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Euro Marches Higher ahead of ECB Monetary Policy Decision

EUR

The euro rose significantly during early trading hours, to continue its march higher after retreating for two days. Market participants are looking forward to the European Central Bank monetary policy meeting. The market is widely expecting the bank to keep policy settings unchanged. However, they will note the bank vision on the economic recovery, especially as economic indicators are showing a noticeable rebound in economic activity despite slow vaccination, and rising covid19 cases in the region. Also, the focus will be on the German 10-year yields after the ECB meeting. The EURUSD is currently trading near $1.2045, and the EURGBP inched higher to 0.8640.

USD

The dollar index which measures the greenback against a basket of major currencies slipped further to 91 as US Treasury yields resumed moving lower. There is a significant demand for US debt at such high yields compared to rivals. The US 20-year bond auction bid-to-cover came in above average. Series of economic indicators will be out later today, which grants insight into the economic recovery. The USDJPY dipped to 107.85, the lowest since early March, and the GBPUSD hovered near $1.3940.

CAD

The Canadian dollar soared following the Bank of Canada monetary policy meeting. The bank kept interest rates unchanged at 0.25% but lowered asset purchases to 3 billion Canadian dollars from 4 billion previously. Also, the bank hiked growth expectations for the year, sighting improved global economic outlook, and massive stimulus. The USDCAD tumbled to 1.2460, and the EURCAD eased to 1.4988.

Equities

Major US stock index futures edged higher, recovering from early week losses. The continuous move lower in US Treasury yields is easing pressure on equities, while the earnings season is noting a great activity in the first quarter. Investors seemed thirsty for any dips to buy in equity benchmarks. The Dow Jones Industrial Average futures rose to 34038, the S&P500 futures rallied to 4165, and Nasdaq futures advanced to 13935.

Metals

Precious metal raced higher as the dollar surrendered gains while US Treasury yields dipped. The price of a gold ounce rallied to a high of $1797, the highest since late February, the price of a silver ounce rose to $26.64, and palladium extended its upside rally to a record high of 2889.

Oil

Oil prices fell sharply as investors fear the recent rise in covid19 cases in India. The world's third-largest oil consumer is facing a critical situation with Covid19 cases rising above 300,000 per day. On the other hand, the US administration is seeming lenient with the nuclear deal, which could come back with additional oil supply to the market. Meanwhile, the US Energy Information Administration reported a buildup of 0.594 million barrels in US crude oil inventories. The West Texas Intermediate crude June delivery dipped to $60.65, and Brent blend June contract fell to $64.42.

Major Economic Events

GMT Country Event Expectation Previous

11:45

EZ

 ECB Interest Rate Decision (Apr)

0.00%

0.00%

12:30

EZ

 ECB Press Conference 

-

-

12:30

US

  Initial Jobless Claims

617

576

14:00

US

 Existing Home Sales (Mar)

6.19

6.22

 

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