Market News & Analysis
Update after the close on Wall Street-Strong USD
Gary Christie April 21, 2020 10:10 PM
Update after the close on Wall Street – Strong USD
The US Dollar was bullish against all of its major pairs on Tuesday. On the economic data front, Existing Homes Sales fell to 5.27 million homes on month in March (5.25 million homes expected), from a revised 5.76 million homes in February. On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending April 17th is expected.
Regarding currency pairs
• EUR/USD was relatively flat, the day's range was 1.0817 - 1.0880.
• GBP/USD fell 138pips to 1.2304 the day's range was 1.2248 - 1.2448
• USD/JPY gained 15pips to 107.77 the day's range was 107.28 - 107.89.
• USD/CHF rose 14pips to 0.9694 the day's range was 0.9670 - 0.9728.
• AUD/USD dropped 43pips to 0.6293 the day's range was 0.6254 - 0.6347.
Looking at U.S. indices
• The Dow Jones Industrial Average dropped 631.56pts (-2.67%) to 23018.88. | Number of Advance: 2 | Decline: 28 |
• The S&P 500 fell 86.6pts (-3.07%) to 2736.56. | Number of Advance: 76 | Decline: 428 |
• The the Nasdaq 100 declined 323.51pts (-3.71%) to 8403. | Number of Advance: 30 | Decline: 73 |
• Regarding Gold and Crude Oil, Gold dipped $11.61 (-0.68%) to $1684.04.
• WTI Crude Oil tanked 7.39$ (-36.17%) to $13.04.
FX pair in focus
The GBP/USD broke below a prior consolidation zone and looks to be entering into a new consolidation area between 1.2350 and 1.2245. The bias remains bearish below 1.2350 unless this key intraday resistance area is broken to the upside.
Source: GAIN Capital, TradingView
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.