UK GDP increased by 0.4% following a 2.2% decline in January while the figures missed the market estimates of 0.6%. On the other hand, UK manufacturing and industrial production numbers came better-than-expected. The British pound rose to a fresh session high of 1.3764 after the release of economic data.
US stock futures and European stocks trading steady ahead of the US inflation data. Meanwhile, Chinese shares ended mixed after weaker-than-expected Chinese Exports and trade balance data.
Crude oil prices slightly retreated from the previous session high. On Monday, the oil prices bounced after Houthi rebels once again launched missile attacks on Saudi Arabian oil facilities.
In the currency market, the New Zealand dollar trading lower ahead of the RBNZ interest rate decision. The Euro hovers near the psychological level of 1.19 while the Dollar Index struggling to find the upside momentum.
The safe-haven metal trading lower for the second consecutive day after the Federal Reserve signaled the U.S. economy may soon rebound as vaccinations accelerate. The United States has fully vaccinated more than 70 million people.
On the data front, China exports came at 30.6% in March, slower than the forecast of 35.5% while imports increased 38.1%, better-than-expected growth of 23.3%
Moving ahead to the North American session, the investors and traders will closely monitor the US inflation figures which is set to be released at 12.30 GMT.
Worldwide, more than 136.2 million people have been confirmed infected and more than 2.9 million have died. The United States has confirmed over 31 million cases and has had more than 562,000 deaths from COVID-19, the highest totals in the world.
DOLLAR INDEX: The currency pair trading unchanged ahead of US CPI data. While the overall momentum remains bearish.
The important levels to watch for today: Support- 92 and 91.60 Resistance- 92.30 and 92.50.
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: “Wall Street sells stocks and bonds, but what it really peddles is hope.” - Jason Zweig.
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