Last session market review
On April 22, oil prices jumped, U.S. crude oil jumped nearly 20 percent, on market expectations that OPEC + will consider more measures to support the oil market, soaring oil prices and the United States will pass a new round of stimulus, risk sentiment improved significantly, U.S. stocks rose across the board, the dollar index closed almost flat, spot gold rose nearly 30 dollars to breakthrough 1710.
This trading day focuses on the United States and Europe PMI hand in hand with the first data, don’t forget the eu summit.
Fx: eur/usd 1.0821; The pound closed at $1.2329; The Australian dollar closed at 0.6321; The dollar closed at 107.74 yen; Us $1.4159; The dollar was last at 0.9710 Swiss francs.
Commodities: spot gold closed at $1,714.48 an ounce; Comex gold ended at $1,738.30 an ounce; Spot silver settled at $15.09 an ounce; Comex silver closed at $15.335 an ounce; Brent crude settled at $20.37 a barrel; NYMEX crude closed at $13.78 a barrel.
In the currency market
Euro: the euro fell for a third day, or 0.32%, to 1.0821, as the dollar extended gains. On the technical plane, the pivot point of the currency pair is at 1.0837, the initial resistance to the exchange rate rising is at 1.0871, the further resistance is at 1.0919, and the key resistance is at 1.0953. The initial support of the exchange rate down at 1.0789, further support at 1.0755, more critical support at 1.0707.
Sterling: The pound rose for the first time in three days to close at 1.2329, up 0.36 percent. On the technical level, the pivot point of the currency pair is 1.2331, the initial resistance to the exchange rate rise is 1.2386, the further resistance is 1.2441, and the key resistance is 1.2497. The initial support of the exchange rate down at 1.2276, further support at 1.2220, more critical support at 1.2165.
Yen: dollar/yen turned lower to end at 107.74, down 0.05%. On the technical level, the pivot point of the currency pair is 107.73, the initial resistance to the upward movement of the exchange rate is 107.94, the further resistance is 108.15, and the key resistance is 108.36. The initial support of the falling exchange rate is at 107.52, further support at 107.31, more critical support at 106.10.
The stock market
U.S. and European stocks rallied on Wednesday for the first time in three days as oil prices stabilized after a record plunge and better-than-expected corporate earnings boosted sentiment. The dow jones industrial average rose 456.94 points, or nearly 2%, to 23475.82. The s&p 500 rose 2.3% to 2,799.31; The NASDAQ composite index rose 2.8%. 8495. 38 points. On Monday, the historic drop in oil prices sent the dow down more than 1,000 points, or 5.1%, over the past two days, while the s&p 500 and NASDAQ both fell more than 4% this week.
European stocks ended higher on Wednesday, with all sectors and major indexes closing higher, as oil prices rebounded from a sharp drop. The pan-european stoxx 600 index temporarily closed up 1.8 percent, led by basic resources stocks, which rose 3.5 percent. Germany’s DAX closed up 165.15 points, or 1.61%, at 10415.00. Britain’s ftse 100 closed up 129.06 points, or 2.29%, at 5770.09. France’s cac-40 index closed up 54.34 points, or 1.25%, at 4411.80. Spain’s IBEX35 index closed up 87.10 points, or 1.31%, at 6,722.00. Italy’s ftse closed up 324.15 points, or 1.97 per cent, at 16,775.00. Europe’s stoxx 50 index closed up 43.41 points, or 1.56%, at 2834.75.
The bond market
As oil prices recovered some of their losses, long-term Treasury yields rose on Wednesday, with the benchmark 10-year yield climbing 3 basis points to about 0.60 per cent and the 30-year yield rising to 1.20 per cent.
International spot gold started at $1,685.50 an ounce in early trading Wednesday, rising as high as $1,718.29 and dipping as low as $1,679.20 to close at $1,714.48, up $28.58, or 1.7%.
COMEX gold for June delivery ended up $50.50, or 3.0 percent, at $1,738.30 an ounce, its highest close since April 15, tracking a 40 percent gain in WTI crude oil futures as the dollar briefly weakened.
The oil market, whose recovery has been made weak by a growing glut, rebounded in volatile trading on Wednesday. U.S. WTI crude for June delivery rose $2.21, or 19%, to $13.78 a barrel. Brent crude for June delivery rose $1.04, or 5.4 percent, to $20.37 a barrel after hitting an intraday high of $22.44.