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Thursday 29th April - Today's Rates & Market News

Published: 29 Apr 2021

Markets

GDP

 GBP/USD still looks to be trending higher even though Arlene Foster will step down as leader of Northern Ireland’s Democratic Unionist Party on May 28 and as First Minister of Northern Ireland at the end of June after a revolt by the DUP’s Stormont Assembly Members and Westminster Members of Parliament.

The next election for the Assembly is not due until May next year but, in the meantime, Deputy First Minister Michelle O’Neill of the opposition Sinn Féin party is likely to demand changes before agreeing to continue sharing power with the DUP. While Sinn Féin is a Republican party and the DUP favours remaining in the UK, the two have been working together and increased tensions between them would add to the political risk for GBP/USD bulls.

 

USD

From a technical analyst perspective, the outlook for EUR/USD rates appears relatively mixed, as price struggles to penetrate range resistance at 1.2170 – 1.2190.

The premature formation of a Shooting Star candle could inspire sellers in the near term and generate a pullback to key support at 1.2080, with a break below probably garnering follow-through and bringing the 1.2000 handles into the crosshairs.

However, if 1.2100 holds firm, a challenge of the February high (1.2243) is hardly out of the question.

XE Market Analysis Europe – 29th April 2021

 

Today’s Rates

GBP>EUR – 1.1516

GBP>USD – 1.3957

EUR>USD – 1.2120

GBP>CAD – 1.7181

GBP>AUD – 1.7930

GBP>SEK – 11.655

GBP>AED – 5.1263

GBP>HKD – 10.834

GBP>ZAR – 19.798

GBP>CHF – 1.2705

 

  Today’s Calendar 

·       EUR      Harmonized Index of Consumer Prices (YoY)(Apr)

·       USD      Gross Domestic Product Annualized(Q1)

 

 

  Today’s Highlights

  • EUR/USD retreats toward 1.21 on USD bounce, German CPI, US GDP eyed
  • US Dollar Index bounces off 2-month lows near 90.40 ahead of data
  • GBP/USD: Britain's political issues to limit sterling gains – Westpac
  • USD/CNH risks a drop to 6.4410 – UOB

 

  (https://frank-exchange.com/)

 

This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited/Manor House Foreign eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.

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John Hall

Firm: Frank eXchange
Country: United Kingdom - England - England

Practice Area: Foreign Exchange

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