Daily Technical Analysis by Capital Street FX

TECHNICAL ANALYSIS REPORT – 02 APRIL 2021
Asian markets were set to open higher on Friday in a holiday-lightened trading session. The Shanghai composite is up 1.54% at 3,471.02. Overall, the Singapore MSCI up 1.97% at 364.40. Over in Hong Kong, the Hang Seng Index up 0.40% to 28,931. In Japan, the Nikkei 225 up 2.54% at 29,840, while the Topix index is down 0.15% at 1970.0. South Korea’s Kospi up 2.32% to 3111.61. Australia S&P/ASX 200 up 0.07% at 6828.7.
European equities Thursday closing. The DAX futures contract in Germany traded up 2.43% at 15107.17, CAC 40 futures up 1.91% at 6103.0 and the UK 100 futures contract in the U.K. down 0.05% at 6,737.3.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.24% up at 33153.2, the S&P 500 up 1.14% to 4019.9 and the Nasdaq 100 up 3.01% at 13365.0, NYSE closes at 15752.24 up 0.44%.
In the Forex market, GBPUSD up 0.43% at 1.38403. The USDJPY up 0.77% at 110.516. The USDCHF up 0.29% at 0.94162. EURUSD down 0.14% at 1.17762, EUR/GBP down 0.48% at 0.85077. The USD/CNY up 0.30% at 6.5608, at the time of writing.
In the commodity market U.S Gold futures up 0.24% at $1,734.97. Elsewhere, Silver futures down 0.40% to $24.946 per ounce, Platinum up 2.32% at $1211.98 per ounce, and Palladium down 0.30% to $2,667.00.
Crude Oil up on Friday; Brent crude oil up 0.42% to $64.64 barrel while U.S. West Texas Intermediate (CLc1) is up 0.47% at $61.81.
In the Cryptocurrency Markets, BTCUSD at 59485.35 up 6.62%, Ethereum at 1991.66 up 18.09%, Litecoin at 204.27 up 10.81%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
HESS Corp. up 5.257% at $74.48, TERADYNE Inc. up 5.86% at $128.81, MICRON TECH. up 4.761% at $92.41, TESLA Inc. down 0.925% at $661.75, MICROSOFT Corp. up 2.791% at $242.35, VISA Inc. up 2.423% at $216.86, APPLE Inc. down 0.696% at $123.00, BOEING Inc. down 0.696% at $252.96.
Economic news:
US: U.S. employers likely stepped up hiring in March amid increased vaccinations and more pandemic relief money from the government, which would cement expectations for a boom that could push this year’s economic growth to the strongest since 1984.
The Labour Department’s closely watched employment report on Friday is also expected to show people, mostly women, wading back into the labour market, drawn by those brightening economic prospects. But the labour market is hardly out of the woods yet, with the job’s deficit still huge and long-term unemployment becoming entrenched.
“The economy is on fire, fuelled by vaccines and government stimulus,” said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. “All the stars are lined up to surprise us on the upside.”
Nonfarm payrolls likely surged by 647,000 jobs last month after increasing by 379,000 in February, according to a Reuters survey of economists. That would be the biggest gain since October. Estimates ranged from as low as 115,000 to as high as 1.1 million jobs.
Friday’s report marks a painful anniversary for the labour market. The March 2020 employment report was the first to reflect the mandatory closures of non-essential businesses such as restaurants, bars and gyms to slow the onset of the just-emerging COVID-19 pandemic. Nearly 1.7 million jobs were lost that month, and another 20.7 million would vanish the next.
Eurozone: Europe should match the ambition shown by the United States with its huge new economic stimulus, French Finance Minister Bruno Le Maire said on Thursday.
The new administration of U.S. President Joe Biden is already making payments to households under a new $1.9 trillion COVID-19 relief package and plans to plough $2.3 trillion into infrastructure investments to fire up the world’s biggest economy.
“Whatever we may think about it, the American stimulus plan shows ambition, and the return of U.S. ambition is a good thing,” Le Maire said in a speech at the Geneva Graduate Institute.
“The best response to U.S. ambition isn’t to fight it. It is to match it. Europe needs to challenge itself like America does,” he added.
While European countries’ support for their economies last year was on par with that seen in the United States, the new U.S. stimulus dwarves the European Union’s 750 billion euro ($881 billion) economic recovery plan.
Though the 27-nation bloc agreed the landmark stimulus fund last summer, EU governments are still submitting detailed plans on how they aim to spend money from the fund, which many still need to ratify.
Important Data: US Nonfarm Payrolls (Mar) today at 8:30 this time estimated 647K, previously which was 379K. US Unemployment Rate (Mar) today at 8:30 this time estimated 6.0%, previously which was 6.2%. US Government Payrolls (Mar) today at 8:30 previously which was -86K. US Average Hourly Earnings (YoY) (YoY) (Mar) today at 8:30 this time estimated 4.5%, previously which was 5.3%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 05 APRIL 2021
Asian markets partially closed today. The Shanghai composite is up 1.93% at 3,484.39. Overall, the Singapore MSCI down 0.77% at 361.50. Over in Hong Kong, the Hang Seng Index up 0.40% to 28,931. In Japan, the Nikkei 225 up 0.53% at 30,090, while the Topix index is up 0.23% at 1981.5. South Korea’s Kospi up 0.26% to 3120.74. Australia S&P/ASX 200 up 0.07% at 6828.7.
European equities Thursday closing, Friday market was closed. The DAX futures contract in Germany traded up 2.43% at 15107.17, CAC 40 futures up 1.91% at 6103.0 and the UK 100 futures contract in the U.K. down 0.05% at 6,737.3.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.24% up at 33153.2, the S&P 500 up 1.14% to 4019.9 and the Nasdaq 100 up 2.70% at 13329.5, NYSE closes at 15752.24 up 0.44%.
In the Forex market, GBPUSD up 0.10% at 1.38311. The USDJPY flat at 110.642. The USDCHF up 0.22% at 0.94326. EURUSD down 0.06% at 1.17530, EUR/GBP down 0.01% at 0.84975. The USD/CNY up 0.36% at 6.5646, at the time of writing.
In the commodity market U.S Gold futures down 0.52% at $1,725.90. Elsewhere, Silver futures down 0.80% to $24.738 per ounce, Platinum down 0.27% at $1206.43 per ounce, and Palladium down 1.05% to $2,639.00.
Crude Oil mix on Monday; Brent crude oil down 0.91% to $64.06 barrel while U.S. West Texas Intermediate (CLc1) is up 0.47% at $61.81.
In the Cryptocurrency Markets, BTCUSD at 57240.98 down 1.67%, Ethereum at 2022.27 down 2.58%, Litecoin at 200.85 down 0.80%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
HESS Corp. up 5.257% at $74.48, TERADYNE Inc. up 5.86% at $128.81, MICRON TECH. up 4.761% at $92.41, TESLA Inc. down 0.925% at $661.75, MICROSOFT Corp. up 2.791% at $242.35, VISA Inc. up 2.423% at $216.86, APPLE Inc. down 0.696% at $123.00, BOEING Inc. down 0.696% at $252.96.
Economic news:
US: U.S. President Joe Biden would be willing to push through his $2 trillion infrastructure plan without the support of Republican lawmakers if he cannot reach a bipartisan deal, Energy Secretary Jennifer Granholm said on Sunday.
Granholm said Biden would prefer that his plan have Republican backing but, if that does not work, he would likely support using a procedural strategy called reconciliation to allow Democrats to pass it in the Senate.
“As he has said, he was sent to the presidency to do a job for America. And if the vast majority of Americans, Democrats and Republicans, across the country support spending on our country and not allowing us to lose the race globally, then he’s going to do that,” Granholm said on CNN’s “State of the Union.”
Most Americans currently support the Democratic president’s plan, said Granholm, one of several senior Biden administration officials who promoted the proposal on television news shows on Sunday.
Since taking office in January, the Democratic president has repeatedly said he wants to work with Republicans.
Eurozone: Britain’s organised crime agency is reviewing a report by a group of London-based lawyers which accuses Lebanon’s central bank governor Riad Salameh and associates of money laundering and corrupt practices, four sources familiar with the matter said.
The 76-page report, seen by Reuters, outlines what it says are assets, companies and investment vehicles in Britain worth hundreds of millions of pounds which it alleges Salameh, members of his family and his associates used over years to divert funds out of Lebanon.
Salameh, who has led Lebanon’s central bank since 1993, told Reuters he had read a copy of the report and described it as part of a smear campaign. “They are false allegations,” he said.
London-based legal practice Guernica37 submitted the report to British police late last year, two of the sources said. They said it was then referred to Britain’s National Crime Agency (NCA). The report was prepared on behalf a group from Lebanese civil society in the diaspora.
“We can confirm we have received that report, but we are not in a position to comment further,” a spokesman for the NCA said, declining to say whether an investigation had been launched. Two of the sources said NCA’s financial investigation unit was carrying out a scoping exercise, a form of preliminary investigation, to determine whether there were sufficient grounds to start a formal investigation.
Important Data: US Services PMI (Mar) today at 9:45 this time estimated 60.0, previously which was 59.80. US Markit Composite PMI (Mar) today at 9:45 previously which was 59.10. US ISM Non-Manufacturing PMI (Mar) today at 10:00 this time estimated 58.5, previously which was 55.30. JAPAN Average Hourly Earnings (YoY) (YoY) (Mar) today at 19:30 this time estimated 2.8%, previously which was -7.3%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 06 APRIL 2021
Asia’s stock markets rose on Tuesday as another batch of strong U.S. economic data bolstered the global outlook. The Shanghai composite is down 0.20% at 3,477.65. Overall, the Singapore MSCI down 0.17% at 361.10. Over in Hong Kong, the Hang Seng Index flat at 28,931. In Japan, the Nikkei 225 down 1.26% at 29,690, while the Topix index is down 1.36% at 1955.0. South Korea’s Kospi up 0.16% to 3125.87. Australia S&P/ASX 200 up 0.94% at 6892.6.
European equities Monday closing. The DAX futures contract in Germany traded up 0.66% at 15107.17, CAC 40 futures up 0.59% at 6103.0 and the UK 100 futures contract in the U.K. up 0.35% at 6,737.3.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 1.13% up at 33527.2, the S&P 500 up 1.14% to 4077.9 and the Nasdaq 100 up 2.02% at 13598.2, NYSE closes at 15870.33 up 0.75%.
In the Forex market, GBPUSD up 0.15% at 1.39153. The USDJPY flat at 110.164. The USDCHF up 0.08% at 0.93704. EURUSD up 0.04% at 1.18149, EUR/GBP down 0.02% at 0.84906. The USD/CNY down 0.23% at 6.5498, at the time of writing.
In the commodity market U.S Gold futures up 0.48% at $1,736.74. Elsewhere, Silver futures up 0.88% to $25.081 per ounce, Platinum up 0.24% at $1212.51 per ounce, and Palladium down 0.45% to $2,650.50.
Crude Oil mix on Tuesday; Brent crude oil up 0.90% to $62.78 barrel while U.S. West Texas Intermediate (CLc1) is down 3.51% at $59.64.
In the Cryptocurrency Markets, BTCUSD at 58668.38 down 0.77%, Ethereum at 2123.50 up 0.80%, Litecoin at 221.19 down 0.19%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
CARNIVAL Corp. up 4.654% at $28.11, FORD MOTOR CO. up 4.355% at $12.70, ETSY Inc. down 5.283% at $197.20, HESS Corp. down 4.995% at $70.76, INTEL Corp. up 3.083% at $66.54, OKTA Inc. down 1.25% at $226.83, DOCUSIGN Inc. down 0.31% at $205.65, BOEING Co. up 2.53% at $259.36.
Economic news:
US: Top Democrats on the Senate Finance Committee on Monday proposed major shifts in former President Donald Trump’s 2017 tax reforms to eliminate what they say are incentives for companies to move operations overseas and shift profits to tax haven countries.
The plan proposed by Democratic senators Ron Wyden, Sherrod Brown and Mark Warner parallels some of the corporate tax hike proposals announced last week by President Joe Biden to finance $2 trillion in U.S. infrastructure investment.
The senators are targeting provisions in the landmark 2017 Tax and Jobs Act that govern how companies’ foreign income is taxed, the Global Intangible Low-Taxed Income system, the Foreign-Derived Intangible Income tax and the Base-Erosion and Anti-abuse Tax.
The systems were aimed at returning companies’ deferred offshore income to the United States at lower tax rates, where those profits could be invested in American jobs. But in practice, the Democrats said, they created new incentives for companies to invest more overseas to take advantage of new exemptions.
Eurozone: British Prime Minister Boris Johnson said on Monday a planned reopening of the economy would take place next week, with the opening of all shops, gyms, hairdressers and outdoor hospitality areas in England.
With the vaccine programme rolling out rapidly across the UK and infection numbers falling, Johnson said England would proceed to Stage 2 of his roadmap out of lockdown from April 12. Johnson said he would go to the pub himself for a pint.
People should continue to work from home when they could and minimise domestic travel, the government said. It also confirmed that the government was looking at a COVID-status certification system, or vaccine passport, to help reopen larger events.
Important Data: RUSSIA CPI (MoM) (Mar) today at 12:00 this time estimated 0.6%, previously which was 0.8%. US JOLTs Job Openings (Feb) today at 10:00 this time estimated 6.995M, previously which was 6.917M. EURO Unemployment Rate (Feb) today at 5:00 this time estimated 8.1%, previously which was 8.1%. US API Weekly Crude Oil Stock today at 16:30 previously which was 3.910M.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 07 APRIL 2021
A gauge of Asian shares climbed to three-week highs on Wednesday. The Shanghai composite is down 0.35% at 3,470.15. Overall, the Singapore MSCI down 0.08% at 361.60. Over in Hong Kong, the Hang Seng Index down 0.83% at 28,689. In Japan, the Nikkei 225 up 0.17% at 29,750, while the Topix index is up 0.59% at 1966.5. South Korea’s Kospi up 0.30% to 3136.50. Australia S&P/ASX 200 up 0.55% at 6923.9.
European equities Tuesday closing. The DAX futures contract in Germany traded up 0.70% at 15212.68, CAC 40 futures up 0.47% at 6131.3 and the UK 100 futures contract in the U.K. up 1.28% at 6,823.6.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.29% down at 33430.2, the S&P 500 down 0.10% to 4073.9 and the Nasdaq 100 down 0.06% at 13590.6, NYSE closes at 15877.95 up 0.05%.
In the Forex market, GBPUSD down 0.26% at 1.37860. The USDJPY up 0.08% at 109.578. The USDCHF down 0.07% at 0.93011. EURUSD down 0.03% at 1.18699, EUR/GBP up 0.22% at 0.86077. The USD/CNY up 0.02% at 6.5403, at the time of writing.
In the commodity market U.S Gold futures down 0.40% at $1,737.41. Elsewhere, Silver futures down 0.55% to $25.017 per ounce, Platinum up 0.13% at $1239.65 per ounce, and Palladium down 0.34% to $2,675.50.
Crude Oil up on Wednesday; Brent crude oil up 0.10% to $62.74 barrel while U.S. West Texas Intermediate (CLc1) is up 0.79% at $60.11.
In the Cryptocurrency Markets, BTCUSD at 58276.58 up 0.45%, Ethereum at 2097.50 down 0.74%, Litecoin at 236.54 down 0.24%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
ETSY Inc. up 4.468% at $206.01, TWITTER Inc. up 4.296% at $67.0, DISCOVERY Inc. up 4.179% at $43.38, KLA Corp. down 2.388% at $346.60, BIOGEN Inc. down 2.202% at $271.76, BAIDU Inc. up 1.916% at $226.44, NETEASE Inc. up 1.639% at $107.27, CSX Corp. down 1.481% at $97.11.
Economic news:
US: Top White House economist Cecilia Rouse on Tuesday defended President Joe Biden’s plan to spend $400 billion on the “care economy” as a legitimate infrastructure investment and key part of his drive to address persistent economic inequities.
Republicans have blasted Biden’s $2.3 trillion infrastructure package as riddled with liberal spending priorities, and want to strip out funding for home- and community-based jobs taking care of kids and seniors.
Rouse told an online event that was faulty thinking.
