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Yesterday's economic calendar was half empty again due to the holiday in Europe and the United Kingdom. The West, represented by the United States, came out from a three-day weekend and reported several economic indicators.
Here's the details of the economic calendar for April 5, 2021.
The index of business activity in the US services sector, which shows the state of the service sector in the country's economy, managed to rise in March from 55.3 points to 63.7 points, which is great compared to Europe. At the same time, the volume of US industrial orders for February reflects a decline of -0.8% after an increase of + 2.7%.
The American statistics are quite good, but they could not support the market.
On Monday, an important information background was the news that the UK will lift the imposed quarantine measures due to COVID-19 earlier than expected, which led to speculation on the pound in terms of its purchase.
Analysis of trading charts from April 5
We will begin by analyzing the trading charts with the dollar index (DXY), which serves as a compass for American market participants' interest in the US dollar.
The index declined by almost 0.5%, which is very much. Thus, it suggests that the US dollar was under sell-off.
It is noteworthy that the US dollar is still likely to grow, although it recently weakened. It can be supported by the United State's recovery of the labor market and its entire economy compared with its competitors. At the same time, the upward turn in the index from the beginning of the year is still relevant, as is our forecast in the direction of 94.00-94.50.
The traditional currency pairs have had quite an interesting fluctuation in the market considering the fact that trading volumes were lowered due to the holiday in Europe and the UK.
The Euro currency in the EUR/USD pair initially showed a downward interest following the movement last Friday. Such a movement was quite justified, since the US Department of Labor report came out very well. Moreover, we can regard the movement during the US trading session, where a sharp growth occurred without sharp hints.
We can assume that we were dealing with high speculative interest in this period, but with unknown cause and effect. There is an assumption that some information background or rumor could have been an impulse to speculation. And due to closed stock exchanges in Europe and Britain, the market was very narrow, which made it possible for speculators to manipulate the quote.
In turn, the British currency (GBPUSD) showed an upward interest yesterday. The only information that was released was that the United Kingdom is having a hard time to combat the coronavirus and seeks to ease quarantine measures as soon as possible in order to start the economy.
The pound strengthened by more than 90 points, updating the local high (1.3845) from March 29.
Trading recommendation for EUR/USD and GBP/USD on April 6
All the major players have returned from the holidays today and the UK will be the first one to publish its statistics, namely the total number of registered cars. A huge growth of + 70% is expected, but it should be remembered that this is just a local manifestation.
UK 8:00 Universal time - Number of registered cars
Europe's unemployment data will be the primary event, where its level is expected to remain unchanged at 8.1%. This is a lot in comparison with the US.
EU 9:00 Universal time - Unemployment rate
During the US trading session, JOLTS will publish its data on the number of open vacancies in the US labor market for February, where there is a forecasted growth from 9.917M to 9.995M.
It can be noted that Job Openings (JOLTS) is a survey conducted by the United States Bureau of Labor Statistics that estimates the number of job openings available. The rise in vacancies signals a recovery in the labor market.
USA 14:00 Universal time - Open vacancies
If we analyze the EUR/USD trading chart, it can be seen that the quote slowed down and formed an amplitude of 1.1795/1.1821 after sharply rising yesterday.
Based on the given range, the method of breaking through a particular border and opening a position on the outgoing impulse can be applied.
As for the trading chart of GBP/USD, it shows that speculators have already shown a downward interest during the opening of the European session after a short stagnation at 1.3890/1.3920. We can assume that maintaining the downward interest will lead to a reversal towards the level of 1.3845. Relative to this, there will be decisions on further development in the market.
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