ECB Appears Dovish, Fed’s Williams Lifts the Dollar

ECB PUSHES THE EURO LOWER, NY FED PR. WILLIAMS FAVORS A 50BPS HIKE IN MAY

The US dollar rebounded and outperformed all its other major peers on Thursday and during the Asian session Friday. It gained the most versus CHF, EUR, and JPY in that order.

EUR/GBP — TECHNICAL OUTLOOK

EUR/GBP traded sharply lower yesterday, after it hit resistance near the 0.8310. That zone acted as a very strong support in the past, and it was broken to the downside on Wednesday. The fact that we saw more declines after such an important break makes the picture even more negative in our view.

NASDAQ 100 — TECHNICAL OUTLOOK

The Nasdaq 100 cash index traded sharply lower yesterday, after it hit resistance at 14305. Overall, the price structure of this index remains of lower highs and lower lows since March 29th, and thus, we would consider the short-term outlook to still be negative.

AS FOR TODAY’S EVENTS

Today is Good Friday in most economies under our radar, and thus, we don’t get any major data, while most stock exchanges will be closed. The only release worth mentioning, though not a major market mover, is the US industrial production for March, with the mom rate expected to have ticked down to +0.4% from +0.5%.

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