Trump: The dollar is getting too strong
The dollar fell to session lows against a basket of major currencies on Wednesday, with the U.S. dollar index fell by 0.31% to 100.31, after President Donald Trump said the currency is getting too strong while geopolitical concerns continued to weigh on sentiment. President Trump told the Wall Street Journal on Wednesday, that he thinks the currency (dollar) is getting too strong and hinted that he may reappoint Janet Yellen to chair the Federal Reserve Board when her term ends in 2018, as he added “I do like a low-interest rate policy, I must be honest with you.” On the other region, GBP/USD added 0.17% to 1.2511 After the U.K. Office for National Statistics said the unemployment rate remained unchanged at an 11-year low of 4.7% in February, in line with expectations. The claimant count unexpectedly increased by 25,500 in March, compared to expectations for a decline of 3,000. Meanwhile, the average earnings index rose 2.3% in the three months to February, compared to forecasts for an increase of 2.2%. Excluding bonuses, wages rose by 2.2%, beating forecasts for a 2.1% gain.
In commodity market, Gold prices traded higher on Wednesday, added $1.05, or 0.09%, to $1,275.45 a troy ounce, but eased from a five-month high, despite increased demand for safe-haven gold amid heightened geopolitical jitters. While crude oil price settled lower, fell by 29 cents to settle at $53.11 a barrel after the latest Energy Information Administration (EIA) report showed an unexpected drop in U.S. crude stockpiles from record highs while production increased. For the week ending April 5, The EIA said that crude oil inventories fell by 2.166 million barrels compared to estimates of an increase of 0.087 million barrels.
Today’s Holiday Market Close
Time Market Event
Today’s Highlight Events
Time Market Event
Today’s Highlight Economy Data
|Time||Nation & Data||Previous||Forecast||Actual|
|09:30||AUD – Employment Change (mar)||2.8K||20.0K||60.9K|
|10:00||CNY – Trade Balance (USD) (Mar)||-9.15B||10.00B||–|
|20:30||USD – Initial Jobless Claims||234K||245K||–|
|20:30||USD – PPI (MoM) (Mar)||0.3%||0.0%||–|
GBPUSD, H4: GBPUSD gained further following the previous price closure above the both MA lines. Currently it heading towards the next target of resistance level at 1.2610. Referring to the both movement lines showed in the MACD indicator which pointing upward additional with the momentum be seen above the level of 0, suggesting further upside for the pair.
Resistance level: 1.2610, 1.2700
Support level: 1.2500, 1.2420
EURUSD, H4: EURUSD was closed above the 60MA line (Green) and the resistance level of 1.0650. Suggested the pair to move further higher towards the next target of resistance level at 1.0700. In additional with the both movement lines showed in MACD indicator which pointing upward and the momentum growing above the level of 0, supporting further upward momentum.
Resistance level: 1.0700, 1.0750
Support level: 1.0650, 1.0580
NZDUSD,H4: NZDUSD surged out from the highest level of downward channel while closed above the resistance level of 0.6990. Referring to the both movement lines in the MACD indicator which pointing upward, suggested further upside for the pair.
Resistance level: 0.7010, 0.7040
Support level: 0.6990, 0.6960
USDCHF,Daily: USDCHF retraced from the highest level of downward channel, signaled to move lower after the price close below the 20MA line (Red) or the support level of 0.9990.
Resistance level: 1.0030, 1.0090
Support level: 0.9990, 0.9950
USDCAD,H4: USDCAD was closed below the previous low or the support level of 1.3260. Referring to the both movement lines showed in MACD indicator which pointing downward now, additional with the momentum be seen below the level of 0, suggested further downward momentum for the pair.
Resistance level: 1.3260, 1.3300
Support level: 1.3180
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