“So many people said, ‘Oh, the $400 billion that are being proposed for the home care workers or the home care sector, that’s not really infrastructure,'” she said. “Well I beg to differ. I can’t go to work, if I don’t have someone who’s taking care of my parents or my children.”
Biden’s infrastructure plan, his second major legislative initiative, appears unlikely to draw more bipartisan support than his first, a $1.9 trillion COVID-19 relief package that passed with only Democratic support last month.
The infrastructure package includes $25 billion to upgrade child-care facilities and increase the number of sites in areas with few child-care options, and the Biden administration is working on another package with more funding to be unveiled in coming weeks.
Eurozone: Top economic policymakers from the Group of Seven (G7) industrialised countries talked on Tuesday about how they will reform their economies to achieve their net zero emissions targets, this year’s chair, Britain, said.
“Finance ministers and central bank governors discussed the key roles of their ministries and central banks in the transition to net zero, and how climate policies complement and amplify the role of the private sector in financing climate action,” Britain’s finance ministry said in a statement.
British finance minister Rishi Sunak told attendees they needed to step up their plans to achieve the G7’s goal of creating $100 billion of climate finance, the finance ministry said.
Sunak will on Wednesday call on the Group of Twenty major economies to focus their efforts to tackle climate change and help the International Monetary Fund (IMF) to make climate change key to its activities, the finance ministry said.
On Thursday he will discuss more support for vulnerable countries and a new allocation of the IMF’s financial reserves, an internal currency known as special drawing rights (SDRs).
Important Data: UK Composite PMI (Mar) today at 4:30 this time estimated 56.6, previously which was 56.6. US Crude Oil Inventories today at 10:30 this time estimated -1.436M, previously which was -0.876M. US Imports today at 5:00 previously which was 260.20B. Italian Services PMI (Mar) today at 3:45 this time estimated 49.0, previously which was 48.8.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 08 APRIL 2021
Asia Pacific stocks were mixed Thursday morning. The Shanghai composite is up 0.43% at 3,494.08. Overall, the Singapore MSCI down 0.14% at 360.50. Over in Hong Kong, the Hang Seng Index up 1.48% at 28,963. In Japan, the Nikkei 225 flat at 29,710, while the Topix index is down 0.71% at 1952.0. South Korea’s Kospi up 0.17% to 3142.68. Australia S&P/ASX 200 up 0.91% at 6990.7.
European equities Wednesday closing. The DAX futures contract in Germany traded down 0.24% at 15176.36, CAC 40 futures down 0.01% at 6130.7 and the UK 100 futures contract in the U.K. up 0.91% at 6,885.3.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.05% up at 33446.3, the S&P 500 up 0.15% to 4080.0 and the Nasdaq 100 up 0.28% at 13616.7, NYSE closes at 15838.84 down 0.25%.
In the Forex market, GBPUSD up 0.22% at 1.37660. The USDJPY down 0.17% at 109.643. The USDCHF down 0.09% at 0.92868. EURUSD up 0.10% at 1.18738, EUR/GBP down 0.16% at 0.86250. The USD/CNY up 0.07% at 6.5468, at the time of writing.
In the commodity market U.S Gold futures up 0.42% at $1,744.10. Elsewhere, Silver futures up 0.78% to $25.324 per ounce, Platinum up 0.58% at $1233.62 per ounce, and Palladium down 0.04% to $2,622.00.
Crude Oil mix on Thursday; Brent crude oil down 0.38% to $62.66 barrel while U.S. West Texas Intermediate (CLc1) is up 0.43% at $60.37.
In the Cryptocurrency Markets, BTCUSD at 57176.81 up 2.18%, Ethereum at 2017.87 up 2.79%, Litecoin at 223.70 up 2.12%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
TWITTER Inc. up 2.97% at $68.99, FACEBOOK up 2.23% at $313.09, NVIDIA Corp. up 2.034% at $565.74, TESLA Inc. down 2.986% at $670.97, APPLE Inc. up 1.339% at $127.9, INTEC Corp. up 1.053% at $66.25, VISA Inc. up 0.284% at $219.27, NIKE Inc. down 0.452% at $136.54.
Economic news:
US: Federal Reserve officials remain wary about the ongoing risks of the coronavirus pandemic and are committed to bolstering the economy until its recovery is more secure, minutes of the U.S. central bank’s latest policy meeting showed on Wednesday.
With their own forecasts projecting the strongest run of U.S. economic growth in nearly 40 years, “participants agreed that the economy remained far from the (Fed’s) longer-run goals and that the path ahead remained highly uncertain,” the minutes from the March 16-17 meeting said.
“Participants noted that it would likely be some time,” before conditions improved enough for the central bank to consider reducing its current level of support.
Though several policymakers at the meeting indicated they thought interest rates might need to increase sooner than anticipated by the bulk of their colleagues, and perhaps as soon as next year, there was little sense of urgency around that issue in the minutes.
Eurozone: The European Central Bank sped up the pace of its emergency bond-buying programme by 22.7% in March despite a slowdown in the runup to Easter, with Germany the biggest beneficiary of its stimulus, data showed on Tuesday.
The ECB bought 73.5 billion euros worth of bonds under its Pandemic Emergency Purchase Programme (PEPP) last month after pledging to raise buying volumes and cap a rise in borrowing costs that threatened to derail the euro zone’s recovery from a pandemic-induced recession.
However, data for the five days to April 2 showed net PEPP purchases were nearly halved compared with the previous week, at just 10.6 billion euros – likely due to lower market activity in the runup to Easter.
German government bonds took the lion’s share of the ECB’s largesse in February and March at 44.8 billion euros, combined data for PEPP and the ECB’s regular Public Sector Purchase Programme showed.
This was more than twice the net supply of German sovereign paper over those months at 21 billion euros, according to UniCredit estimates, and helped bring the country back to its theoretical quota in the programmes.
Important Data: UK Construction PMI (Mar) today at 4:30 this time estimated 54.6, previously which was 53.3. US Initial Jobless Claims today at 8:30 this time estimated 680K, previously which was 719K. AUSTRALIA Building Approvals (MoM) today at 21:30 this time estimated 21.6%, previously which was -19.4%. US Fed Chair Powell Speaks today at 12:00.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 09 APRIL 2021
Asia Pacific stocks were mostly down Friday morning. The Shanghai composite is down 1.08% at 3,444.91. Overall, the Singapore MSCI down 0.11% at 359.40. Over in Hong Kong, the Hang Seng Index down 1.25% at 28,660. In Japan, the Nikkei 225 up 0.67% at 29,870, while the Topix index is up 0.67% at 1965.0. South Korea’s Kospi down 0.51% to 3126.35. Australia S&P/ASX 200 up 0.14% at 6988.9.
European equities Thursday closing. The DAX futures contract in Germany traded up 0.17% at 15202.68, CAC 40 futures up 0.57% at 6165.7 and the UK 100 futures contract in the U.K. up 0.83% at 6,942.2.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.17% up at 33503.6, the S&P 500 up 0.42% to 4097.2 and the Nasdaq 100 down 0.36% at 13751.8, NYSE closes at 15886.56 up 0.30%.
In the Forex market, GBPUSD down 0.15% at 1.37121. The USDJPY up 0.12% at 109.384. The USDCHF up 0.11% at 0.92481. EURUSD down 0.14% at 1.18960, EUR/GBP up 0.05% at 0.86772. The USD/CNY up 0.05% at 6.5546, at the time of writing.
In the commodity market U.S Gold futures down 0.30% at $1,750.25. Elsewhere, Silver futures down 0.51% to $25.305 per ounce, Platinum down 1.17% at $1217.14 per ounce, and Palladium down 0.10% to $2,626.00.
Crude Oil down on Friday; Brent crude oil down 0.55% to $62.96 barrel while U.S. West Texas Intermediate (CLc1) is down 0.17% at $60.27.
In the Cryptocurrency Markets, BTCUSD at 57943.15 down 0.22%, Ethereum at 2070.53 down 0.50%, Litecoin at 223.52 down 1.22%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
ETSY Inc. up 5.573% at $215.39, TWITTER Inc. up 3.232% at $71.22, DISCOVERY Inc. down 3.48% at $41.88, OKTA Inc. up 7.153% at $238.48, AUTODESK Inc. up 2.555% at $293.43, BIOGEN Inc. down 0.854% at $265.73, VISA Inc. up 0.652% at $220.7, 3M Co. up 0.395% at $195.72.
Economic news:
US: The U.S. Federal Reserve plans to keep its super-easy policy in place even as data shows the economy kicking into higher gear, with policymakers predicting on Thursday that an expected increase in prices this year will fade on its own, and warning about the recent uptick in COVID-19 infections.
“Cases are moving back up here, so I would just urge that people do get vaccinated and continue socially distancing,” Fed Chair Jerome Powell, who has had his shots, said at an economic forum during virtual International Monetary Fund and World Bank meetings. “We don’t want to get another outbreak; even if it might have less economic damage and kill fewer people, it’ll slow down the recovery.”
Speaking at a separate event, St. Louis Federal Reserve Bank President James Bullard said the Fed should not even discuss changes in monetary policy until it is clear the pandemic is over, tying future Fed discussions tightly to the success of the vaccination effort.
The Fed has said it will keep buying $120 billion in bonds a month until it sees “substantial further progress” toward meeting the central bank’s employment and inflation goals.
Eurozone: European Central Bank policymakers at their meeting last month debated a smaller increase in bond purchases and agreed to front-load the buying this quarter on condition it could be cut later if conditions allow, the accounts of their meeting showed on Thursday.
Worried that rising yields would derail an eventual recovery, policymakers in March decided to “significantly” increase bond purchases and undo some of the rise in borrowing costs, which was deemed a reflection of a global repricing rather than improved economic prospects.
Monthly bond buys under the ECB’s 1.85 trillion-euro Pandemic Emergency Purchase Programme jumped by over a fifth last month, enough to stabilize nominal bond yields and push inflation-adjusted yields back to their early-year lows.
However, some policymakers argued that a smaller increase in bond purchases would better reflect a more balanced risk assessment and expectations for faster growth.
“All members joined a broad consensus around the proposal put forward by (chief economist Philip) Lane, on the understanding that the total PEPP envelope was not being called into question in the current conditions and that the pace of purchases could be reduced in the future,” the account of the March 10-11 meeting showed.
Important Data: US PPI (MoM) (Mar) today at 8:30 this time estimated 0.5%, previously which was 0.5%. CANADA Employment Change (Mar) today at 8:30 this time estimated 100K, previously which was 259.2K. CANADA Unemployment Rate (Mar) today at 8:30 this time estimated 8%, previously which was 8.2%. UK Halifax House Price Index (MoM) (Mar) today at 3:30 previously which was 0.1%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 13 APRIL 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.51% to 3,395.68. Hong Kong’s Hang Seng Index was down about 0.46% to 28,539.12.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.72 per cent at 29,751.06 on Tuesday, while the broader TOPIX 100 rose 0.30 per cent to 1,266.71. South Korea’s Kospi was up by 1.07% to 3169.08.
EUROPEAN MARKET:-
The Euro Stoxx 50 climbed down by 0.43% to 3,961. In the cash markets, the DAX futures Germany was trading 0.13% lower at 15,215.25. CAC 40 futures in France climbed down by 0.13% to 6,161.60, while the FTSE 100 futures in the U.K. fell by 0.39% to 6,889.41, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.16% at 33,745.60 the S&P 500 was up 0.01% to 4129.86 and the Nasdaq 100 down 0.19% at 13,819.35.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.05% at 1.3748. The USDJPY was up 0.28% at 109.69. The USDCHF was up 0.25% at 0.9248. EURUSD was down 0.18% at 1.1887, EUR/GBP was down 0.23% at 0.8645, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.51% at $1,723.60. Elsewhere, Silver futures fell 0.10% to $24.843 per ounce, Platinum fell 0.34% at $1,170.20 per ounce, and Palladium was up 0.45% at $2,688.50.
Crude Oil was down on Tuesday; Brent crude oil up 0.77% to $63.77 barrel while U.S. West Texas Intermediate (CLc1) rose 0.77% at $60.14.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $61,000 up 0.45%, Ethereum at 2,167.57 down 0.69%, Litecoin at 251.873 down 2.32%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...4/image-98.png
AstraZeneca. down 0.44% at 7,193.20, Apple Inc. down 1.32% at $131.24, Facebook down 0.29% at $312.46, TESLA Inc. up 3.69% at $701.02, MICROSOFT Corp. up 0.02% at $255.91, VISA Inc. up 0.47% at $221.47, BHP Group up 0.26% at $2,123.36.
Economic news:
USA MARKET
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The U.S. economy could see a significant rebound this year thanks to accommodative monetary and fiscal policy, but the labourmarket still has much room for improvement, Boston Federal Reserve Bank President Eric Rosengren said on Monday.
“With labour-markets lack still significant, and inflation still below the Federal Reserve’s 2 per cent target, my perspective is that the current highly accommodative stance of monetary policy is appropriate,” Rosengren said during a virtual discussion with business leaders.
Coronavirus vaccines’ ability to successfully prevent the spread of new variants of the virus would also be important, he said. “Assuming virus variants do not become especially problematic, we should see an unusually strong post-recession recovery,” he said.
Under a replacement framework adopted last year, Fed officials are going to be patient and leave rates near zero until inflation materializes – not raising rates in anticipation of upper inflation when the unemployment rate is low, Rosengren said.
Policymakers are trying to avoid the sluggish recovery that took place after the global financial crisis, and it is possible that the unemployment rate could drop to pre-pandemic levels of about 4% within the next two years, Rosengren said. Some employers will need to juice up their benefits packages or increase pay to attract new workers as business picks up, he said.
EUROZONE:
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Britain’s economy will be back to its pre-COVID-19 level around the middle of next year, according to economists in a Reuters poll who said unemployment would peak at 6.2% as 2021 draws to a close and the pandemic job support scheme ends.
The UK has suffered the highest coronavirus-related death toll in Europe. But a swift vaccine rollout and plummeting infections haveallowed the government to begin easing restrictions and on Monday non-essential retail and outside hospitality reopened.
Last year the economy shrank by the most in more than three centuries, but the April 7-12 poll of around 70 economists said it would expand 5.0% this year and 5.5% in 2022. In a March poll, those forecasts were 4.6% and 5.7%, respectively.
With much of the country’s dominant service industry closed, and citizens encouraged to stay at home, the poll suggested the economy contracted 2.3% last quarter. Now that lockdowns are being loosened, it was expected to grow 3.5% this quarter and 3.0% next.
“There are mounting signs that the effects on the economy from the third COVID-19 lockdown have started to thaw,” said Paul Dales at Capital Economics.
“We are sticking to our relatively optimistic view that the reopening of the economy and the vaccine programme will allow GDP to regain its pre-pandemic level early next year.”
But asked when the British economy would be back to its pre-pandemic size the majority of respondents to an additional question thought it would take a bit longer, with 10 expecting it to be a quarter or two later.
Finance Minister Rishi Sunak said last month he expected the economy would return to its pre-pandemic size in mid-2022. Six respondents in the poll said it would take longer and five said it would be sooner.

