Top Daily Economic News(APRIL10, 2019)

No: 228

Date: April10, 2019

 

Daily World Economic and Financial News

(BLOOMBERG): April10, 2019 --- President Vladimir Putin kept his options open on whether to extend Russia’s joint oil-production cuts with OPEC beyond June, saying he wanted to continue cooperation with the group but also highlighting the many uncertainties in the market. Russia is comfortable with current oil prices, which rose to a four-month high above $70 a barrel in London on Monday, Putin said at the International Arctic Forum in St. Petersburg on Tuesday. The president also said he doesn’t support an “uncontrollable” increase in the cost of crude that could hurt his country’s other industries.

(REUTERS): April10, 2019 --- Bank of Japan Governor Haruhiko Kuroda vowed on Wednesday to continue the central bank’s “powerful” monetary easing to achieve its 2 percent inflation target, while urging the government to win market confidence in its fiscal management.  Kuroda also told parliament that he saw no problems with long-term government bond yields moving at slightly negative rates due to risk aversion among investors globally.

(REUTERS): April10, 2019 --- The International Monetary Fund cut its outlook for global growth to the lowest since the financial crisis amid a bleaker outlook in most major advanced economies and signs that higher tariffs are weighing on trade. The world economy will grow 3.3 percent this year, down from the 3.5 percent the IMF had forecast for 2019 in January, the fund said Tuesday in its latest World Economic Outlook. The 2019 growth rate would be the weakest since 2009, when the world economy shrank. It’s the third time the IMF has downgraded its outlook in six months.

(REUTERS): April10, 2019 ---Asian stocks declined after renewed concern about a global economic slowdown and an escalation in trade tensions. Treasuries inched higher with the dollar. Shares in Japan bore the brunt of losses, with equities seeing more modest declines in Hong Kong, Seoul and Shanghai. The S&P 500 Index fell for the first time in nine sessions as the Trump administration threatened tariffs on the European Union and the International Monetary Fund cut its global growth outlook to the lowest since the financial crisis. Australian bonds climbed and the yield on 10-year Treasuries edged back down below 2.50 percent. The pound fluctuated as the European Union looked set to force the U.K to delay Brexit for as long as a year.

EUR/USD ANALYSIS

Two things dominated the financial world this 2018: political turmoil and fears of slowing economic growth. The first was quite foreseeable with Brexit and Trump´s victory in the US but the second dawned on markets like a cold shower in the second half of the year. It was not far ago when EU's growth hit record highs, according to Markit, with business activity shrinking to its lowest pace of growth in over four years in December.

The pair reached the 38.2% retracement of the 1.1447/1.1183 slide at 1.1285 before investors turned cautious, now consolidating a few pips below the level. In the 4 hours chart, the price is stuck around a mild bearish 100 SMA, but well above a bullish 20 SMA that now approaches the 23.6% retracement of the same decline at around 1.1245. Technical indicators partially lost their upward strength after nearing overbought readings, still well into positive ground and far from suggesting an upcoming decline.

Support levels: 1.1245 1.1200 1.1175 

Resistance levels: 1.1285 1.1315 1.1350

EUR/USD PRICE SENTIMENT

 

TREND INDEX

OB/OS INDEX

VOLATILY INDEX

15M

Bullish

Neutral

Low

1H

Bearish

Neutral

Shrinking

4H

Bearish

Neutral

High

1D

Bearish

Neutral

Shrinking

1W

Strongly Bearish

Oversold

Shrinking

 

International & Financial Terms

  1. hold off: to not do something immediately:
  2. bolster : to support or improve something or make it stronger
  3. swirl: to move quickly with a twisting, circular movement, or to make something do this
  4. gridlock: situation in which no progress can be mad

 

 

Compiler: A Bank Dealing Room Section  

Management of International Deputy                                         /The Expert In Charge Of Dealing Room


305 الأربعاء 10 أفريل 2019 06:10