15.04.2019: Traders braced for China’s GDP (USD, DJIA, CAD, BRENT)

15.04.2019: Traders braced for China’s GDP (USD, DJIA, CAD, BRENT)

Demand for riskier assets is bearish for the
US currency. Traders are earning from broad-based weakness
of the US dollar anticipating the soonest settlement of the trade conflict between the
US and China. The North American session kicked off with
the neutral sentiment on the US dollar. Its index is trading sideways at around 96.80
which coincides with the strong support level. Positive news for the US dollar prevented
the index from sliding deeper. According to the Empire state manufacturing
survey, the Federal Reserve Bank of New York insists on a revival of economic activity
in the area. The indicator suddenly surged to 10.1 in April
from a two-year low recorded in March. Meanwhile, the US stock market maintains the
elevated mood. The Dow Jones Industrial Average is trading
at 26,400, close to the highest level in half a year. Investors foresee a further advance of the
US stock indexes amid recovery of the US industrial sector, anticipation of the trade deal between
Washington and Beijing, and the Fed’s intention to make a pause in the cycle of monetary tightening. Besides, the US equity market finds short-term
support amid upbeat expectations of the next batch of corporate earnings. Back to Forex, the appetite for risk steered
investors away from safe haven assets. Today the Canadian dollar gained ground against
its American counterpart as the rally in the global stock market offset a decline in oil
prices. The USD/CAD pair settled down at 1.3300. The crude market opened a new trading week
with prices at the same level as they closed on Friday. Brent crude is trading in a range from 71.00
to 71.50 US dollars a barrel. The rally of oil prices is capped by a weekly
update from Baker Hughes as the oil rig count posted an increase in the US in the previous
week. Meanwhile, oil traders are in the cautious
mood awaiting GDP data from China, the top energy consumer in the world. The market-moving report is due on Wednesday. It will make a great impact on market sentiment. Subscribe to our channel and keep track of
all developments on Forex! See you soon!

One thought on “15.04.2019: Traders braced for China’s GDP (USD, DJIA, CAD, BRENT)

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