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Europe Roundup: Euro holds near 8-week highs against the greenback, European shares inch higher, Gold firms, Oil falls on India's COVID surge, supply increase-April 26th,2021

Market Roundup

•German Apr Business Expectations  99.5, 101.3 forecast, 100.4 previous

•German Apr  Current Assessment  94.1, 94.4 forecast, 93.0 previous

•German Apr  Ifo Business Climate Index  96.8, 97.8 forecast, 96.6 previous

•German 12-Month Bubill Auction -0.639%,-0.634% previous

•US March Durables Excluding Defense (MoM)  0.5% ,-0.8% previous

•US March Core Durable Goods Orders (MoM) 1.6%, 1.6%forecast,-0.9% previous

•US March Durable Goods Orders (MoM)  0.5%, 2.5% forecas,-1.2% previous

•US March Goods Orders Non Defense Ex Air (MoM 0.9%, 1.5% forecast, -0.9% previous

Looking Ahead – Economic Data (GMT)

•13:00 French 6-Month BTF Auction -0.622% previous

•13:00 French 3-Month BTF Auction -0.630% previous

•13:00 French 12-Month BTF Auction-0.618% previous

•13:00 Belgium Apr NBB Business Climate  -3.1 forecast, -1.0 previous

•14:00 Brazil CAGED Net Payroll Jobs 401.60K previous

•14:30 US Apr Dallas Fed Mfg Business Index  28.9 previous

•15:30 US 6-Month Bill Auction  0.040% previous

•15:30 US 3-Month Bill Auction 0.025% previous

•17:00 US 2-Year Note Auction 0.152% previous

•17:00 US 5-Year Note Auction 0.850% previous


EUR/USD: The euro held at an eight-week high against the dollar on Monday despite a disappointing sentiment survey in Germany as expectations the U.S. Federal Reserve will maintain its dovish stance at a policy meeting weighed on the greenback. German business morale improved by less than expected in April as a third wave of COVID-19 infections and problems with supply of components in the industrial sector seemed to slow the recovery in Europe's largest economy The euro had given up the morning's gains by around midday on the continent, to stand 0.01% lower at $1.2095, clinging to its highest levels since the beginning of March. Immediate resistance can be seen at 1.2121 (23.6%fib), an upside break can trigger rise towards 1.2144(Higher BB).On the downside, immediate support is seen at 1.2041(38.2%fib), a break below could take the pair towards  1.2009 (11DMA).

GBP/USD: Sterling strengthened against the dollar on Monday, ignoring political noise stemming from allegations against Britain's Conservative government as positioning data showed investors still bullish on the currency. The pound appeared unaffected by the news and gained against the dollar for a second week on Friday, helped by better than expected economic data that indicated Britain's economy may be rebounding from its worst annual contraction in 300 years. Sterling was 0.3% higher at $1.3923 , off last week's top of $1.4009. Against the euro it was 0.3% higher at 86.82 pence. Immediate resistance can be seen at 1.3914 (23.6%fib), an upside break can trigger rise towards 1.3971(Higher BB ).On the downside, immediate support is seen at 1.3851 (5DMA), a break below could take the pair towards 1.3806(38.2%fib ).

USD/CHF: The dollar edged high against the Swiss franc on Monday in thin trade, with traders unlikely to take many big bets ahead of some key data due later in the week. Producer price inflation on Wednesday kicks off a sequence of month-end data releases, including national budget and trade figures, which may provide direction for the currency in addition to the U.S. Federal Reserve meeting this week.  Immediate resistance can be seen at 0.9177 (38.2%fib), an upside break can trigger rise towards 0.9196 (14DMA).On the downside, immediate support is seen at 0.9101(23.6%fib), a break below could take the pair towards 0.9053(Lower BB).

USD/JPY: The dollar gained against the Japanese yen on Monday as  brighter sentiment in world markets and a growing sense the worst may be behind for a coronavirus-battered Global economy Globally, the mood was upbeat amid concerns over rising cases in parts of Asia ahead of U.S. Federal Reserve's meeting, series of economic data. Improving economic indicators and a pickup in the COVID-19 vaccination rollout have started to put some upward pressure on dollar. The dollar was last up   0.02% at 106.05 yen . Strong resistance can be seen at 108.22(38.2%fib), an upside break can trigger rise towards 108.81 (50%fib).On the downside, immediate support is seen at 107.60 (23.6%fib), a break below could take the pair towards 107.00(Psychological level).

Equities Recap

European stocks inched higher on Monday as strong metal prices boosted miners and optimism related to reopenings following coronavirus lockdowns lifted travel stocks at the start of a busy week of corporate earnings and economic data.

At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading up at 0.28 percent, Germany's Dax was up by 0.14 percent, France’s CAC  was last up by 0.30 percent.

Commodities Recap

Gold prices held firm on Monday, supported by a weaker dollar ahead of the U.S. Federal Reserve's meeting this week, while supply worries kept palladium near record highs hit in the previous session.

 Spot gold was up 0.1% at $1,779.73 an ounce by 0931 GMT. U.S. gold futures   rose 0.1% to $1,779.60.

Oil fell on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world's third-biggest oil importer, while the end of a force majeure on exports from a Libyan terminal and an expected supply increase from OPEC+ added to pressure.

Brent crude dropped $1.02, or 1.5%, to $65.09 a barrel by 1109 GMT. U.S. West Texas Intermediate (WTI) crude was down 90 cents, or 1.5%, at $61.24 a barrel.

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