Forex Market Analysis
This morning, the greenback is trading lower against most of the major currencies, ahead of the US monthly budget statement, MBA mortgage applications along with the import and export price index, slated to release in a few hours.
The GBP is trading higher against the USD. Earlier in the session, data revealed that UK’s ILO unemployment rate remained steady at an 11-year low level in the three month to February, in line with market expectations. Moreover, the number of people in work came in weaker than anticipated in the same period. Meanwhile, the nation’s wages excluding bonus grew at its weakest pace in 7 months for the three months ended in February, suggesting that soaring inflation in the economy is taking a bite out of consumer spending.
The AUD nudged higher against the USD. On the data front, Australia’s Westpac consumer confidence index declined in April. Earlier today, in China, Australia’s largest trading partner, the consumer price inflation edged higher on an annual basis in March. Moreover, the nation’s annual producer prices advanced better-than-expected in the same month.
Yesterday, the greenback traded mixed in the New York session, against the key currencies. On the data front, JOLTs job openings in the US jumped to a 7-month high level in February, boosting optimism over the health of the nation’s labor market.

EURUSD
This morning at 09:40 GMT, the EUR is trading at 1.0610 against the USD, 0.06% higher from the New York close. In economic news, Germany’s wholesale price index remained flat on a monthly basis in March. This morning, the pair traded at a high of 1.0623 and a low of 1.0593. The Euro traded marginally lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0604. The pair is expected to its find support at 1.0592 and its first resistance at 1.0629.

GBPUSD
At 09:40 GMT, the pair is trading at 1.2500, with the Pound trading 0.08% higher against US Dollar from the New York close, after UK’s ILO unemployment rate remained steady for the three months to February, meeting market expectations. The pair witnessed a high of 1.2518 and a low of 1.2477 during the session. Yesterday, the Pound traded 0.48% higher against the US Dollar in the New York session and ended at 1.2490. Immediate downside, the first support level is seen at 1.2434, while on the upside, the first resistance level is situated at 1.2542.

USDJPY
This morning, at 09:40 GMT, the US Dollar is trading at 109.67 against the Yen, 0.09% higher from the New York close. Overnight data indicated that Japan’s machinery orders rebounded on a monthly basis in February. During the session, the pair traded at a high of 109.75 and a low of 109.33. Yesterday, the US Dollar traded 0.79% lower against the Yen in the New York session and ended at 109.57. The pair is expected to its find support at 109.10 and its first resistance at 110.47.

USDCHF
The US Dollar is trading at 1.0067 against the Swiss Franc at 09:40 GMT this morning, a tad lower from the New York close. Amid no economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic events. The pair traded at a high of 1.0081 and a low of 1.0057 this morning. Yesterday, the USD traded 0.09% lower against the CHF in the New York session and ended at 1.0072. The pair is expected to its find support at 1.0052 and its first resistance at 1.0084.

USDCAD
The pair is trading at 1.3320 at 09:40 GMT this morning, with the USD trading marginally lower against CAD from the New York close. Going ahead, market participants will focus on the Bank of Canada’s (BoC) interest rate decision, due in a few hours. The pair traded at a high of 1.3339 and a low of 1.3310 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing slightly higher at 1.3324. The pair is expected to its find support at 1.3299 and its first resistance at 1.3349.

AUDUSD
The pair is trading at 0.7498 at 09:40 GMT this morning, with the Australian Dollar trading slightly higher against US Dollar from the New York close. Earlier in the session, data revealed that Australia’s Westpac consumer confidence index dropped in April. This morning, the pair traded at a high of 0.7508 and a low of 0.7481. The Australian Dollar traded 0.16% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7497. The pair is expected to its find support at 0.7474 and its first resistance at 0.7518.

Gold
Gold is trading at $1274.90 per ounce at 09:40 GMT this morning, 0.09% lower from the New York close. This morning, the precious metal traded at a high of $1281.80 per ounce and a low of $1274.40 per ounce. Yesterday, gold traded 1.09% higher in the New York session and closed at $1276.00 per ounce, as heightened geopolitical tensions boosted demand for the safe haven yellow metal. Immediate downside, the first support level is seen at $1261.47 per ounce, while on the upside, the first resistance level is at $1285.07 per ounce.

Silver
The precious metal is trading at $18.30 per ounce at 09:40 GMT this morning, 0.14% lower from the New York close. During the session, silver traded at a high of $18.43 per ounce and a low of $18.29 per ounce. In the New York session yesterday, silver rose 1.83% and closed at $18.33 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $18.00 per ounce, while on the upside, the first resistance level is at $18.52 per ounce.

Oil
The commodity is trading at $53.67 per barrel at 09:40 GMT this morning, 0.54% higher from the New York close. Crude oil witnessed a high of $53.74 per barrel and a low of $53.35 per barrel during the session. In the New York session yesterday, crude oil rose 0.85% to close at $53.38 per barrel, after the API disclosed that US crude oil stockpiles surprisingly fell by 1.3 million barrels last week. Additionally, Saudi Arabia called for a 6-month extension of OPEC’s production cut agreement. Immediate downside, the first support level is seen at $53.00 per barrel, while on the upside, the first resistance level is at $54.04 per barrel.

Economic Snapshot

UK ILO unemployment rate remained steady in the December-February 2017 period
The ILO unemployment rate remained flat at a level of 4.70% in the UK, in the December-February 2017 period, in line with market expectations.

Employment in the UK registered a rise in the December-February 2017 period
In the UK, employment registered a rise of 39.00 K in the December-February 2017 period, compared to an advance of 92.00 K in the November-January 2017 period. Market anticipation was for employment to advance 70.00 K.

UK average earnings excluding bonus advanced more than expected in the December-February 2017 period
The average earnings excluding bonus recorded a rise of 2.20% on an annual basis in the December-February 2017 period, in the UK, more than market expectations for an advance of 2.10%. The average earnings excluding bonus had registered a revised rise of 2.40% in the November-January 2017 period.

German wholesale price index remained flat in March
The wholesale price index in Germany remained flat on a monthly basis, in March. In the previous month, the wholesale price index had recorded a revised rise of 0.50%.

Australian Westpac consumer confidence index slid in April
In April, Westpac consumer confidence index registered a drop of 0.70%, on monthly basis, to a level of 99.00 in Australia, compared to a level of 99.70 in the previous month.
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