TECHNICAL SUMMERY

TECHNICAL ANALYSIS REPORT – 16 APRIL 2021


ASIAN MARKET:-
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 0.14% to 3,426.68. Hong Kong’s Hang Seng Index was up about 0.79% to 28,998.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.14 per cent at 29,683.06 on Friday, while the Australian Index S&P / ASX 200 rose 0.07 per cent to 7,063.71. South Korea’s Kospi was up by 0.13% to 3198.08.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.13% to 24,560.50 In the cash markets, the DAX futures Germany was trading 0.29% higher at 15,299.25. CAC 40 futures in France climbed up by 0.15% to 6,243.60, while the FTSE 100 futures in the U.K. rose by 0.42% to 7,013.41, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.16% at 33,730.27 the S&P 500 was up 1.11% to 4,170.86 and the Nasdaq 100 was up 1.31% at 14,038.76.
FOREX MARKET:-
In the Forex market, GBPUSD fell 0.37% at 1.3735. The USDJPY was up 0.11% at 108.86. The USDCHF was up 0.21% at 0.9208. EURUSD was up 0.01% at 1.1968, EUR/GBP was up 0.41% at 0.8713, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.06% at $1,765.45. Elsewhere, Silver futures fell 0.15% to $25.925 per ounce, Platinum rose 0.32% at $1,202.90 per ounce, and Palladium was up 0.38% at $2,750.50.
Brent crude oil was up 0.12% to $67.17 barrel while U.S. West Texas Intermediate (CLc1) rose 0.37% at $63.66.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $61,275 down 2.54%, Ethereum at 2,400.18 down 2.71%, Litecoin at 283.442 up 3.64%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w.../image-137.pngDaimler up 2.58% at 77.335, Apple Inc. up 1.87% at $134.50, Facebook up 1.65% at $ 307.82, TESLA Inc. up 0.90% at $738.85, Volkswagen up 1.26% at $240.46., Nvidia up 5.63% at $645.49, Barclays up 3.70% at 188.37.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w.../image-138.pngThe U.S. economy still has a long way to go to fully recover from the crisis caused by the coronavirus pandemic, which hit minorities and people with lower levels of education hardest, but the outlook is improving, Cleveland Federal Reserve Bank President Loretta Mester said on Thursday.
“While the economy is still far from our policy goals of maximum employment and price stability, progress is being made and the economic outlook is brightening,” Mester said during a virtual event with students from Swarthmore College.
On the inflation front, the Fed official said price readings could be high in the near-term as companies struggle with supply chain disruptions and prices rebound from lows reached early in the pandemic, but price growth is likely to slow as time passes and those challenges are resolved.
“I’m not too concerned about inflation moving too high at this point,” Mester said.
The U.S. economy could see strong growth in the second half of the year and labor market conditions should continue to improve as long as there is not a surge in infections of virus strains that are resistant to vaccines, Mester told reporters after the event.
The policymaker expects the U.S. economy to grow by 6% or more this year and the unemployment rate to drop to 4.5% or lower by year-end.
EUROZONE:-
https://www.capitalstreetfx.com/en/w.../image-139.pngThe European Parliament’s committees on relations with Britain on Thursday voted overwhelmingly in favour of the post-Brexit trade and cooperation agreement, clearing the path to its final ratification.
They had suspended voting in March in protest over British changes to trading arrangements in Northern Ireland, which Brussels says breach the terms of the Brexit Withdrawal Agreement.
The United Kingdom left the European Union on Jan. 31 after years of tortuous negotiations over their future relations but many details remain unclear, leading to acrimony.
The EU’s foreign affairs and trade committees backed the trade and cooperation agreement struck in December by 108 votes to one, with four abstentions, the parliament said in a statement.
The full chamber must still give its approval and, while it is clear the deal would receive majority backing, it is not certain that lawmakers will vote.
Parliament faces an end-April deadline but has said it wants to see Britain move on implementing the Northern Ireland protocol.
If there is no vote this month and provisional application of the agreement is not extended, then the trade deal would cease to apply, leaving Britain and the European Union to trade on World Trade Organization terms with tariffs and quotas.
Christophe Hansen, a lead lawmaker on post-Brexit ties, said Britain would not agree to another extension, meaning the end of April was a potential cliff edge. But he supported the agreement on Thursday.
“Plunging our companies into renewed uncertainty would be irresponsible and definitely in nobody’s interest,” he said.
Parliamentary leaders compromised this week by allowing the committee vote and could still decide to put the trade deal before the full chamber in its April 26-29 session.
The Brexit impact on Northern Ireland has helped fuel the worst violence in the province for years, but EU-UK rhetoric has dialled down and technical experts from both sides have sought to overcome differences.
British negotiator David Frost will meet European Commission vice president Maros Sefcovic on Thursday evening. The Commission said the meeting was designed as a stock-taking exercise and to provide a steer for future talks.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 16 APRIL 2021


ASIAN MARKET:-
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 0.14% to 3,426.68. Hong Kong’s Hang Seng Index was up about 0.79% to 28,998.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.14 per cent at 29,683.06 on Friday, while the Australian Index S&P / ASX 200 rose 0.07 per cent to 7,063.71. South Korea’s Kospi was up by 0.13% to 3198.08.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.13% to 24,560.50 In the cash markets, the DAX futures Germany was trading 0.29% higher at 15,299.25. CAC 40 futures in France climbed up by 0.15% to 6,243.60, while the FTSE 100 futures in the U.K. rose by 0.42% to 7,013.41, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.16% at 33,730.27 the S&P 500 was up 1.11% to 4,170.86 and the Nasdaq 100 was up 1.31% at 14,038.76.
FOREX MARKET:-
In the Forex market, GBPUSD fell 0.37% at 1.3735. The USDJPY was up 0.11% at 108.86. The USDCHF was up 0.21% at 0.9208. EURUSD was up 0.01% at 1.1968, EUR/GBP was up 0.41% at 0.8713, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.06% at $1,765.45. Elsewhere, Silver futures fell 0.15% to $25.925 per ounce, Platinum rose 0.32% at $1,202.90 per ounce, and Palladium was up 0.38% at $2,750.50.
Brent crude oil was up 0.12% to $67.17 barrel while U.S. West Texas Intermediate (CLc1) rose 0.37% at $63.66.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $61,275 down 2.54%, Ethereum at 2,400.18 down 2.71%, Litecoin at 283.442 up 3.64%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w.../image-137.pngDaimler up 2.58% at 77.335, Apple Inc. up 1.87% at $134.50, Facebook up 1.65% at $ 307.82, TESLA Inc. up 0.90% at $738.85, Volkswagen up 1.26% at $240.46., Nvidia up 5.63% at $645.49, Barclays up 3.70% at 188.37.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w.../image-138.pngThe U.S. economy still has a long way to go to fully recover from the crisis caused by the coronavirus pandemic, which hit minorities and people with lower levels of education hardest, but the outlook is improving, Cleveland Federal Reserve Bank President Loretta Mester said on Thursday.
“While the economy is still far from our policy goals of maximum employment and price stability, progress is being made and the economic outlook is brightening,” Mester said during a virtual event with students from Swarthmore College.
On the inflation front, the Fed official said price readings could be high in the near-term as companies struggle with supply chain disruptions and prices rebound from lows reached early in the pandemic, but price growth is likely to slow as time passes and those challenges are resolved.
“I’m not too concerned about inflation moving too high at this point,” Mester said.
The U.S. economy could see strong growth in the second half of the year and labor market conditions should continue to improve as long as there is not a surge in infections of virus strains that are resistant to vaccines, Mester told reporters after the event.
The policymaker expects the U.S. economy to grow by 6% or more this year and the unemployment rate to drop to 4.5% or lower by year-end.
EUROZONE:-
https://www.capitalstreetfx.com/en/w.../image-139.pngThe European Parliament’s committees on relations with Britain on Thursday voted overwhelmingly in favour of the post-Brexit trade and cooperation agreement, clearing the path to its final ratification.
They had suspended voting in March in protest over British changes to trading arrangements in Northern Ireland, which Brussels says breach the terms of the Brexit Withdrawal Agreement.
The United Kingdom left the European Union on Jan. 31 after years of tortuous negotiations over their future relations but many details remain unclear, leading to acrimony.
The EU’s foreign affairs and trade committees backed the trade and cooperation agreement struck in December by 108 votes to one, with four abstentions, the parliament said in a statement.
The full chamber must still give its approval and, while it is clear the deal would receive majority backing, it is not certain that lawmakers will vote.
Parliament faces an end-April deadline but has said it wants to see Britain move on implementing the Northern Ireland protocol.
If there is no vote this month and provisional application of the agreement is not extended, then the trade deal would cease to apply, leaving Britain and the European Union to trade on World Trade Organization terms with tariffs and quotas.
Christophe Hansen, a lead lawmaker on post-Brexit ties, said Britain would not agree to another extension, meaning the end of April was a potential cliff edge. But he supported the agreement on Thursday.
“Plunging our companies into renewed uncertainty would be irresponsible and definitely in nobody’s interest,” he said.
Parliamentary leaders compromised this week by allowing the committee vote and could still decide to put the trade deal before the full chamber in its April 26-29 session.
The Brexit impact on Northern Ireland has helped fuel the worst violence in the province for years, but EU-UK rhetoric has dialled down and technical experts from both sides have sought to overcome differences.
British negotiator David Frost will meet European Commission vice president Maros Sefcovic on Thursday evening. The Commission said the meeting was designed as a stock-taking exercise and to provide a steer for future talks.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 19 APRIL 2021
ASIAN MARKET:-
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 1.26% to 3,469.68. Hong Kong’s Hang Seng Index was up about 0.48% to 29,150.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.04 per cent at 29,671.06 on Monday, while the Australian Index S&P / ASX 200 rose 0.14 per cent to 7,073.71. South Korea’s Kospi was up by 0.03% to 3198.08.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.88% to 24,744.50 In the cash markets, the DAX futures Germany was trading 1.34% higher at 15,459.25. CAC 40 futures in France climbed up by 0.85% to 6,287.60, while the FTSE 100 futures in the U.K. rose by 0.52% to 7,019.41, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.48% at 34,200.27 the S&P 500 was up 0.36% to 4,185.86 and the Nasdaq 100 was up 0.10% at 14,052.76.
FOREX MARKET:-
In the Forex market, GBPUSD fell 0.37% at 1.3735. The USDJPY was up 0.11% at 108.86. The USDCHF was up 0.21% at 0.9208. EURUSD was up 0.01% at 1.1968, EUR/GBP was up 0.41% at 0.8713, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.16% at $1,777.45. Elsewhere, Silver futures fell 1.00% to $25.843 per ounce, Platinum rose 0.30% at $1,209.90 per ounce, and Palladium was up 0.08% at $2,785.50.
Brent crude oil was down 0.31% to $66.56 barrel while U.S. West Texas Intermediate (CLc1) fell 0.24% at $63.04.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $56,803 up 2.06%, Ethereum at 2,240.18 up 2.74%, Litecoin at 273.442 up 5.74%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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AstraZeneca down 0.27% at 7380.0, Apple Inc. down 0.25% at $134.16, Amazon up 0.60% at $ 3,399.44, TESLA Inc. up 0.13% at $739.78, Daimler up 2.62% at 77.335., Boeing down 1.17% at $248.18, Unilever down 0.04% at 4164.37.
Economic news:
USA MARKET
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Fewer than 200,000 businesses in the United States may have failed during the first year of the COVID-19 pandemic, a lighter toll than initially feared and one that may have had relatively little impact on unemployment, according to Federal Reserve research.
The figure contrasts with the early forecasts that the pandemic would leave America’s “Main Street” desolate as well as with polls that continue to show large percentages of U.S. small business owners are worried about their survival.
Perhaps 600,000 businesses, most of them small firms, fail in any given year, and U.S. central bank researchers estimated that from March 2020 through February of this year the figure has been perhaps a quarter to a third higher.
That included 100,000 “excess” failures among firms engaged in close-contact services such as barber shops and nail salons, a sector described by the Fed research group as the sector hardest hit by the economic fallout from the pandemic.
While potentially devastating for the owners and employees of those firms, “relative to popular discussion … our results may represent an optimistic update to views about pandemic-related business failure,” the authors wrote.
Offsetting the hit to those services-oriented businesses, they noted, carry-out restaurants, grocery stores and outdoor recreation companies seemed to suffer fewer failures than usual, with the net result being a smaller-than-anticipated blow to the overall economy.
“Many industries have likely seen lower-than-usual exit rates, and exiting businesses do not appear to represent a large share of U.S. employment,” the researchers wrote.
The study was the latest to sound a positive note on an economic recovery that has proceeded faster than expected, with top Fed officials confident that much of the potential permanent damage had been avoided. Earlier research had anticipated widespread business failures due to the pandemic, with 400,000 or more small firms going dark.
Census and other surveys continue to reflect stress among some firms that continue to operate, and the Fed researchers acknowledged that more failures could occur if, for example, banks, landlords and creditors become less flexible with their business tenants as conditions return to normal.
Nor does the study account for the millions of still-lost jobs at surviving firms that cut staff or reduced operations, or for the disproportionate losses felt among racial or ethnic groups over-represented in the most devastated industries.
But it does start to put some scope around one of the potential economic scars from the pandemic, and suggests that small businesses appear to have been both more resilient than anticipated, and were propped up effectively by loans from the Paycheck Protection Program and other federal aid.
EUROZONE:-
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Euro zone politicians, courts and policy hawks will pose a stiff challenge this year to the ECB’s resolve to pin down the bloc’s borrowing costs, precisely at a time when higher U.S. Treasury yields are tempting investors away from European markets.
The European Central Bank has held sovereign debt yields low through bond purchases, and recently increased buying in its 1.85 trillion-euro ($2.22 trillion) emergency stimulus scheme, known as PEPP.
And it is no longer battling alone to support the euro economy, as the pandemic induced governments to spend more and to create an 800 billion-euro Recovery Fund, seeded by joint European Union borrowing.
However, an emergency appeal at Germany’s top court has halted the fund’s ratification. The court should decide in the coming weeks on the suit which was brought by five plaintiffs, including the former leader of the far-right Alternative for Germany party.
Given how far Europe’s recovery lags the United States, delaying the fund could mean “economic disaster”, ECB board member Isabel Schnabel has warned.
It is most concerning for poorer southern European countries, which stand to benefit the most from disbursements. Their borrowing costs fell last year as the Recovery Fund deal was seen reducing risks for their economies, but yields have started to edge up on concerns that support for these economies may not come soon enough.
Italy alone could receive a total 250 billion euros from the fund, Credit Suisse estimates.
“(The ECB) is doing enough, but the game is not over,” said Guy Miller, chief market strategist at Zurich Insurance Group . “They have to remain vigilant, and they will have to make sure to continue to fight.”

