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Oil rises on China data, gold vulnerable - MarketPulse


Oil rises on China data, gold vulnerable
Posted 2 hours agoSharePrint
Oil rises on upbeat Chinese crude import data
Oil prices are picking up for a second day, slowly clawing back some of last week’s steep losses. Upbeat data from both China and India and tension in the Middle East are supporting oil prices.
Crude imports into China jumped 21% in March, albeit from a low base the year before, as refining operations and fuel demand ramped up during pandemic recovery.
India is emerging as the latest Covid hot spot. However, rather than depressing gasoline demand, demand has surged to a four-month high as millions of people favour their car over public transport. Tighter lockdown restrictions could see this trend quickly reverse. ....

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NZD drifting ahead of Business Confidence - MarketPulse


NZD drifting ahead of Business Confidence
Posted 10 hours agoSharePrint
The New Zealand dollar continues to drift on Monday, after a quiet week. Currently, NZD/USD is trading at 0.7030, unchanged on the day.
Investors eye New Zealand Business Confidence
The well-respected NZIER Business Confidence, released each quarter, will be released later on Monday (tentative). The indicator declined by -70% in Q1 of 2020, at the height of the Covid-pandemic which shut down much of the New Zealand economy. Since then, Business Confidence has improved, reaching -6% in Q4. A reading in positive territory in Q1 could raise risk sentiment and boost the currency. ....

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Will Business Confidence shake up AUD? - MarketPulse


Will Business Confidence shake up AUD?
Posted 9 hours agoSharePrint
The Australian dollar has started the week with a whimper. Currently, AUD/USD is currently trading at 0.7620.
Australia releases the NAB Business Confidence early on Tuesday (1:30 GMT). Business confidence continues to show stronger optimism, rising to 16 in February, up from 10 beforehand. The Australian economy has recovered remarkably well from the Covid-19 downturn – unemployment has dropped below 6% and commodity prices are rising as the global economy finds its footing.
A major sore point in the country’s vaccine rollout. Australia had banked on the AstraZeneca vaccine for most of 26 million residents and had planned to vaccinate almost all by the end of 2021. However, with recommendations that people under 50 should not receive the AstraZeneca shot, the government has had to abandon this goal and is scrambling to find millions of Pfizer shots. ....

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Euro pauses after solid week - MarketPulse


Euro pauses after solid week
Posted 11 hours agoSharePrint
The euro has posted slight gains in the Monday session. Currently, EUR/USD is trading at 1.1914, up 0.13% on the day. The euro has been on a steady decline since mid-February, but reversed directions and gained 1.19% last week, its best weekly performance since mid-December. If the upward trend continues, the euro could pressure the symbolic 1.20 line as early as this week.
The eurozone has experienced another wave of Covid cases, leading to tighter lockdowns in Germany and France, the bloc’s two biggest economies. Still, there was positive news on Monday, as eurozone retail sales posted a solid gain of 3.0%, rebounding from a decline of -5.2% and easily exceeding the consensus of 1.0%. The data has given a slight lift to the euro. ....

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Asia steps cautiously into the new week - MarketPulse


Asia steps cautiously into the new week
April 5, 2021SharePrint
Asian equities muted in holiday trade
Asia is treading cautiously this morning despite the blowout US Non-Farm Payrolls data on Friday pushing Wall Street to an impressive finish. Greater China, Australia, Europe and Canada, to name but a few, are on holiday today, and volumes are likely to be muted as a result.
Friday’s session was notable for what did not happen, then what did. The US Non-Farm Payrolls rose by 916,000 jobs, far higher than expected and broad-based across sectors. Going forward, we can expect one million-plus prints if the US vaccination efforts stay on track. US equities rose, but the rally was predominantly in the Nasdaq and not the Dow Jones. Longer-end bond yields actually fell, notably the 30-year. That dragged the US dollar lower and lifted gold impressively for the second day in a row. ....

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