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> Market Review - Fundamental Perspective - 25 April 2018
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Market Review - Fundamental Perspective - 25 April 2018

PCM Enterprise - Development Firms

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Global equities sold off yesterday after US 10-year Treasury yields rose, trading above 3% this morning, the highest level since 2014. US stocks closed sharply lower amid the concerns over US yields. In FX, the USD Bloomberg Spot Index traded higher overnight approaching the 3-month high set on Tuesday
AUD and NZD were the notable underperformers yesterday, mainly driven by broad-based USD strength and thin trading as local markets were closed for a public holiday
Crude oil prices dropped yesterday after US President Trump said that the US and France could soon reach an agreement to preserve the 2015 nuclear deal
GBP retraced some of Monday’s losses yesterday, with GBPUSD getting close to 1.40 overnight. However, GBPUSD has dropped back below 1.3940 this morning on no apparent headlines. In a quiet day of data today, the pair will likely be driven by USD momentum ahead of tomorrow’s symbolic vote in the House of Commons on the Customs union
Our traders currently see GBPUSD support at 1.3920 ahead of 1.3890 and 1.3700, while resistance comes in at 1.4000 ahead of the 1.4145-75 area. EURGBP finds support at 0.8735 ahead of 0.8690 and 0.8625, while resistance lies at 0.8800
In data, UK March Public Finances showed that the budget execution is ahead of its targets at the end of FY-17, partly driven by the strong surplus seen in January on healthy self-assessment revenues. Further improvement is likely to be limited, and Barclays Research “expects the undershoot to be spent in the next fiscal year”

PCM Enterprise - Development Firms Review

Source: https://myforexforums.com/showthread.php/1184-Market-Review-%E2%80%93-Fundamental-Perspective?p=34007&viewfull=1#post34007
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