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Crude oil hits 6-week high after US GDP

 

“Men, it has been well said, think in herds.  It will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” - Charles Mackay

 

MARKET NEWS

 


Forex Today: Upbeat US data spurs risk appetite – FX Street

 


The US preliminary estimate for the first quarter Gross Domestic Product came in at 6.4%, beating expectations. The dollar, however, was unable to take advantage of the encouraging headline, instead pressured by risk-appetite.

 


GBP/USD Set for Third Weekly Gain, But Next Week's Scottish Election Poses Risk – Investing.com

 


The move higher in the pound has been supported by the easing of Covid-19 restrictions that has bolstered the UK's recovery. But voters across Scotland will head to the polls on May 6 that could lead to a referendum on independence that could spark a wobble in the GBP.

 


EUR/USD loses bullish momentum, looks to close flat little above 1.2100 – FX Street

 


The EUR/USD pair posted strong gains on Wednesday and climbed to its highest level in two months at 1.2150 on Thursday before losing its momentum. As of writing, the pair was virtually unchanged on the day at 1.2120.

 


USD/JPY: Strong U.S. GDP Pushes Yen To 109 – Investing.com

 


The U.S. economy posted strong growth in the first quarter of the year, with a gain of 6.4% QoQ. This was just shy of the 6.5% forecast and up from 4.3% at the end of 2020. The solid reading was another sign that the economy is recovering at a rapid clip. The U.S. dollar responded with strong gains, with USD/JPY punching above the 109 level. The U.S. dollar has been struggling lately, but the greenback is enjoying a strong week against the yen, with gains of 1.0%.

 


Gold Price Pares Post-Fed Gain Amid Rise in US Treasury Yields – Daily FX

 


The double-bottom formation from March appears to have run its course as the price of gold reveres ahead of the $1800 handle, and the key reversal pattern may continue to unravel as the precious metal extends the decline from the monthly high ($1798).

 


WTI bulls burst back into life to six-week highs – FX Street

 


Markets have shrugged off the risk of higher COVID-19 cases in Brazil and India and WTI has added a further 2% on Thursday scoring a six-week high of $65.44. Additionally, OPEC+ and decided to stick to its plans for a gradual easing of oil production curbs from May to July and will bring back about 2 million barrels per day (bpd) of production over the next three months.

 


Amazon Posts $108.5 Billion In Sales, Smashing Expectations In Best First Quarter Ever - Forbes

 


Seattle-based Amazon reported revenue of $108.5 billion in the first quarter, surging 44% year over year and beating out analyst expectations of $104.5 billion. Amazon shares jumped 5% in after-hours trading immediately after the announcement; the stock ticked up 0.4% Thursday, lifting its year-to-date gain to about 9%—lower than the tech-heavy Nasdaq's 11% increase.

 

 

MORE HEADLINES

 


•    Twitter stock plunges on subscriber miss and low guidance – CNBC
•    Job growth could surpass 1 million in April hiring boom as economy roars back – CNBC
•    Uber, Lyft, DoorDash stocks close down after U.S. Labor secretary says gig workers should be classified as employees - CNBC
•    Turkey goes into its first full lockdown as a third Covid wave surges 
•    Amazon has made more profit during pandemic than previous 3 years of earnings in total 

 


ANALYSIS    

 


GBP/USD: Boris' sleaze to eventually hit the pound – Rabobank

 


Sterling has not been overly impacted by the news of Tory sleaze but this may change if the news worsens and if international coverage of UK political skulduggery increases. Cable likely to face psychological resistance at the 1.40 level with the 100-day SMA at 1.3757 likely offering support. EUR/GBP remains at the upper end of its April range with resistance at 0.8720.

 


CHART

 


WTI Crude oil – Daily Candlesticks

 


  
Source: GKFX  Metatrader 4 

WTI SPOT has broken above its April 20 peak to reach its highest in 6 weeks. The breakout comes after holding a rising trendline that has been in place since December and after breaking a down-sloping trendline 2 weeks ago. - Prepared by Trading Writers*

 


CALENDAR


*Times in GMT

 


 
Source: FX Street Economic Calendar

 

Footnotes

 


1.    https://www.fxstreet.com/economic-calendar


2.    https://www.fxstreet.com/news/forex-today-upbeat-us-data-spurs-risk-appetite-202104291943


3.    https://www.cnbc.com/2021/04/29/twitter-twtr-earnings-q1-2021.html


4.    Job growth could surpass 1 million in April hiring boom as economy roars back


5.    https://www.investing.com/news/forex-news/gbpusd-set-for-third-weekly-gain-but-next-weeks-scottish-election-poses-risk-2490371


6.    https://www.fxstreet.com/news/wti-bulls-burst-back-into-life-to-six-week-highs-202104291850


7.    https://www.dailyfx.com/forex/fundamental/us_dollar_index/daily_dollar/2021/04/29/Gold-Price-Pares-Post-Fed-Gain-Amid-Rise-in-US-Treasury-Yields.html


8.    https://www.fxstreet.com/news/eur-usd-loses-bullish-momentum-looks-to-close-flat-little-above-12100-202104291734


9.    https://www.forbes.com/sites/jonathanponciano/2021/04/29/amazon-earnings-first-quarter/?sh=2e821c4069b1
 

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