Wednesday, 7 April 2021

Forex Top Market News by Money Life Research

  1️⃣ The market remains positive against the USD

 The dollar edged higher at the start of the European session Tuesday, as traders remained positive mainly due to strong signs of US economic growth and the impressive vaccine rollout.

 “Until Europe starts implementing fiscal stimulus and more importantly, accelerating the vaccination process (Europe has only 10% of its population vaccinated, in while in the US it is 29%, in the UK 45%), it is very difficult to counter the exceptional character of the dollar. ”

 2️⃣ Oil prices recovered

 - Oil prices rose on Tuesday, supported by strong economic data from China and the US, offset some losses from the previous session due to the impact of OPEC + supply increase and new Covid-19 infection at  India and EU increased.

 - Market attention is now on the US-Iran talks in Vienna aimed at reviving the 2015 nuclear deal between Tehran and world powers, possibly leading to Washington's lifting of orders.  sanctions on Iran's energy sector.

 - Goldman Sachs (NYSE: GS) said any potential recovery in Iran's oil exports would not be a shock to the market and a full recovery won't happen until the summer of next year.  2022.

 3️⃣ Notable facts and economic data today

 - 21:00 tonight, the FOMC 2021 voting committee and Chicago Fed President Evans will deliver a speech on the current economic situation and monetary policy.

 - At 10:30 pm tonight, the US will announce EIA crude oil inventories for the week ending on April 2 and is expected to record a 1.325 million barrel decrease.

 - Today, the President of the European Central Bank Lagarde, and the Executive Committee of the European Central Bank Panetta will participate in the online meeting of the Finance Minister and G20 Central Bank Governor, the specific time will be identified.

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