The EUR/USD rebounded back to above 1.22 on Monday. The currency pair closed below 1.22 on Friday following the mixed comments from ECB President Christine Lagarde. Lagarde said It is too early for the European Central Bank to discuss winding down its €1.85 trillion Pandemic Emergency Purchase Programme.
Asian shares and US stock futures start the new week on a positive note while several European markets are closed today in observance of Whit Monday.
Crude oil prices rebounded from the previous week lows and climb to a fresh session high on fears about supply disruption due to a developing storm in the Gulf of Mexico region.
In the currency market, the British pound trading lower against the Euro and US dollar on Monday. While the New Zealand dollar slightly recovered following the release of upbeat retail sales data.
The safe-haven metal price continuously trading steady above $1880 supported by the weaker US dollar and falling Treasury yields.
On the data front, New Zealand's statistics department released the last quarter retail sales data. The data showed the retail sales increased by 2.5% in the March 2021 quarter following a 2.6% fall in the December 2020 quarter.
This week the main highlights of the economic calendar will be the RBNZ interest rate decision, Germany IFO and GDP data and US GDP personal income figures.
Worldwide, more than 167.1 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 33 million cases and has had more than 587,000 deaths from COVID-19, the highest totals in the world.
Dollar index: The US dollar struggling to find the upside momentum. The important levels to watch this week 89.60 and 90.40.
The important levels to watch for today: Support-89.80 and 89.60 Resistance- 91.10 and 91.30.
GOLD: The precious metal trading steady above $1880. Any break above $1889 will open the doors to $1895 and $1900. On the downside, the immediate support at $1870 then $1862.
The important levels to watch for today: Support- 1875 and 1870 Resistance- 1884 and 1890.
Quote of the day: A great business at a fair price is superior to a fair business at a great price – Charlie Munger.
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