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 20 APRIL 2021


ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.12% to 3,473.68. Hong Kong’s Hang Seng Index was down about 0.03% to 29,105.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 1.97 per cent at 29,100.06 on Tuesday, while the Australian Index S&P / ASX 200 fell 0.68 per cent to 7,073.71. South Korea’s Kospi was up by 0.68% to 3220.08.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 0.21% to 24,691.46 In the cash markets, the DAX futures Germany was trading 0.59% lower at 15,368.25. CAC 40 futures in France climbed up by 0.15% to 6,296.60, while the FTSE 100 futures in the U.K. fell by 0.28% to 7,000.08, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.36% down at 34,077.27 the S&P 500 was down 0.53% to 4,163.28 and the Nasdaq 100 was down 0.98% at 13,914.76.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.12% at 1.3998. The USDJPY was up 0.25% at 108.43. The USDCHF was down 0.02% at 0.9148. EURUSD was up 0.29% at 1.2067, EUR/GBP was up 0.23% at 0.8622, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.09% at $1,769.45. Elsewhere, Silver futures rose 0.50% to $25.968 per ounce, Platinum fell 0.20% at $1,209.05 per ounce, and Palladium was down 0.13% at $2,807.50.
Brent crude oil was up 0.94% to $67.67 barrel while U.S. West Texas Intermediate (CLc1) rose 0.91% at $64.01.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $53,735 down 6.13%, Ethereum at 2,074.18 down 8.40%, Litecoin at 237.442 down 14.16%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w.../image-165.pngBarclays down 0.16% at 187.38, Apple Inc. up 0.51% at $134.84, Amazon up 0.60% at $ 3,399.44, TESLA Inc. down 3.40% at $714.78, Vodafone Group down 0.41% at 134.72., Microsoft down 0.77% at $258.74, BioNTech down 1.09% at 122.45.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w.../image-166.pngTwo Biden administration agencies have struck a deal to offer 22,000 extra seasonal guestworker visas to employers in the coming months, Bloomberg Law reported on Monday.
Homeland Security Secretary Alejandro Mayorkas and Labor Secretary Marty Walsh agreed late last week to lift the cap on H-2B visas, the report
The extra visas for seasonal non-agricultural labor, called the H-2B visas, are in addition to the annual allotment of 66,000 H-2B visas.
Earlier in April, President Joe Biden allowed a proclamation from his Republican predecessor that had blocked many temporary foreign workers from coming into the United States to expire.
The Democratic president has rolled back some of former President Donald Trump’s immigration policies since taking office on Jan. 20, including last month revoking a proclamation that had blocked many immigrant visa applicants from entering the United States.
EUROZONE:-
https://www.capitalstreetfx.com/en/w.../image-167.pngThe UK government will look into the national security implications of U.S. group Nvidia (NASDAQ:NVDA)’s purchase of British chip designer ARM Holdings (LON:ARM), it said on Monday, raising a question mark over the $40 billion deal.
Digital minister Oliver Dowden said he had issued a so-called intervention notice over the sale of ARM by Japan’s SoftBank to Nvidia.
Nvidia said it does not believe the deal poses any material national security issues.
“We will continue to work closely with the British authorities, as we have done since the announcement of this deal,” said Nvidia, the biggest U.S. chip company by market capitalisation.
ARM is a major player in global semiconductors, a sector fundamental to technologies from artificial intelligence and quantum computing to 5G telecoms networks. Its designs power nearly every smartphone and millions of other devices.
Semiconductors also underpin critical infrastructure in Britain and are in technology related to defence and national security matters, the government said, adding that officials from the security community had informed the decision to intervene.
The Competition and Markets Authority (CMA) will assess the competition, jurisdiction and national security impact of the deal, with a report due by July 30, the government sa
id.
Dowden will then decide whether to clear the deal, either with or without undertakings from the companies involved, or refer it for a longer, in-depth investigation.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 20 APRIL 2021


ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.12% to 3,473.68. Hong Kong’s Hang Seng Index was down about 0.03% to 29,105.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 1.97 per cent at 29,100.06 on Tuesday, while the Australian Index S&P / ASX 200 fell 0.68 per cent to 7,073.71. South Korea’s Kospi was up by 0.68% to 3220.08.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 0.21% to 24,691.46 In the cash markets, the DAX futures Germany was trading 0.59% lower at 15,368.25. CAC 40 futures in France climbed up by 0.15% to 6,296.60, while the FTSE 100 futures in the U.K. fell by 0.28% to 7,000.08, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.36% down at 34,077.27 the S&P 500 was down 0.53% to 4,163.28 and the Nasdaq 100 was down 0.98% at 13,914.76.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.12% at 1.3998. The USDJPY was up 0.25% at 108.43. The USDCHF was down 0.02% at 0.9148. EURUSD was up 0.29% at 1.2067, EUR/GBP was up 0.23% at 0.8622, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.09% at $1,769.45. Elsewhere, Silver futures rose 0.50% to $25.968 per ounce, Platinum fell 0.20% at $1,209.05 per ounce, and Palladium was down 0.13% at $2,807.50.
Brent crude oil was up 0.94% to $67.67 barrel while U.S. West Texas Intermediate (CLc1) rose 0.91% at $64.01.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $53,735 down 6.13%, Ethereum at 2,074.18 down 8.40%, Litecoin at 237.442 down 14.16%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w.../image-165.pngBarclays down 0.16% at 187.38, Apple Inc. up 0.51% at $134.84, Amazon up 0.60% at $ 3,399.44, TESLA Inc. down 3.40% at $714.78, Vodafone Group down 0.41% at 134.72., Microsoft down 0.77% at $258.74, BioNTech down 1.09% at 122.45.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w.../image-166.pngTwo Biden administration agencies have struck a deal to offer 22,000 extra seasonal guestworker visas to employers in the coming months, Bloomberg Law reported on Monday.
Homeland Security Secretary Alejandro Mayorkas and Labor Secretary Marty Walsh agreed late last week to lift the cap on H-2B visas, the report
The extra visas for seasonal non-agricultural labor, called the H-2B visas, are in addition to the annual allotment of 66,000 H-2B visas.
Earlier in April, President Joe Biden allowed a proclamation from his Republican predecessor that had blocked many temporary foreign workers from coming into the United States to expire.
The Democratic president has rolled back some of former President Donald Trump’s immigration policies since taking office on Jan. 20, including last month revoking a proclamation that had blocked many immigrant visa applicants from entering the United States.
EUROZONE:-
https://www.capitalstreetfx.com/en/w.../image-167.pngThe UK government will look into the national security implications of U.S. group Nvidia (NASDAQ:NVDA)’s purchase of British chip designer ARM Holdings (LON:ARM), it said on Monday, raising a question mark over the $40 billion deal.
Digital minister Oliver Dowden said he had issued a so-called intervention notice over the sale of ARM by Japan’s SoftBank to Nvidia.
Nvidia said it does not believe the deal poses any material national security issues.
“We will continue to work closely with the British authorities, as we have done since the announcement of this deal,” said Nvidia, the biggest U.S. chip company by market capitalisation.
ARM is a major player in global semiconductors, a sector fundamental to technologies from artificial intelligence and quantum computing to 5G telecoms networks. Its designs power nearly every smartphone and millions of other devices.
Semiconductors also underpin critical infrastructure in Britain and are in technology related to defence and national security matters, the government said, adding that officials from the security community had informed the decision to intervene.
The Competition and Markets Authority (CMA) will assess the competition, jurisdiction and national security impact of the deal, with a report due by July 30, the government sa
id.
Dowden will then decide whether to clear the deal, either with or without undertakings from the companies involved, or refer it for a longer, in-depth investigation.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 21 APRIL 2021


ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.05% to 3,470.68. Hong Kong’s Hang Seng Index was down about 1.76% to 28,606.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 2.03 per cent at 28,508.06 on Wednesday, while the Australian Index S&P / ASX 200 fell 0.29 per cent to 6,997.71. South Korea’s Kospi was down by 1.33% to 3177.29.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 2.44% to 24,088.46 In the cash markets, the DAX futures Germany was trading 1.55% lower at 15,29.25. CAC 40 futures in France climbed down by 2.09% to 6,165.11, while the FTSE 100 futures in the U.K. fell by 2.00% to 6,859.08, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.75% down at 33,821.30 the S&P 500 was down 0.68% to 4,134.94 and the Nasdaq 100 was down 0.92% at 13,786.27.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.04% at 1.3942. The USDJPY was down 0.05% at 108.03. The USDCHF was down 0.01% at 0.9158. EURUSD was down 0.04% at 1.2029, EUR/GBP was down 0.06% at 0.8628, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.51% at $1,787.70. Elsewhere, Silver futures rose 1.23% to $26.157 per ounce, Platinum rose 1.04% at $1,201.05 per ounce, and Palladium was up 0.91% at $2,785.50.
Brent crude oil was down 0.51% to $66.22 barrel while U.S. West Texas Intermediate (CLc1) fell 0.53% at $62.33.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $55,661 up 3.45%, Ethereum at 2,321.18 up 11.90%, Litecoin at 265.442 up 11.46%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...021/04/790.pngBarclays down 3.13% at 181.80, Apple Inc. down 1.28% at $133.11, Amazon down 1.28% at $ 3,334.44, TESLA Inc. up 0.61% at $718.99, Toyota Motor flat at 8,418.0, Microsoft down 0.77% at $258.74, SAP down 0.77% at 115.290.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w...2021/04/76.pngA top Treasury Department official met on Tuesday with 20 top bankers to discuss President Joe Biden’s $2.3 trillion infrastructure plan and ways to use public-private partnerships to expand economic inclusion, the agency said in a statement.
U.S. Deputy Treasury Secretary Wally Adeyemo told 20 bank chief executives who are members of the nonpartisan Bank Policy Institute research group, that “now is the moment to reimagine and rebuild a new American economy” that rewards work, not wealth, and create a tax code that helps end “profit shifting and tax games.”
Adeyemo and the CEOs also discussed economic inclusion and ways to improve access to credit for low- and moderate-income communities, particularly with regard to mortgage finance as a pathway to building wealth, the statement said.
BPI represents the nation’s leading banks, which collectively employ nearly 2 million Americans.
Adeyemo said Biden’s infrastructure and jobs plan would create millions of well-paying jobs, rebuild infrastructure, and position the U.S. to outcompete China, Treasury said.
The Biden administration has made ending systemic racism and disparities a central part of its overall economic policy.
He also focused on the Treasury Department’s continuing review of U.S. economic and financial sanctions policies adopted by former President Donald Trump, and said it was look to identify both “successes and opportunities for change or improvements.”
Adeyemo told academics and other experts on sanctions earlier this month that he viewed sanctions as a “potential and valuable tool for policymakers” and it was important to ensure they remained a viable option for years to come.
EUROZONE:-
https://www.capitalstreetfx.com/en/w...4/image-14.pngBritain on Tuesday eased controls designed to prevent a backlog of trucks in southern England caused by new post-Brexit paperwork, saying vehicles taking goods to the European Union would no longer need a special permit to enter the port region.
The government said the relaxation showed goods transport companies had adapted to the new requirements, and were arriving at the border fully prepared.
The permit system was introduced in Kent when Britain completed its exit from the EU at the end of 2020 to mitigate fears of trade being brought to a standstill due to ports being blocked by vehicles trying to travel without the correct documentation.
Before Christmas, thousands of trucks were held up at the port of Dover (NYSEOV) as some companies stockpiled ahead of Britain’s departure from the EU and after France shut its borders following an outbreak of a new coronavirus strain, prompting fears of severe disruption when the new Brexit rules came in.
The government said freight volumes between Britain and the EU were operating at normal levels and cited official data showing a 46% increase in exports in February.
The same data also showed British goods exports to the EU, excluding non-monetary gold and precious metals, were 41.4% below year-ago levels in January but partially recovered to be 12.5% below year-ago levels in February.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 21 APRIL 2021


ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.05% to 3,470.68. Hong Kong’s Hang Seng Index was down about 1.76% to 28,606.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 2.03 per cent at 28,508.06 on Wednesday, while the Australian Index S&P / ASX 200 fell 0.29 per cent to 6,997.71. South Korea’s Kospi was down by 1.33% to 3177.29.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 2.44% to 24,088.46 In the cash markets, the DAX futures Germany was trading 1.55% lower at 15,29.25. CAC 40 futures in France climbed down by 2.09% to 6,165.11, while the FTSE 100 futures in the U.K. fell by 2.00% to 6,859.08, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.75% down at 33,821.30 the S&P 500 was down 0.68% to 4,134.94 and the Nasdaq 100 was down 0.92% at 13,786.27.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.04% at 1.3942. The USDJPY was down 0.05% at 108.03. The USDCHF was down 0.01% at 0.9158. EURUSD was down 0.04% at 1.2029, EUR/GBP was down 0.06% at 0.8628, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.51% at $1,787.70. Elsewhere, Silver futures rose 1.23% to $26.157 per ounce, Platinum rose 1.04% at $1,201.05 per ounce, and Palladium was up 0.91% at $2,785.50.
Brent crude oil was down 0.51% to $66.22 barrel while U.S. West Texas Intermediate (CLc1) fell 0.53% at $62.33.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $55,661 up 3.45%, Ethereum at 2,321.18 up 11.90%, Litecoin at 265.442 up 11.46%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...021/04/790.pngBarclays down 3.13% at 181.80, Apple Inc. down 1.28% at $133.11, Amazon down 1.28% at $ 3,334.44, TESLA Inc. up 0.61% at $718.99, Toyota Motor flat at 8,418.0, Microsoft down 0.77% at $258.74, SAP down 0.77% at 115.290.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w...2021/04/76.pngA top Treasury Department official met on Tuesday with 20 top bankers to discuss President Joe Biden’s $2.3 trillion infrastructure plan and ways to use public-private partnerships to expand economic inclusion, the agency said in a statement.
U.S. Deputy Treasury Secretary Wally Adeyemo told 20 bank chief executives who are members of the nonpartisan Bank Policy Institute research group, that “now is the moment to reimagine and rebuild a new American economy” that rewards work, not wealth, and create a tax code that helps end “profit shifting and tax games.”
Adeyemo and the CEOs also discussed economic inclusion and ways to improve access to credit for low- and moderate-income communities, particularly with regard to mortgage finance as a pathway to building wealth, the statement said.
BPI represents the nation’s leading banks, which collectively employ nearly 2 million Americans.
Adeyemo said Biden’s infrastructure and jobs plan would create millions of well-paying jobs, rebuild infrastructure, and position the U.S. to outcompete China, Treasury said.
The Biden administration has made ending systemic racism and disparities a central part of its overall economic policy.
He also focused on the Treasury Department’s continuing review of U.S. economic and financial sanctions policies adopted by former President Donald Trump, and said it was look to identify both “successes and opportunities for change or improvements.”
Adeyemo told academics and other experts on sanctions earlier this month that he viewed sanctions as a “potential and valuable tool for policymakers” and it was important to ensure they remained a viable option for years to come.
EUROZONE:-
https://www.capitalstreetfx.com/en/w...4/image-14.pngBritain on Tuesday eased controls designed to prevent a backlog of trucks in southern England caused by new post-Brexit paperwork, saying vehicles taking goods to the European Union would no longer need a special permit to enter the port region.
The government said the relaxation showed goods transport companies had adapted to the new requirements, and were arriving at the border fully prepared.
The permit system was introduced in Kent when Britain completed its exit from the EU at the end of 2020 to mitigate fears of trade being brought to a standstill due to ports being blocked by vehicles trying to travel without the correct documentation.
Before Christmas, thousands of trucks were held up at the port of Dover (NYSEOV) as some companies stockpiled ahead of Britain’s departure from the EU and after France shut its borders following an outbreak of a new coronavirus strain, prompting fears of severe disruption when the new Brexit rules came in.
The government said freight volumes between Britain and the EU were operating at normal levels and cited official data showing a 46% increase in exports in February.
The same data also showed British goods exports to the EU, excluding non-monetary gold and precious metals, were 41.4% below year-ago levels in January but partially recovered to be 12.5% below year-ago levels in February.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 22 APRIL 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.11% to 3,469.16. Hong Kong’s Hang Seng Index was down about 0.14% to 28,600.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 1.69 per cent at 29,002.06 on Thursday, while the Australian Index S&P / ASX 200 rose 0.24 per cent to 7,013.71. South Korea’s Kospi was up by 0.41% to 3185.91.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.30% to 24,161.46 In the cash markets, the DAX futures Germany was trading 0.44% higher at 15,195.25. CAC 40 futures in France climbed up by 0.74% to 6,210.11, while the FTSE 100 futures in the U.K. rose by 0.52% to 6,895.08, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.93% up at 34,137.30 the S&P 500 was up 0.93% to 4,173.94 and the Nasdaq 100 was up 1.19% at 13,950.22.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.10% at 1.3944. The USDJPY was down 0.06% at 107.98. The USDCHF was down 0.11% at 0.9159. EURUSD was up 0.10% at 1.2045, EUR/GBP was down 0.01% at 0.8638, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.04% at $1,793.70. Elsewhere, Silver futures fell 0.12% to $26.538 per ounce, Platinum fell 0.03% at $1,216.05 per ounce, and Palladium was up 0.08% at $2,879.50.
Brent crude oil was down 0.83% to $64.78 barrel while U.S. West Texas Intermediate (CLc1) fell 0.88% at $60.82.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $53,852 down 4.13%, Ethereum at 2,415.18 up 3.74%, Litecoin at 259.442 down 2.49%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://capitalstreetfx.in/wp-conten...4/image-63.png
Daimler up 0.01% at 73.645, Apple Inc. up 0.29% at $133.50, Amazon up 0.82% at $ 3,334.44, TESLA Inc. up 0.61% at $718.99, Netflix down 7.40% at 508.90, Microsoft up 0.90% at $260.58 , SAP up 0.95% at 116.390.
Economic news:
USA MARKET
https://capitalstreetfx.in/wp-conten...4/image-64.png
President Joe Biden on Wednesday announced tax credits for certain businesses that pay employees who take time off to get COVID-19 shots, a new effort to involve corporate America in his vaccination campaign.
“I’m calling on every employer, large and small, in every state to give employees the time off they need with pay to get vaccinated,” the Democratic president said.
The tax credits will apply to businesses with fewer than 500 employees, he said.
In a speech, Biden also said he expects the United States to reach his 100-day goal of getting 200 million coronavirus vaccine shots in arms by the end of the day, even as the nation faces an increase in infections.
“Today we hit 200 million shots,” Biden said. “It’s an incredible achievement for the nation.”
Biden said the vaccine effort is entering a new phase with everyone over age 16 becoming eligible to be vaccinated. Biden said 80% of all seniors have received at least one shot, leading to a dramatic decline in the deaths of elderly Americans.
“If you’ve been waiting for your turn, wait no longer,” Biden said.
Biden administration officials said the government plans to reimburse businesses for the cost of giving workers as many as 80 hours in paid time off to get their shots or recover from any side effects.
The tax credit is for up to $511 per day for each worker, through September. Businesses with fewer than 500 employees employ roughly half of U.S. private-sector workers. The tax credits were authorized under Democratic-backed COVID-19 pandemic relief legislation passed by Congress and signed by Biden over Republican opposition.
The administration’s chief problem in its response to the pandemic is now shifting from securing enough vaccine supply to persuading enough Americans to seek out the available shots.
More than half of American adults have had at least one vaccine dose, according to the U.S. Centers for Disease Control and Prevention (CDC). A third of U.S. adults are fully vaccinated, as well as 26% of the population overall.
The U.S. COVID-19 death toll of more than 568,000 leads the world. The coronavirus is still killing hundreds of Americans daily and many Americans have shown a reluctance to get vaccinated.
Countries around the world with less successful vaccination campaigns than the United States are dealing with a spike in infections.
Biden, who has loaned some unused vaccines to Canada and Mexico and donated funds to a multilateral vaccination effort for poor countries, said the White House is still looking at its options for eventually sending vaccines to Canada, Central America and elsewhere. Biden told reporters after his speech that he spoke with Canadian Prime Minister Justin Trudeau earlier on Wednesday.
“We don’t have enough to be confident to send it abroad now, but I expect we’re going to be able to do that,” Biden said.
“We’re looking at what is going to be done with some of the vaccines that we are not using. We’ve got to make sure they are safe to be sent.”
EUROZONE:-
https://capitalstreetfx.in/wp-conten...4/image-65.png
The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said.
The Bank of England (BoE) has expressed concerns before about the reliance by financial firms, especially fintech startups, on third-party technology companies for key parts of their operations, and Ramsden said this scrutiny would intensify.
“We plan to analyse further whether we need even stronger tools to manage the risk that critical third parties, including potentially cloud and other major tech providers, may pose to the Bank’s … objectives,” Ramsden told the Innovate Finance conference on Wednesday.
Regulators globally have been tightening scrutiny of outsourced functions as they worry that core services financial firms provide to customers are vulnerable to outages at third parties.
Britain’s government is keen to promote fintech as an area of growth and hopes that nimbler regulation will enable it to steal a march over the European Union, where British financial firms now have reduced access due to Brexit.
The BoE has said it will not water down regulatory standards, but does see scope for more streamlined regulation of smaller banks and in some areas of insurance.
On Monday, finance minister Rishi Sunak asked the BoE to work with the finance ministry on whether the central bank should set up a digital version of sterling to compete with cryptocurrencies, which he dubbed ‘Britcoin’.
The government is also consulting over proposals to relax stock market listing rules due to a concern that Britain is less attractive than the United States as a listing venue, especially for tech companies whose founders want to keep an sizeable role.
Ramsden said the BoE had taken a step to make life easier for smaller financial companies on Monday by giving firms more direct ways to access its high-value payments system, which is dominated by major banks and processing companies.
Other steps included work standardising the identification of businesses involved in financial transactions, and looking at whether artificial intelligence could ease the burden of regulatory compliance.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 27 APRIL 2021
ASIAN MARKET:-
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was down by 0.54% to 3,422.16. Hong Kong’s Hang Seng Index was down about 0.20% to 28,903.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.18 per cent at 29,080.06 on Tuesday, while the Australian Index S&P / ASX 200 fell 0.29 per cent to 7,025.71. South Korea’s Kospi was down by 0.28% to 3,207.91.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.52% to 24,513.46 In the cash markets, the DAX futures Germany was trading 0.11% higher at 15,296.25. CAC 40 futures in France climbed up by 0.28% to 6,275.52, while the FTSE 100 futures in the U.K. rose by 0.35% to 6,963.08, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.18% down at 33,981.57 the S&P 500 was up 0.22% to 4,189.30 and the Nasdaq 100 was up 0.87% at 14,138.78.
FOREX MARKET:-
In the Forex market, GBPUSD fell 0.10% at 1.3882. The USDJPY was up 0.18% at 108.28. The USDCHF was up 0.21% at 0.9158. EURUSD was down 0.10% at 1.2071, EUR/GBP was up 0.07% at 0.8695, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.03% at $1,779.70. Elsewhere, Silver futures fell 0.04% to $26.198 per ounce, Platinum fell 0.18% at $1,246.05 per ounce, and Palladium was down 0.14% at $2,928.50.
Brent crude oil was up 0.54% to $65.36 barrel while U.S. West Texas Intermediate (CLc1) rose 0.50% at $62.22.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $53,390.7 rose 1.91%, Ethereum at 2,492.18 up 1.60%, Litecoin at 247.940 up 3.82%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...4/image-17.png
AstraZeneca down 0.45% at 7,530.0, Apple Inc. up 0.30% at $134.72, Amazon up 2.04% at $ 3,409.00, TESLA Inc up 1.21% at $738.20, Barclays up 2.25% at 186.08, Microsoft up 0.15% at $261.55 , Daimler up 1.31% at 74.635.
Economic news:
USA MARKET
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U.S. states and local governments are raring to tap billions of dollars coming their way in new federal stimulus funding, but are anxiously awaiting guidance to determine whether items on their wish lists are allowed.
U.S. Treasury Department guidance is also expected to clarify states’ ability to cut taxes and may address using stimulus money to pay off debt.
The $1.9 trillion American Rescue Plan Act, signed by President Joe Biden in March, allocates $350 billion for states, municipalities, counties, tribes, and territories to help repair their coronavirus-damaged budgets and economies. The federal government has a tight deadline to start distributing the money.
“The clock is certainly ticking. They have to get the money out the door by May 10,” said Mark Ritacco, government affairs director at the National Association of Counties.
Unlike the $150 billion governments received under last year’s federal CARES Act, which was limited to pandemic-related spending, the new money can be used to replace revenue lost due to the pandemic, provide “premium pay” for essential workers, and to invest in water, sewer, and broadband infrastructure, according to the U.S. Treasury.
Governments have “tons and tons of questions” about eligible uses for the money including financing other capital improvements that were deferred due to the pandemic and parking stimulus funds in interest bearing accounts, according to Emily Swenson Brock, director of the Government Finance Officers Association’s Federal Liaison Center.
“There’s just this wide berth of interpretation in the (legislative text) and that’s why we’re a little anxious to see if the Treasury guidance makes limitations or if it allows for greater opportunity,” she said.
Brock added that several state legislatures are talking about using stimulus money to pay off outstanding debt, a move not addressed in the act.
New Jersey has identified bonds that could be retired in the next few years if the state “is afforded greater flexibility,” according to Jennifer Sciortino, spokeswoman for the state treasurer’s office.
“At this point, it is entirely unknown if the federal government will permit us to use funds to pay off existing debts,” she said.
Illinois Governor J.B. Pritzker wants to use stimulus dollars to take out the remainder of the $3.2 billion his state borrowed last year through the U.S. Federal Reserve’s Municipal Liquidity Facility to ease a cash crunch.
The act does not allow the money to be used for pensions or to subsidize new state tax cuts.
The latter prohibition sparked five lawsuits against the Biden administration by Republican attorneys general in several states. Ohio filed the first case on March 17, contending “Congress lacks constitutional authority to limit states’ taxing power in this manner.”
With the case still pending, the Ohio House of Representatives on Wednesday approved a 2% income tax cut totaling about $380 million over two years.
Bills have been introduced in 16 other states as of April 6 to cut personal or corporate income taxes, according to the National Conference of State Legislatures.
U.S. Treasury Secretary Janet Yellen has said nothing in the act prevents tax cuts and that further guidance would be forthcoming.
EUROZONE:-
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The German government has raised its growth forecast for this year to 3.5%, compared with the 3% growth it was expecting back in January, a source said, adding that the upward revision was justified by a stronger-than-expected fourth quarter.
The source added that the government expected Europe’s largest economy to expand by 3.6% in 2022.
The economy ministry declined to comment on the figures. The government is due to present its 2021 economic growth forecast on Tuesday.
Germany’s leading economic institutes said earlier this month they expected the gross domestic product to grow by 3.7% this year and 3.9% in 2022.
German business morale improved only slightly in April as a third wave of COVID-19 infections and a semiconductor shortage in the motor vehicle sector slowed a recovery in Europe’s largest economy, a survey showed on Monday.
