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Risk Appetite Increases

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USD
The U.S. dollar declined materially yesterday as risk appetite increased after Emmanuel Macron's victory in the first round of the French presidential election on Sunday. Meanwhile, Nasdaq index hit 17 years high after reaching 6,000. The index was being driven by the US technology companies.

The Greenback fell as the U.S. consumer confidence declined to 120.3, however; New U.S. single-family home sales rose to an eight-month high last month. Markets are awaiting the initial reading of the U.S. First-quarter growth as it could grow by 1.1%.

  • The dollar index (DXY), which measures the greenback against a basket of currencies, fell as much as 20 pips to 98.70, the lowest level since Trump's victory in November.

Gold
Gold declined yesterday to the support of $1,263. Technically, the yellow metal is awaiting the Gross Output of the U.S. as a higher than expected reading should be taken as bearish for the Gold and could hit $1,244.

EUR
Euro rose yesterday vs. a basket of major currencies as pro-business Emanuel Macron could win the French Presidential election final round. The common currency hit $1.0930 yesterday and could settle above $1.10.

Oil
Oil prices settled slightly higher yesterday, ending a six-session losing streak amid doubts that OPEC can lead the market back. U.S. crude settled below $50 in anticipation of U.S. crude-oil stocks, which could show a decline of 1.5 million barrels.

The most important economic events:

  • USD DOE U.S. Crude Oil Inventories (21 APR): (GMT 14:30) – Medium – Forecast (-1135.91k) – Previous (-1034k).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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