April 30

April 30, 2024 Trades

Morning Call (english)

Important news for the day:
Tue, 30th, 14:00 GMT US Consumer confidence

markets waiting for direction, Yen stronger

ECB
Traders currently debate when the ECB will start reducing interest rates. As the economy remains in turmoil the pressure increases with rates remaining at high levels. The first rate cut might happen in June and might remain rather cautious thereafter. Some members of the central bank see strong dangers in achieving their inflation goal. Current data shows that the inflation remains steady at 2.4%. The EUR might show some signs of weakness currently.

Market talk
Positive earnings for Samsung due to the AI boom might give give the company further positive momentum. Alphabet and Google had already presented their numbers leading to more upside. However, equity markets might look a bit stretched and could also be ready in general to weaken again. the current push in oil might show that demand is slightly weakening as well. Meanwhile the fresh rallye in the JPY keeps on going as the daily chart offered a bearish turnaround candlestick pattern. Also cryptos remain shaly and might weaken further.

  • EURCAD: we like to sell again at 1.4590 (sell stop) with SL at 1.4710 and TP at 1.4315
  • GBPAUD: we sold at 1.9118 with SL at 1.9360 and TP at 1.8640
  • EURJPY: we sold at 166.70 with SL at 169.70 and open TP

Tendencies in the markets:

  • Equities potentially weaker, DAX higher above 16240, USD stronger, cryptos weaker, oil lower, metals lower

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