The British pound trading strong against the US dollar and Euro on Monday boosted by the fastest vaccination figures in the UK. In the UK, the number of people vaccinated passes 5 million. On Saturday, the country reported the lowest number of daily Covid deaths since mid-September.
“We've reached another milestone in our vaccination program, with over five million people now having received their second jab,” UK Prime Minister Boris Johnson said.
On the other hand, India’s Health Ministry reported the highest daily spike in cases, more than 100k and the country's total number of cases 12.5 million Monday.
US stock futures started the new week on a positive note supported by the robust US employment data and faster vaccination. Meanwhile, the markets in China, UK and Europe remain closed due to Easter Monday.
Crude oil prices trading unchanged on Tuesday due to lack of volume as several markets are still closed due to the Easter holidays. During the last week, the OPEC+ agreed to slowly ease some of its production cuts between May and July.
In the currency market, the US dollar trading steady above 93 during the European session after a slight correction last Friday. Overall, the momentum remains bullish supported by the upbeat U.S. employment report.
The safe-haven metal struggling to find the upside momentum after last week's strong U.S. employment report. Moving ahead to the North American session, the gold investors should closely monitor the release of the ISM Services PMI, which is set to be released at 14:00 GMT.
On the data front, on Friday the US Labor Department released the strong March NFP data. The data showed an increase in the number of nonfarm payrolls in March by 916K, after rising by 468K in the previous month. Meanwhile. the Unemployment rate fell from the previous month’s 6.2% to 6.0% in March.
This week the main highlights of the economic calendar will be the release of the RBA Interest rate decision, FOMC and ECB meeting minutes and the UK, US, and Europe Services PMI data.
Worldwide, more than 131.2 million people have been confirmed infected and more than 2.85 million have died. The United States has confirmed over 30 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair slightly retreated from the Friday highs after the US dollar Index rebounded back to above 93.
The important levels to watch for today: Support- 1.1730 and 1.1700 Resistance- 1.1765 and 1.1790.
GOLD: The yellow metal trading weaker below $1730 supported by $1720. Today, gold is again expected to face resistance around $1736 along with support around $1720 and $1714.
The important levels to watch for today: Support- 1720 and 1714 Resistance- 1730 and 1736.
Quote of the day: If you have trouble imagining a 20% loss in the stock market, you should not be in stocks – John C. Bogle.
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