Today the focus is on Oil slips, US job market recovery, and Eurozone business recovery.
The British Construction PMI for March will be released. Forecast: 54.6. If the result is lower than expected, the GBP could receive a negative push.
Assets to trade: GBP/USD, GBP/SGD, GBP/JPY
The ECB’s Monetary Policy Statement will be released. If the monetary policy is optimistic, the EUR could receive a positive push.
Assets to trade: EUR/NZD, AUD/EUR, EUR/JPY
US Fed Chair Powell will speak. If his statements are optimistic, the USD could receive a positive push.
Assets to trade: USD/NOK, USD/MXN, USD/BRL
Oil prices eased on Wednesday despite prospects for stronger global economic growth as talks to revive a nuclear deal with Iran open the possibility of an easing of sanctions on its oil exports. Affects Brent
The U.S. job market may have picked up steam in March, but the improvement was only a small step towards the Federal Reserve’s threshold for considering reining in its massive support for the economy. Affects USD
Eurozone business activity bounced back to growth last month, underpinned by a record expansion in manufacturing, according to a survey on Wednesday that also showed the service industry was coping better than expected with new lockdowns. Affects EUR
British businesses saw a strong rebound in orders in March as they prepared for the relaxation of coronavirus restrictions this month, and ramped up their hiring for the first time since the pandemic struck. Affects GBP
Growth in Germany’s private sector accelerated in March to its highest level in more than three years as the services sector fared surprisingly well despite extended coronavirus curbs and the third wave of infections. Affects EUR
As Europe begins to rise from the shadows cast by the COVID-19 pandemic, the eurozone recovery has begun to pick up speed. Though the continent is roaring back so is the UK and with its faster vaccine rollout can be expected to continue to lead.
The pair is about to test the most recent highs, and could break through and continue to rise.
After hitting new highs, the French index has begun to fall and might test the support line around 6115.
The British index has continued to rise with little resistance ahead.