- US markets look to recover after terrible start to Q2
- European markets begin lower
- NAFTA reports see CAD make strong move higher
- Cryptos look to recoup recent losses
- GBP little changed despite manufacturing beat
Whilst European markets were closed yesterday for Easter Monday, their US counterparts began the second quarter on the wrong foot with notable losses seen. Today’s trade has seen the price attempt to recover in fairly volatile trade but the major US indices (US500, US30 and US100) remain under pressure.
European markets are trading lower this afternoon on the cash close, with all major indices in the red. Technically the German DE30 seems to be stuck between a local demand zone being placed at 11800 points and an upper bound of a descending channel. One may suspect that until the price breaks one of those levels more notable swings are unlikely to occur.
There has been some notable gains seen in the Canadian dollar and Mexican Peso in recent trade following some reports of progress towards a new NAFTA deal. The USDCAD has declined in recent hours and in doing so the market may be set to break lower - especially if some CAD favourable outcome transpires from NAFTA talks. The pair may be seen to have carved out a head and shoulders reversal signal with the head coming at last month’s high of 1.3125.
Dash (DASH) is one of the top moving cryptocurrencies today. Taking a look at the chart we can see that the digital currency still remain within a downward price channel however it managed to bounce off the 280 handle over the weekend. Right now the situation seems to bode well for buyers as stable upward move towards the upper limit of the price channel (362 at press time) may be on cards.
UK manufacturing PMI turned out to be better than expected showing a slight improvement compared to February. However, the details brought both positive and negative elements on balance the overall manufacturing sector in the United Kingdom kept its fairly decent momentum. The Pound attempted to rally after the release but has subsequently pared those gains and now trades fairly mixed on the day.
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