -2.975M forecast, -5.889M previous

Looking Ahead - Economic events and other releases (GMT)

•14:00 Canada  BoC Rate Statement

•14:30 Canada  BOC Press Conference


EUR/USD: The euro strengthened for the second day against dollar on Wednesday as rising coronavirus cases dampened sentiment towards global economy. Recent optimism regarding rising vaccination rates in the United States, Britain and European Union is shifting to concern that record coronavirus infections in india and a reinforcement of travel restrictions can act as a brake on the world economy. The euro was trading down 0.01% at $1.2040 . Immediate resistance can be seen at 1.2040(38.2%fib), an upside break can trigger rise towards 1.2078(20th April high).On the downside, immediate support is seen at 1.1979 (50%fib), a break below could take the pair towards 1.1958(11DMA).

GBP/USD: Sterling held its ground against the dollar on Wednesday as traders assumed a rise in inflation in March would have little impact on monetary policy and waited for crucial activity and retail sales data due at the end of the week. Consumer price inflation rose to 0.7% in March after dipping to just 0.4% in February, as global oil prices rose and retailers scaled back their COVID-driven discounts. The pound was up 0.01% at $1.3939 at 0836 GMT. Immediate resistance can be seen at 1.3978 (38.2%fib), an upside break can trigger rise towards 1.4000 (Psychological level).On the downside, immediate support is seen at 1.3890(50%fib), a break below could take the pair towards 1.3819 (9DMA).

USD/CHF: The dollar edged higher against the Swiss franc on Wednesday hovering just above a one month low with subdued U.S. bond yields reducing the currency's yield appeal. The safe-haven greenback got some respite from a pullback in world stocks from record highs as flare ups in coronavirus infections from India to Canada soured the outlook for a quick global recovery. At 12:40 GMT, the dollar was 0.24 percent higher versus the Swiss franc at 0.9161 . Immediate resistance can be seen at 0.9187(38.2%fib), an upside break can trigger rise towards 0.9212(11DMA).On the downside, immediate support is seen at 0.9125 (23.6%fib), a break below could take the pair towards 0.9096(Lower BB).

USD/JPY: The dollar edged higher against Japanese yen on Wednesday as broad weakness in stock markets triggered by a resurgence of COVID-19 cases in countries from India to Japan fuelled renewed appetite for the greenback. The greenback has weakened more than 2% in April after a strong March rally as investors bet that a global economic recovery premised on a speedy rollout of vaccines would fuel demand for non-dollar currencies like the euro and the Aussie. Strong resistance can be seen at 108.47 (38.2%fib), an upside break can trigger rise towards 108.73 (9DMA).On the downside, immediate support is seen at 107.83(23.6%fib), a break below could take the pair towards 107.40(Lower BB).

Equities Recap

European stocks bounced back on Wednesday after their worst sell-off this year as optimism about a strong earnings season countered worries about a rapid rise in COVID-19 cases in some countries.

At (GMT 12:20 ),UK's benchmark FTSE 100 was last up at 0.22 percent, Germany's Dax was upby 0.03 percent, France’s CAC was last up by 0.47 percent.

Commodities Recap

Gold prices gave up early gains on Wednesday as the U.S. dollar firmed, despite support for the metal from falling Treasury yields and sagging global stocks on fears of the impact on the global economy of a resurgence in coronavirus cases.

Spot gold was up 0.1% at $1,778.19 per ounce at 0902 GMT, after gaining as much as 0.6% early in the session. U.S. gold futures   were mostly unchanged at $1,778.90 per once.

Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world's third-biggest oil importer.

Brent crude futures for June declined 95 cents, or 1.4%, to $65.62 a barrel at 0941 GMT, heading for their biggest daily drop in over two weeks.

U.S. West Texas Intermediate (WTI) crude futures for June fell 93 cents, or 1.4%, to $61.74 a barrel.

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