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Investors are still analyzing the most recent US employment statistics. Chinese consumer and producer price index data for March will be made public on Tuesday in anticipation of the US CPI on Wednesday.
Easter Monday saw the US Dollar Index (DXY) continue to improve and rise, reaching a weekly high of 102.82 thanks to rising US rates and mixed Wall Street share price performance. When the 2-year increased above 4%, the US 10-year yield settled at 3.42%. The S&P 500 and Dow Jones both increased by 0.3%, but the Nasdaq fell by 0.03%. Due to the closing of the European markets, there were little trades made. Season of Q1 earnings begins.
Key Developments
The price of gold dropped once again, finding support at $1,980, before rising to $1,990. Below $25.00, silver maintained its sideways movement. After increasing by more than 3% on the day, Bitcoin reached new cycle highs of almost $30,000. Inching up 1.60% to $1,886 was Ethereum. After finding support at 1.0830, the EUR/USD pair closed at its lowest level since late April, roughly at 1.0860. Data on Eurozone retail sales are expected on Tuesday.
On Monday, GBP/USD fell for the fourth day in a row, continuing its fall from above 1.2500. At the start of the American session, it reached a low of 1.2343 before trimming losses.
Higher US yields caused the USD/JPY to soar to its highest level in in a month, close to 134.00. Bond market volatility calls for action regarding the Japanese Yen. Kazuo Ueda stated on his first day as the Governor of the Bank of Japan that they want to prevent a quick normalisation of monetary policy since it would have a significant influence on markets.
During the American session, the Canadian Dollar performed better. From weekly highs at 1.3550, USD/CAD declined to end the day flat at approximately 1.3500.The AUD/USD exchange rate decreased for a fifth day in a row, reaching the lowest daily close in two weeks, under 0.6650. On Tuesday, Australia will present its Consumer and Business Confidence Index, and on Thursday, its jobs report. Due to the strong dollar, NZD/USD fell to weekly lows but managed to recover and retake the 0.6200 level.
Economic Data
The American session witnessed no significant economic data releases.
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