Export-oriented manufacturers are currently benefiting from higher demand from China and the United States, whereas domestically-focussed services are suffering under extended restrictions to contain the third wave of COVID-19 infections.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 28 APRIL 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.12% to 3,438.16. Hong Kong’s Hang Seng Index was up about 0.15% to 28,944.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.35 per cent at 29,097.06 on Wednesday, while the Australian Index S&P / ASX 200 rose 0.48 per cent to 7,067.71. South Korea’s Kospi was down by 0.80% to 3,187.91.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 0.17% to 24,473.46 In the cash markets, the DAX futures Germany was trading 0.31% lower at 15,249.25. CAC 40 futures in France fell down by 0.03% to 6,273.76, while the FTSE 100 futures in the U.K. fell by 0.26% to 6,944.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.01% up at 3,984.93 the S&P 500 was down 0.02% to 4,186.72 and the Nasdaq 100 was down 0.34% at 14,090.78.
FOREX MARKET:-
In the Forex market, GBPUSD fell 0.26% at 1.3877. The USDJPY was up 0.17% at 108.86. The USDCHF was up 0.18% at 0.9151. EURUSD was down 0.10% at 1.2077, EUR/GBP was up 0.20% at 0.8704, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.43% at $1,771.15. Elsewhere, Silver futures fell 1.24% to $26.082 per ounce, Platinum fell 0.78% at $1,223.05 per ounce, and Palladium was down 0.43% at $2,933.50.
Brent crude oil was down 0.06% to $65.83 barrel while U.S. West Texas Intermediate (CLc1) fell 0.02% at $62.93.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $55,044 rose 2.84%, Ethereum at 2,641.41 up 4.95%, Litecoin at 258.682 up 3.17%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Adidas down 1.36% at 262.32, Apple Inc. up 0.30% at $134.72, Amazon up 0.25% at $ 3,417.43, TESLA Inc down 4.53% at $704.74, HSBC up 4.17% at 440.40, Microsoft up 0.16% at $261.97 , Unilever down 0.82% at 4,052.5.
Economic news:
USA MARKET
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The U.S. Consumer Financial Protection Bureau (CFPB) said on Tuesday it was taking immediate action to understand and resolve how “hundreds of thousands” of mortgage borrowers’ bank accounts were debited for duplicate payments after a mortgage servicer announced the error on Monday.
Texas-based Mr. Cooper, which is the largest U.S. non-bank mortgage servicer, announced an unauthorized April 24 discovery of duplicate-payment drafts from some of its borrowers’ bank accounts in a blog post, adding that it was working on reversing what it called a “payment-processing issue.”
“The CFPB is taking immediate action to understand and resolve the situation that has affected hundreds of thousands of consumers. The CFPB will use all appropriate tools at our disposal to help ensure harmed consumers receive relief,” Dave Uejio, CFPB acting director, said in a statement.
The firm said in the post that “all duplicate transaction requests have been stopped. Any impacted customers will not be responsible for any fees or other negative financial impact this may have caused.”
The drafts did not affect all customers and reflected an unidentified vendor’s error. An investigation found there were no signs of system infiltration or hacking, it said.
While some affected customers received payment reversals over the weekend, others could expect payments or reversals to be reflected by Tuesday, the firm said.
The watchdog’s response comes amid ongoing scrutiny of mortgage firms in fear of a looming COVID-related foreclosure crisis, Reuters reported last week.
EUROZONE:-
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The finance ministers of France and Germany support the U.S. government’s idea of a global minimum corporate tax rate of 21%, they said in a joint interview in Zeit Online on Tuesday.
“I, personally, have nothing against the U.S. proposal,” Germany’s Olaf Scholz was quoted on the weekly newspaper’s website as saying. “If that is the result of negotiations, we would also be agreed,” France’s Bruno Le Maire said, according to Zeit.
Their Austrian counterpart on Tuesday also welcomed the proposal, floated by U.S. Treasury Secretary Janet Yellen, who said this month she was working with G20 countries to agree on a minimum rate, and put forward a figure of 21%.
A rate of 12.5% for multinationals had been under discussion for new rules being negotiated at the Organisation for Economic Cooperation and Development.
Austrian Finance Minister Gernot Bluemel said the U.S. proposal was constructive.
“This tax fairness must also apply above all between digital and analogue business models,” he said, adding that he hoped for a quick agreement. Austria has a 25% corporate tax rate.
Scholz and Le Maire are holding talks on Tuesday and, among other issues, are due to discuss tapping money from the European Recovery Fund.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 29 APRIL 2021
ASIAN MARKET:-
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 0.32% to 3,468.16. Hong Kong’s Hang Seng Index was up about 0.84% to 29,257.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.21 per cent at 29,053.06 on Thursday, while the Australian Index S&P / ASX 200 rose 0.27 per cent to 7,084.71. South Korea’s Kospi was down by 0.03% to 3,179.91.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 0.06% to 24,459.46 In the cash markets, the DAX futures Germany was trading 0.28% higher at 15,292.25. CAC 40 futures in France climbed up by 0.53% to 6,306.76, while the FTSE 100 futures in the U.K rose by 0.27% to 6,963.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.48% down at 33,820.38 the S&P 500 was down 0.08% to 4,183.29 and the Nasdaq 100 was down 0.28% at 14,051.03.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.19% at 1.3958. The USDJPY was up 0.08% at 108.67. The USDCHF was up 0.04% at 0.9098. EURUSD was up 0.09% at 1.2133, EUR/GBP was down 0.07% at 0.8691, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.51% at $1,782.85. Elsewhere, Silver futures rose 1.46% to $26.465 per ounce, Platinum rose 0.35% at $1,226.05 per ounce, and Palladium was up 0.65% at $2,949.50.
Brent crude oil was up 0.48% to $67.11 barrel while U.S. West Texas Intermediate (CLc1) rose 0.50% at $64.18.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $54,287 fell 0.54%, Ethereum at 2,727.41 up 4.32%, Litecoin at 257.670 up 1.59%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Deutsche Bank up 10.86% at 11.280, Apple Inc. down 0.60% at $133.58, Amazon.com up 1.20% at $ 3,458.43, TESLA Inc down 1.47% at $694.40, SAP up 0.45% at 118.790, Microsoft down 2.83% at $254.97 , Barclays up 1.32% at 188.96.
Economic news:
USA MARKET
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U.S. President Joe Biden plans to unveil a sweeping $1.8 trillion package for families and education in his first joint speech to Congress on Wednesday, as he stresses the need to invest to compete with China, the White House said.
Biden will speak at 9 p.m. EDT inside the U.S. Capitol at an event scaled back this year due to the pandemic. He will use the speech to outline his priorities for the rest of his first year in office.
Biden will argue that the new package – which together with an earlier infrastructure and jobs plan totals around $4 trillion, rivaling the annual federal budget – is a once-in-a-generation investment vital to America’s future.
The U.S. president will also plead directly with lawmakers to pass legislation to curb police violence, senior administration officials say, speaking on condition of anonymity. Biden will highlight repeated police killings of African-American citizens and years of entrenched racism, while also honoring the service of the vast majority of officers.
The plan includes $1 trillion in spending on education and childcare over 10 years and $800 billion in tax credits aimed at middle- and low-income families, according to a White House fact sheet.
The spending plans “reinvest in the future of the American economy and American workers, and will help us out-compete China and other countries around the world,” it said.
Biden faces opposition to his agenda from Republicans who say he is spending too much and liberals who want him to take more aggressive steps.
Biden addressed Republican opposition in a session with TV news anchors at the White House hours before the speech.
“Everybody talks about, can I do anything bipartisan? Well, I got to figure out if there’s a party to deal with. We need a Republican Party…We need another party, whatever you call it, that’s unified — not completely splintered and fearful of one another,” he said, according to a tweet from CNN anchor Jake Tapper.
Republican lawmakers have already rejected the $2 trillion-plus infrastructure plan as too large. The Democratic president is gambling that his spending plans, which are largely popular with American voters, can sway Republicans in Congress to cooperate with the White House.
To pay for the plans, Biden has proposed an overhaul of the U.S. tax system. Wednesday’s “American Families Plan” is funded by raising the top marginal tax rate for the wealthiest Americans to 39.6% from its current 37%.
It nearly doubles the tax on investment income – known as capital gains – for Americans who earn more than $1 million. The proposed infrastructure plan is funded by corporate tax.
News of the capital gains tax proposal briefly sank stock markets last week.
The Biden administration says the tax reform plan is designed to reward work, not wealth, and “reform the tax code so that the wealthy have to play by the same rules as everyone else.”
Biden will use his speech to signal openness to bipartisan compromise on policing, speaking positively about negotiations on a reform bill in Congress.
Senator Tim Scott, the only Black Republican in the upper chamber, is set to give his party’s rebuttal to Biden’s speech, with police reform expected to be among the topics.
In addition to police reform, Biden will discuss foreign affairs, how his administration has handled the coronavirus pandemic and the status of vaccinations.
One senior congressional aide said Biden is expected to “come out hard on China,” noting frequent calls to take a harder line against Beijing from both Republicans and Democrats.
In his decades in elected office, Biden attended dozens of his predecessors’ joint addresses to Congress. The scene he faces when he takes the podium at the House of Representatives during a pandemic will look very different.
Just 200 people, mostly lawmakers plus a handful of representatives of other branches of government and family members, will attend the masked, socially distanced speech.
That is a far cry from the 1,600 officials, friends and guests who typically gather for such a presidential speech.
The nationally televised address, however, targets an audience far beyond the reduced-sized crowd on Capitol Hill. About 48 million people watched Biden predecessor Donald Trump’s first address to a joint session in 2017.
Republican Senator Mitch McConnell, the Senate minority leader, said ahead of the speech that Biden has not followed through on his promises of seeking unity and has tried to placate liberals instead.
“Over a few short months, the Biden administration seems to have given up on selling actual unity in favor of catnip for their liberal base, covered with a hefty coat of false advertising,” McConnell said.
EUROZONE:-
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The European Parliament has overwhelmingly backed the post-Brexit trade deal between Britain and the European Union, clearing the last hurdle towards its ratification, while expressing clear mistrust of the British government.
EU lawmakers cleared the trade and cooperation agreement (TCA) by 660 votes to five, with 32 abstentions, the parliament announced on Wednesday, a day after the vote.
Parliament’s consent brings to an end over four years of acrimonious negotiations and debate as Britain ended 47 years of EU membership, but mistrust lingers.
European Commission president Ursula von der Leyen said she warmly welcomed the vote.
“The TCA marks the foundation of a strong and close partnership with the UK. Faithful implementation is essential,” she said in a tweet.
British Prime Minister Boris Johnson said this week was the final step in a long journey, providing stability to Britain’s new relationship with the EU.
“Now is the time to look forward to the future and to building a more global Britain,” he said in a statement.
‘HISTORIC MISTAKE’
The lawmakers also voted massively in favour of an accompanying resolution in which they describe Brexit as a “historic mistake”.
The text talked of the trade deal’s limited scope, with opportunities for Britain’s largely service-based economy “vastly reduced”.
Lawmakers condemned Britain’s unilateral change in trading arrangements in Northern Ireland and urged the Commission to press on with its legal action.
They also warned the European Union to be vigilant about British action on taxation, money-laundering and access for EU fishing boats to its waters.
Britain left the EU at the end of January 2020, but remained in the EU single market until the start of 2021. The deal struck in December ensures zero tariffs and quotas, but adds new checks and paperwork that hinder trade.
British exports to the EU fell by 47% in January-February and imports by 20%, far more than the declines for any other EU trading partner.
EU lawmakers see the trade deal, including potential sanctions such as closing market access, as a tool to keep Britain in check.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 30 APRIL 2021
ASIAN MARKET:-
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was down by 0.97% to 3,441.16. Hong Kong’s Hang Seng Index was down about 1.71% to 28,807.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.74 per cent at 28839.06 on Friday, while the Australian Index S&P / ASX 200 rose 0.27 per cent to 7,084.71. South Korea’s Kospi was down by 0.73% to 3,151.91.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 0.74% to 24,278.46 In the cash markets, the DAX futures Germany was trading 0.90% lower at 15,154.25. CAC 40 futures in France climbed down by 0.07% to 6,302.57, while the FTSE 100 futures in the U.K fell by 0.03% to 6,961.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.71% up at 34,060.38 the S&P 500 was up 0.68% to 4,211.29 and the Nasdaq 100 was up 0.22% at 14,082.03.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.01% at 1.3941. The USDJPY was down 0.12% at 108.78. The USDCHF was up 0.02% at 0.9085. EURUSD was down 0.03% at 1.2113, EUR/GBP was up 0.01% at 0.8691, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.14% at $1,770.85. Elsewhere, Silver futures fell 0.24% to $25.983 per ounce, Platinum rose 0.42% at $1,207.05 per ounce, and Palladium was up 0.10% at $2,961.50.
Brent crude oil was down 0.48% to $67.73 barrel while U.S. West Texas Intermediate (CLc1) fell 0.63% at $67.75.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $54,281 fell 0.69%, Ethereum at 2,776.41 up 4.32%, Litecoin at 263.670 up 2.97%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Daimler down 2.05% at 73.740, Apple Inc. down 0.07% at $133.48, Amazon.com up 0.37% at $ 3,471.31, TESLA Inc down 2.51% at $677.00, SAP down 0.58% at 118.100, Microsoft down 0.81% at $252.51 , Unilever up 3.32% at 4213.96.
Economic news:
USA MARKET
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U.S. President Joe Biden’s plans to raise taxes on corporate America could put an end to a four-decade global drop in corporate taxation levels.
Governments worldwide are desperate to raise extra revenue to rebuild their pandemic-ravaged economies and corporate taxation is becoming an obvious target after decades of decline.
To finance a multi trillion-dollar infrastructure investment plan, Biden wants to lift the U.S. corporate tax rate from 21% to 28% and scale back loopholes that companies can use to cut their tax bills.
Though there is no assurance that Congress will approve a rate that high, 28% would be well above the current average of 21% for member countries of the Paris-based OECD group of industrialised nations.
However, it would be well below the 46% U.S. companies faced in the 1980s before the free-market Reagan and Thatcher revolutions fired up competition between governments worldwide to cut their corporate tax rates lower.
“It’s time for corporate America and the wealthiest 1% of Americans to pay their fair share – just pay their fair share,” Biden told a joint session of Congress on Wednesday.
The United States will not be alone as Britain is planning its first rise in corporate tax since 1974, which will see big, profitable companies pay 25% from 2023, up from 19%.
Meanwhile, 140 countries are negotiating at the OECD to agree by mid year a global minimum corporate tax rate to stop multinationals from simply booking profits in low-tax countries like Ireland, which has a 12.5% corporate tax rate.
The Biden administration has suggested the minimum rate should be 21%, which has found some traction with big European countries like France and Germany, even though it is well above the 12.5% which had been the centre of discussion until then.
EUROZONE:-
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British trade minister Liz Truss will on Friday press the case for sweeping World Trade Organization (WTO) reforms aimed at countries who distort trade with state subsidies when she meets the trade body’s new head in Geneva.
The meeting will be her first face-to-face encounter with recently-elected WTO chief Ngozi Okonjo-Iweala, who has committed to reform the organisation.
As Truss looks to remodel post-Brexit Britain as a guardian of free trade and the rules-based international system, she has repeatedly called for a tightening of WTO rules and stricter enforcement.
Truss has been an outspoken critic of Chinese trade practices, previously citing unfair industrial subsidies and intellectual property theft, and warning that without action the West may lose its place in the global order.
“The WTO needs to modernise and tackle big global issues like climate change and technological advancement,” a trade department spokeswoman said ahead of Friday’s meeting.“We need a new set of digital trade rules for the 21st century, and more needs to be done to tackle pernicious practices like industrial subsidies so trade is fair as well as free.”

