EUR/JPY recovers its recent losses from the previous trading day, hovering around 184.40 during the European hours on Monday. The technical analysis of the daily chart suggests the currency cross is moving sideways within an ascending triangle pattern, indicating consolidation.
BNY’s Bob Savage highlights a severe Oil supply shock, with front‑month Brent spiking above $140 and forward prices far lower, tightening global financial conditions.
Iran has confirmed that it has received the proposal of a ceasefire by the United States (US) through Pakistan and has stated that it is being reviewed, according to a Senior Iranian official, Reuters reports.
Here is what you need to know on Monday, April 6:
According to a Reuters report, a source aware of ceasefire proposals between the United States (US) and Iran has stated that both nations are discussing a two-tier deal that involves plans to end hostilities by Monday, followed by the reopening of the Strait of Hormuz and Iran dropping its nuclear a
Dow Jones futures have recovered daily losses and are trading around 46,660, up by 0.06%, during European hours on Monday, ahead of the regular United States (US) open.
Societe Generale economists see the Euro area entering the latest energy shock with improved resilience and reduced Oil and gas intensity.
The AUD/USD pair gathers strength around 0.6910 during the early European trading hours on Monday. Hopes for a US-Iran ceasefire provide some support to the riskier asset, such as the Australian Dollar (AUD) against the Greenback.
EUR/CAD moves little for the second consecutive trading day, trading around 1.6070 during the early European hours on Monday.
Spain Unemployment Change below expectations (10.3K) in March: Actual (-22.9K)
Philip Wee at DBS Group Research argues that USD/JPY looks overextended as it tests Japan’s 160 pain threshold. The pair is supported by the US-Japan rate differential, but markets now price a roughly two-thirds chance of a Bank of Japan (BoJ) rate hike on April 28.
BNY’s Bob Savage flags unpleasant preliminary March inflation in Europe, driven by energy and refined products, with diesel prices above 2022 levels. Governments are capping fuel costs via tax and margin measures, raising fiscal credibility questions.
