Biden’s Plan Boosts Equities, OPEC+ Meets

Equities Gain on Biden’s Spending Plan, OPEC+ Decides on Output

The US dollar traded mixed against the other G10 currencies on Wednesday and during the Asian session Thursday. It gained versus AUD, CHF, and NZD in that order, while it underperformed against GBP, CAD, EUR and JPY. The greenback was found virtually unchanged versus NOK and SEK.

Euro Stoxx 50 — Technical Outlook

Euro Stoxx has been in a rising mode since March 25th, when it hit support at 3785, slightly above the upside support line drawn from the low of January 29th. The next day, the index broke above the peak of March 18th, at 3875, thereby confirming a forthcoming higher high. With all that in mind, we will stay positive with regards to the near-term outlook.

Brent Oil — Technical Outlook

Brent crude oil traded lower yesterday, hit support at 62.70, and today, it rebounded somewhat. Overall, the commodity has been trading in a trendless mode since March 18th, but remains below the prior upside support line taken from the low of November 2nd, as well as below a short-term downside one drawn from the high of March 8th. Although we expect the oil to turn bullish at some point in the foreseeable future due to further improvement in the broader market sentiment, the aforementioned technical signs suggest that another slide may be possible in the very short term.

As for the Rest of Today’s Events

We have the final Markit manufacturing PMIs for March from the Eurozone, the UK, and the US, which are expected to confirm their preliminary prints, as well as the US’s ISM manufacturing PMI for the month, which is anticipated to increase to 61.3 from 60.8, underscoring the fast recovery of the world’s largest economy. US initial jobless claims for last week are also coming out and the forecast points to a small decline, to 680k from 684k.



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