TECHNICAL SUMMARY

WEEKLY GLOBAL MARKETS TECHNICAL ANALYSIS REPORT – 02 MAY 2021


Germany Business Expectations
WHEN: WHAT IT INFLUENCES:
26 th APRIL 2021 EUR and its subsequent
pairs
WHAT’S HAPPENING:
German Business Expectations rates the expectations of businesses in Germany for the following six months. It is a sub-index of the German Ifo Business Climate Index.
A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
U.S. Core Durable Goods Orders MoM, USA
WHEN: WHAT IT INFLUENCES:
26thApril 2021 USD and its subsequent
pairs
WHAT’S HAPPENING:
Core Durable Goods Orders measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items. Because aircraft orders are very volatile, the core number gives a better gauge of ordering trends. A higher reading indicates increased manufacturing activity.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
Bank of Japan Monetary Policy Statement,JAPAN
WHEN: WHAT IT INFLUENCES:
26th APRIL 2021 JPY and its subsequent
pairs
WHAT’S HAPPENING:
Bank of Japan Monetary Policy Statement contains the outcome of the BoJ’s decision on asset purchases and commentary about the economic conditions that influenced their decision.
Gold Down 2nd Week in Row as Nemesis Yield Returns
WHAT IT HAD INFLUENCED:
GOLD
WHAT HAPPENED:
Gold was down for a fourth day in a row Friday as intermittent spikes in the key yield of U.S. bonds kept it under constant pressure.
The yield on the 10-year Treasury note hit a two-week high of 1.684 on Thursday as bonds started selling off again this week after a spike in U.S. consumer confidence, which hit 14-month highs in April.
Aside from consumer spending, a rash of US economic data, from inflation to homebuilding, house prices and employment, have exceeded forecasts lately, boosting hopes for faster-than-expected recovery from the coronavirus pandemic.
Crude Oil Prices Slip
WHAT IT HAD INFLUENCED:
BRENT & WTI CRUDE OIL
WHAT HAPPENED:
Crude oil prices slipped on Friday, following a broader risk-off move in equities, with news of a further rise in Iranian output adding to reasons to lock in profits at the end of a strong month.
As of next week, Saudi Arabia will start to unwind the voluntary 1 million barrel a day output cut it put in place in February, confident that reviving world demand will absorb the extra barrels. At the same time, the rest of the OPEC+ bloc will also open their taps a little wider, as part of a plan to return another 1 million b/d of production by the end of the second quarter.
Reports reveealed in a monthly survey that Iranian crude output had risen another 200,000 barrels a day on average in April, offsetting involuntary production shortfalls at other OPEC members such as Libya in the course of the month. The return of Iranian crude to the world market is gathering speed as the pressure from Trump-era sanctions on the Islamic Republic weakens. Iran is free to increase its output because it isn’t bound by the so-called OPEC+ pact on withholding supply from the market.
5 KEY EVENTS TO WATCH OUT
Germany Manufacturing Purchasing Managers Index (PMI)
WHEN: WHAT IT INFLUENCES:
3rd May 2021 EUR and its subsequent pairs
WHAT’S HAPPENING:
The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.
A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
Australia Interest Rate Decision
WHEN: WHAT IT INFLUENCES:
4th May 2021 EUR and its subsequent pairs
WHAT’S HAPPENING:
Reserve Bank of Australia (RBA) board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
A higher than expected rate is positive/bullish for the AUD, while a lower than expected rate is negative/bearish for the AUD.
U.S. ADP Nonfarm Employment Change
WHEN: WHAT IT INFLUENCES:
5th May 2021 USD and its subsequent
pairs
WHAT’S HAPPENING:
The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. The change in this indicator can be very volatile.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
U.S. Initial Jobless Claims
WHEN: WHAT IT INFLUENCES:
6th May 2021 USD and its subsequent
Pairs
WHAT’S HAPPENING:
Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.
A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
U.K. Interest Rate Decision
WHEN: WHAT IT INFLUENCES:
6th May 2021 GBP and its subsequent
pairs
WHAT’S HAPPENING:
Bank of England (BOE) monetary policy committee members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
A higher than expected rate is positive/bullish for the GBP, while a lower than expected rate is negative/bearish for the GBP.
EQUITIES IN THE COMING WEEK
1. Pfizer(PFE) to announce its Quarterly Results on 4th May 2021, EPS estimated to 0.7773 per share while revenue estimated 13.67B.
2. Hyatt(H) to announce its Quarterly Results on 4th May 2021, EPS estimated to -1.3 per share while revenue estimated 465.32M.
3.Paypal (PYPL) to announce its Quarterly Results on 5th May 2021, EPS estimated to 1.01 per share while revenue estimated 5.9B.
4. Uber Tech (UBER) to announce its Quarterly Results on 5th May 2021, EPS estimated to -0.557 per share while revenue estimated 102.28B.
5. Black Rock (TCPC) to announce its Quarterly Results on 5th May 2021, EPS estimated to 0.3186 per share while revenue estimated 844.56M.
TOP CURRENCIES IN THE UPCOMING WEEK

TECHNICAL ANALYSIS REPORT – 03 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.01% to 3,446.16. Hong Kong’s Hang Seng Index was down about 1.56% to 28,229.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.83 per cent at 28,812.06 on Monday, while the Australian Index S&P / ASX 200 rose 0.06 per cent to 7,030.71. South Korea’s Kospi was down by 0.75% to 3,124.91.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 0.56% to 24,141.46 In the cash markets, the DAX futures Germany was trading 0.12% lower at 15,135.25. CAC 40 futures in France climbed down by 0.53% to 6,269.57, while the FTSE 100 futures in the U.K rose by 0.12% to 6,969.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.54% down at 33,874.38 the S&P 500 was down 0.72% to 4,181.29 and the Nasdaq 100 was down 0.85% at 13,962.03.
FOREX MARKET:-
In the Forex market, GBPUSD fell 0.06% at 1.3805. The USDJPY was up 0.32% at 109.63. The USDCHF was up 0.05% at 0.9138. EURUSD was down 0.01% at 1.2017, EUR/GBP was up 0.16% at 0.8703, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.35% at $1,773.85. Elsewhere, Silver futures rose 0.54% to $26.012 per ounce, Platinum rose 0.16% at $1,205.05 per ounce, and Palladium was up 0.38% at $2,952.50.
Brent crude oil was down 0.64% to $66.32 barrel while U.S. West Texas Intermediate (CLc1) fell 0.66% at $63.16.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $58,042 rose 2.00%, Ethereum at 3,093.41 up 6.12%, Litecoin at 276.670 up 1.87%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Daimler up 0.58% at 74.165, Apple Inc. down 1.51% at $131.48, Amazon.com down 0.11% at $ 3,467.31, TESLA Inc up 4.79% at $709.44, SAP down 0.90% at 11.7040, Microsoft down 0.13% at $252.18 , Barclays down 7.00% at 175.50.
Economic news:
USA MARKET
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U.S. Treasury Secretary Janet Yellen on Sunday tamped down concerns that President Joe Biden’s plans for infrastructure, jobs and families will cause inflation, saying the spending will be phased in over a decade.
“It’s spread out quite evenly over eight to 10 years,” Yellen, former Federal Reserve chair, said in an interview with NBC’s “Meet the Press.”
She said the Federal Reserve will monitor inflation carefully and has the tools to address it if necessary.
“I don’t believe that inflation will be an issue but if it becomes an issue, we have tools to address it. These are historic investments that we need to make our economy productive and fair.”
Biden’s pandemic stimulus and recovery plans total around $6 trillion and will be paid for in part by a series of tax increases on the wealthiest Americans, less than 1% of the population, and on raising corporate taxes.
Cecilia Rouse, chair of the White House National Economic Council, said there is no evidence that portends runaway inflation.
“So when we get to the other side of this pandemic, I fully expect that our labor market will come back and be flourishing,” Rouse said on “Fox News Sunday.”
“But for the time being, we expect at most transitory inflation, that is what we expect coming out of a big recession.”
Some Democratic lawmakers have expressed concerns that the tax increases would slow economic growth.
EUROZONE:-
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One in four European funds have classified themselves as sustainable under new EU environmental, social and governance rules, Morningstar said on Friday, as managers try to appeal to investors pouring cash into sustainable assets.
Demand for ESG-compliant investment products is surging but confusion over what ESG claims mean in practice has spurred European policymakers to try and codify the sector to arm investors with more information and stamp out ‘greenwashing’, where lofty sustainability claims are not backed up by action.
The European Union’s Sustainable Finance Disclosure Regulation, the first part of which went live in March, aims to harmonise standards and increase transparency in the growing market for sustainable financial products.
Fund managers can classify their products as either Article 9, which means fully focused on sustainable objectives, or Article 8, which means fully or partly focused on environmental, social or sustainability issues. Investments classed as Article 6 means they are not focused on sustainability.
Data provider Morningstar said close to 24% of the ESG open-end funds and exchange-traded funds domiciled in Europe it had examined are now Article 8 or 9 based on preliminary data, representing combined assets of 2.16 trillion euros ($2.61 trillion).
Hortense Bioy, Morningstar’s Global Director of Sustainability Research, said the proportion of funds classifying themselves as sustainable less than two months after the rules went live was “surprising” given many managers are still analysing what the extra disclosure requirements entail.
She expects the number to grow in 2021.
“Some distributors say that they only want to distribute Article 8 or Article 9 funds. That is putting pressure on funds,” she told Reuters.
Just over half of all investment flows in Europe in the first three months of 2021 went into sustainable funds, swelling sustainable fund assets by 17.5% over the quarter to a record 1.3 trillion euros, Morningstar said.
It was only the second time sustainable funds have pulled in more cash in a quarter than conventional funds, the first time being early 2020, Morningstar said in its quarterly report.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT – 04 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.81% to 3,446.86. Hong Kong’s Hang Seng Index was up about 0.70% to 28,474.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.83 per cent at 28,812.63 on Tuesday, while the Australian Index S&P / ASX 200 rose 0.52 per cent to 7,065.71. South Korea’s Kospi was up by 0.40% to 3,138.98.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 1.15% to 24,419.46 In the cash markets, the DAX futures Germany was trading 0.66% higher at 15,236.25. CAC 40 futures in France climbed up by 0.61% to 6,307.57, while the FTSE 100 futures in the U.K rose by 0.12% to 6,969.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.70% up at 34,113.38 the S&P 500 was up 0.27% to 4,192.29 and the Nasdaq 100 was down 0.48% at 13,895.03.
FOREX MARKET:-
In the Forex market, GBPUSD fell 0.23% at 1.3878. The USDJPY was up 0.25% at 109.33. The USDCHF was up 0.40% at 0.9144. EURUSD was down 0.19% at 1.2037, EUR/GBP was up 0.06% at 0.8674, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.32% at $1,786.85. Elsewhere, Silver futures fell 0.26% to $26.887 per ounce, Platinum rose 0.19% at $1,237.05 per ounce, and Palladium was down 0.07% at $2,975.50.
Brent crude oil was down 0.04% to $67.53 barrel while U.S. West Texas Intermediate (CLc1) fell 0.03% at $64.47.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $56,142 fell 3.15%, Ethereum at 3,388.41 up 9.22%, Litecoin at 283.670 up 3.69%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Daimler up 0.32% at 74.400, Apple Inc. up 0.82% at $132.54, Amazon.com down 2.33% at $ 3,386.31, TESLA Inc down 3.46% at $684.90, SAP down 0.32% at 116.660, Microsoft down 0.13% at $252.18 , Barclays down 7.00% at 175.50.
Economic news:
USA MARKET
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U.S. construction spending rebounded far less than expected in March as strength in housing was offset by continued weakness in outlays on nonresidential structures and public projects.
The Commerce Department said on Monday that construction spending gained 0.2% after falling 0.6% in February.
Economists polled by Reuters had forecast construction spending surging 1.9%. Construction spending, which accounts for about 4% of gross domestic product, increased 5.3% on a year-on-year basis in March.
The government reported last week that the economy grew at a 6.4% annualized rate last quarter. That was the second-fastest GDP growth pace since the third quarter of 2003 and followed a 4.3% rate in the fourth quarter.
Tepid construction spending likely has no impact on economists’ expectations for double-digit GDP growth in the second quarter, fueled by massive fiscal stimulus and improving public health as more Americans get vaccinated against COVID-19.
Spending on private construction projects rose 0.7% in March, lifted by investment in single-family homebuilding. There is strong demand for housing but supply has lagged amid expensive building materials as well as land and labor shortages. That followed a 0.3% drop in February.
Spending on residential projects surged 1.7% in March after edging up 0.1% in February.
But outlays on private nonresidential construction like gas and oil well drilling fell 0.9% in March. Business investment in nonresidential structures fell in the first quarter for the sixth straight quarter as a rebound in mining exploration, shafts and wells was offset by a drop in commercial and healthcare buildings.
Spending on public construction projects dropped 1.5% in March after declining 1.6% in February. State and local government outlays decreased 1.4%, while federal government spending declined 2.1%.
EUROZONE:-
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The European Central Bank can start to phase out emergency stimulus measures when the pace of coronavirus vaccinations reaches a critical level and the economy picks up speed, Luis de Guindos, the bank’s vice president, told an Italian newspaper.
The ECB will next meet on June 10 and conservative policymakers are already calling for a cut in bond purchases, while others, particularly from the bloc’s south, are arguing for continued patience in clawing back support.
“If by speeding up the vaccination campaign, we manage to have vaccinated 70% of Europe’s adult population by the summer and the economy starts to pick up speed, we may also start to think about phasing out the emergency mode on the monetary policy side,” de Guindos told la Repubblica.
“The normalisation of monetary policy should go hand in hand with the normalisation of the economy,” he said in the newspaper interview.
Less than 30% of the bloc’s population have received their first COVID-19 jabs so far. Experts say that getting 70% of people fully vaccinated is unlikely before the end of July, with the end of August seen as a more realistic deadline.
But de Guindos also cautioned against keeping central bank stimulus lingering too long, warning the side effects could be as damaging as removing support too early.
“Prolonging emergency measures for too long may run the risk of moral hazard as well as the zombification of parts of the European economy,” he said.
Much of Europe’s services sector is now kept afloat by government subsidies and de Guindos called on governments to remove that support only gradually, even if it places a burden on budgets and pushes debt levels even higher.
“It will be crucial that these measures are withdrawn gradually and with a great deal of prudence after the crisis. Otherwise we run the risk of choking the recovery,” he said.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 04 MAY 2021


ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.81% to 3,446.86. Hong Kong’s Hang Seng Index was down about 0.45% to 28,418.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.83 per cent at 28,812.63 on Wsdnesday, while the Australian Index S&P / ASX 200 rose 0.39 per cent to 7,095.71. South Korea’s Kospi was up by 0.64% to 3,147.98.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 1.76% to 23,991.46 In the cash markets, the DAX futures Germany was trading 2.39% lower at 14,874.25. CAC 40 futures in France climbed down by 0.89% to 6,251.57, while the FTSE 100 futures in the U.K fell by 0.59% to 6,928.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.06% up at 34,133.38 the S&P 500 was down 0.69% to 4,163.29 and the Nasdaq 100 was down 1.88% at 13,633.03.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.09% at 1.3897. The USDJPY was up 0.09% at 109.42. The USDCHF was up 0.10% at 0.9145. EURUSD was down 0.06% at 1.2006, EUR/GBP was down 0.10% at 0.8641, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.02% at $1,775.85. Elsewhere, Silver futures fell 0.41% to $26.448 per ounce, Platinum rose 0.18% at $1,232.05 per ounce, and Palladium was up 0.64% at $3,000.50.
Brent crude oil was up 2.84% to $69.48 barrel while U.S. West Texas Intermediate (CLc1) rose 0.81% at $66.23.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $54,317 fell 3.10%, Ethereum at 3,245.41 down 3.17%, Litecoin at 326.791 up 13.69%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...5/image-34.pngAstra Zeneca up 4.29% at 7,715 Apple Inc. down 3.54% at $127.85, Amazon.com up 2.20% at $ 3,311.31, TESLA Inc down 1.65% at $673.90, SAP down 3.34% at 112.760, Microsoft down 0.13% at $252.18 , Barclays down 2.62% at 170.90.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w...5/image-35.pngU.S. Trade Representative Katherine Tai said on Tuesday that making vaccines more widely available throughout the world is needed to end the coronavirus pandemic and foster economic recovery.
In remarks to a Council of the Americas conference, Tai said the world had made real strides toward ending the pandemic but that a lot of work lies ahead.
“That includes making the vaccine widely available and addressing the global inequity in vaccine access,” she said. “This is not just a public health requirement. Our economic recovery depends on it.”
Tai is due to discuss demands from developing countries for a World Trade Organization waiver of intellectual property rights on coronavirus vaccines during a WTO General Council meeting later this week.
She has been meeting with the chief executives of the major vaccine manufacturers in recent days to discuss the waiver proposal and ways to boost vaccine production and distribution..
A majority of Democrats in the U.S. House of Representatives, and many liberal Democratic senators have urged President Joe Biden’s administration to support the vaccine intellectual property waiver, arguing it would help save lives and prioritize people over drug company profits.
The pharmaceuticals industry sees the proposed waiver as too broad and would set a precedent that would erode incentives to develop future vaccines.
Democratic Representative Earl Blumenauer, head of the Ways and Means trade subcommittee, told reporters that Tai and other U.S. officials were trying to develop a path forward, and narrowing the scope of the proposed waiver could help reassure industry.
Representative Rosa DeLauro told reporters she spoke with Commerce Secretary Gina Raimondo earlier on Wednesday and saw “some positive signs” the Biden administration was committed to aiding other countries in the current humanitarian crisis.
“The scope of the requested waiver is overbroad and unjustified in light of the economic harm it would cause and the negligible benefits it would provide,” wrote the members, led by House Judiciary Committee senior Republican Darrell Issa.
EUROZONE:-
https://www.capitalstreetfx.com/en/w...5/image-36.pngThe German government is planning a new green financing strategy to steer capital towards environmental projects and developing Germany into a leading hub for sustainable finance, plans seen by Reuters show.
The so-called Sustainable Finance Strategy plan lists 26 individual measures and is due to be adopted by the cabinet on Wednesday with a view to mobilising investment for climate protection projects.
“The federal government wants to develop Germany into a leading location for sustainable finance,” states the plan, which is aligned with the United Nations’ Sustainable Development Goals.
The plan aims to support the European Union becoming carbon neutral by 2050 – a target the European Commission estimates will require 350 billion euros to be invested annually.
The plan also responds to investors demanding more companies complying with environmental, social and governance (ESG) criteria.
To assist investors, the German plan envisages a sustainability “traffic light” system that makes it easier to identify green investment opportunities.
Berlin wants to coordinate the traffic light plan with the EU if possible, but if it cannot move ahead quickly with the bloc it will start with Germany’s Federal Environment Agency.
The government also plans to increase guarantees and export credit assistance for green projects, and to reallocate 9 billion euros in equities it holds in pension and welfare funds into green investments.
With the Greens now topping most opinion polls, Chancellor Angela Merkel’s conservatives and their Social Democratic coalition partners are eager to tout their green credentials before September’s federal election.
The government envisages green bond issuance this year similar to 2020, when it launched its first two green bonds with a combined volume of 11.5 billion euros.
A 30-year green bond is planned for May, with a 10-year issue to follow in the second half of the year.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 04 MAY 2021


ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.81% to 3,446.86. Hong Kong’s Hang Seng Index was down about 0.45% to 28,418.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.83 per cent at 28,812.63 on Wsdnesday, while the Australian Index S&P / ASX 200 rose 0.39 per cent to 7,095.71. South Korea’s Kospi was up by 0.64% to 3,147.98.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 1.76% to 23,991.46 In the cash markets, the DAX futures Germany was trading 2.39% lower at 14,874.25. CAC 40 futures in France climbed down by 0.89% to 6,251.57, while the FTSE 100 futures in the U.K fell by 0.59% to 6,928.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.06% up at 34,133.38 the S&P 500 was down 0.69% to 4,163.29 and the Nasdaq 100 was down 1.88% at 13,633.03.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.09% at 1.3897. The USDJPY was up 0.09% at 109.42. The USDCHF was up 0.10% at 0.9145. EURUSD was down 0.06% at 1.2006, EUR/GBP was down 0.10% at 0.8641, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.02% at $1,775.85. Elsewhere, Silver futures fell 0.41% to $26.448 per ounce, Platinum rose 0.18% at $1,232.05 per ounce, and Palladium was up 0.64% at $3,000.50.
Brent crude oil was up 2.84% to $69.48 barrel while U.S. West Texas Intermediate (CLc1) rose 0.81% at $66.23.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD is at $54,317 fell 3.10%, Ethereum at 3,245.41 down 3.17%, Litecoin at 326.791 up 13.69%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...5/image-34.pngAstra Zeneca up 4.29% at 7,715 Apple Inc. down 3.54% at $127.85, Amazon.com up 2.20% at $ 3,311.31, TESLA Inc down 1.65% at $673.90, SAP down 3.34% at 112.760, Microsoft down 0.13% at $252.18 , Barclays down 2.62% at 170.90.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w...5/image-35.pngU.S. Trade Representative Katherine Tai said on Tuesday that making vaccines more widely available throughout the world is needed to end the coronavirus pandemic and foster economic recovery.
In remarks to a Council of the Americas conference, Tai said the world had made real strides toward ending the pandemic but that a lot of work lies ahead.
“That includes making the vaccine widely available and addressing the global inequity in vaccine access,” she said. “This is not just a public health requirement. Our economic recovery depends on it.”
Tai is due to discuss demands from developing countries for a World Trade Organization waiver of intellectual property rights on coronavirus vaccines during a WTO General Council meeting later this week.
She has been meeting with the chief executives of the major vaccine manufacturers in recent days to discuss the waiver proposal and ways to boost vaccine production and distribution..
A majority of Democrats in the U.S. House of Representatives, and many liberal Democratic senators have urged President Joe Biden’s administration to support the vaccine intellectual property waiver, arguing it would help save lives and prioritize people over drug company profits.
The pharmaceuticals industry sees the proposed waiver as too broad and would set a precedent that would erode incentives to develop future vaccines.
Democratic Representative Earl Blumenauer, head of the Ways and Means trade subcommittee, told reporters that Tai and other U.S. officials were trying to develop a path forward, and narrowing the scope of the proposed waiver could help reassure industry.
Representative Rosa DeLauro told reporters she spoke with Commerce Secretary Gina Raimondo earlier on Wednesday and saw “some positive signs” the Biden administration was committed to aiding other countries in the current humanitarian crisis.
“The scope of the requested waiver is overbroad and unjustified in light of the economic harm it would cause and the negligible benefits it would provide,” wrote the members, led by House Judiciary Committee senior Republican Darrell Issa.
EUROZONE:-
https://www.capitalstreetfx.com/en/w...5/image-36.pngThe German government is planning a new green financing strategy to steer capital towards environmental projects and developing Germany into a leading hub for sustainable finance, plans seen by Reuters show.
The so-called Sustainable Finance Strategy plan lists 26 individual measures and is due to be adopted by the cabinet on Wednesday with a view to mobilising investment for climate protection projects.
“The federal government wants to develop Germany into a leading location for sustainable finance,” states the plan, which is aligned with the United Nations’ Sustainable Development Goals.
The plan aims to support the European Union becoming carbon neutral by 2050 – a target the European Commission estimates will require 350 billion euros to be invested annually.
The plan also responds to investors demanding more companies complying with environmental, social and governance (ESG) criteria.
To assist investors, the German plan envisages a sustainability “traffic light” system that makes it easier to identify green investment opportunities.
Berlin wants to coordinate the traffic light plan with the EU if possible, but if it cannot move ahead quickly with the bloc it will start with Germany’s Federal Environment Agency.
The government also plans to increase guarantees and export credit assistance for green projects, and to reallocate 9 billion euros in equities it holds in pension and welfare funds into green investments.
With the Greens now topping most opinion polls, Chancellor Angela Merkel’s conservatives and their Social Democratic coalition partners are eager to tout their green credentials before September’s federal election.
The government envisages green bond issuance this year similar to 2020, when it launched its first two green bonds with a combined volume of 11.5 billion euros.
A 30-year green bond is planned for May, with a 10-year issue to follow in the second half of the year.

TECHNICAL SUMMARY