Weekly Overview of CFD Movements - 26/04/2021 - 30/04/2021
April 28, 2021
April 28, 2021
Risk Disclaimer: The example below is for illustrative purposes only and is based on price movements derived from Contracts for Difference (CFDs). The calculations reflect hypothetical outcomes using historical or specified price data for the relevant instrument on the stated date and are not indicative of future performance. Any reliance placed on this material is strictly at the user’s own risk.
The euro slightly strengthened against the dollar. At its monetary policy meeting, the ECB acknowledged improving conditions in a subtle manner by characterizing risks as balanced. However, rising US Treasury yields supported the dollar on Monday and Tuesday, ahead of the Federal Reserve meeting on Wednesday.
The British pound remained subdued last week. Improved risk on sentiment pushed the GBP/USD higher but corrective pullback prevailed from uncertainty over US President Joe Biden’s $2.25 trillion infrastructure spending, and a lack of post-Brexit trade deal between the UK and the European Union.
The USD/JPY hit a floor on Friday but rising US Treasury yields supported the dollar on Monday. Overall, the dollar was little changed around 91 points as the worsening health situation in emerging economies and a likely tax hike by the Biden administration continue to support the dollar.
Gold price were mainly flat, trading below the $1,800 level in a narrow range. Investors appear not to want to place any directional bets ahead of Wednesday’s Fed meeting.
The S&P 500 and Nasdaq hit all-time highs again on Monday. The busiest week of the earnings season is kicking off, with Big Tech companies expected to be in the focus such as, Apple, Facebook and Amazon.
Oil prices rose continued to trade in the 60-64 range. Investors remained concerned about fuel demand recovery as the number of COVID-19 cases in India (and Japan), the world's third-biggest crude importer (and the fourth one), continues to increase. OPEC+ is scheduled to meet on Wednesday, April 28. Meanwhile, Iran and the US continue hold negotiations in Vienna on how to revive the 2015 nuclear deal. Progress is being made, and any major breakthrough could bring more than 1 million barrels a day to the oil market in months to come.
Fortrade Canada Ltd. as an order-execution only dealer is not permitted to provide you with any advice or recommendations. These Market Commentaries should not be construed as a recommendation, advice or any attempt by Fortrade Canada Ltd. to prompt or influence you in making an investment decision to purchase, sell, hold or exchange any security or to influence the timing of such activity. This content is produced by Fortrade Limited which is not registered in any capacity with any securities regulatory authority in Canada.