Daily Market Update

Dollar Flat as Europe Remains on Holiday

April 05, 2021

With much of the world still closed for the Easter holiday, markets remain quiet. 

Overview

However, U.S. equity markets look to open solidly in the green. U.S. stock markets were closed on Friday so traders did not get to react to the monster payroll data released on Friday morning. Futures show that the S&P and Nasdaq will open over a percent higher, but this has not had much of a negative effect on the dollar as of yet.

Later this morning, the US services and composite purchasing managers index will cross the wire. Shortly after, ISM will release their service index for March.  Factory orders and durable goods orders will round out a busy economic docket at 10 a.m.


What to Watch Today…

  • Service PMIs, Durable Goods orders 

View Economic Calendar

 

EUR 

The Euro slipped two-tenths of a percent on no real news.  Liquidity is thin as much of the continent is closed for Easter Monday.  The only major news headlines are that France entered its four-week lockdown this past weekend, which was previously announced and expected.  There is no major European data slated for today.  Any moves in EUR/USD today will likely be dictated by American data that will be released later this morning.

 

GBP 

While the U.K. remains on holiday, the British pound climbed to a two-week high as the British government moves ahead with its plans to reopen the economy.  British Prime Minister Boris Johnson will push to have everyone in Britain be tested twice a week for Covid ahead of the reopening next Monday.  The Brits area also assessing the use of wide-scale “Covid passports.”

GBP/USD is at the highest level since March 23rd

 

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