Review of the dollar, euro, pound, yen, aussie and gold prices for April 23, 2021


The European currency is showing flat trading dynamics against the US dollar during today’s Asian session, trying to recover from the active, but multidirectional trading dynamics the day before. Recall that the single currency showed growth on Thursday after the publication of the decision of the European Central Bank (ECB) and before the speech of the head of the regulator Christine Lagarde, after which investors returned to sales. Bidders were disappointed by the somewhat timid position of Lagarde, who did not elaborate on the regulator’s plans to smoothly abandon the soft monetary policy, but noted that the ECB would like to coordinate this issue with the US Federal Reserve. So far, both regulators maintain their vectors of monetary policy, however, the pace of recovery of the American economy is noticeably higher. Only the Bank of Canada confirmed this week that it will start raising the rate as early as 2022 and will gradually reduce the volume of the quantitative easing program. Today, European investors will focus on the statistics on business activity in the eurozone (and separately in Germany) for April.


The British pound demonstrates weak growth in trading this morning session, recovering from the active decline the day before, which was caused by the emergence of positive macroeconomic statistics from the US, as well as the continuing long-term profit-taking by investors. Markets were positively greeted by data on a decrease in the number of initial applications for unemployment benefits for the week of April 16 from 586 thousand to 547 thousand, which turned out to be much better than the negative forecast for growth to 617 thousand. The number of secondary applications fell from 3.708 million to 3.674 million, but the market expected a slightly larger decline to 3,667 million. Today, the pound is awaiting the publication of statistics on PMIs in the manufacturing sector and the service sector in the UK from Markit for April.


The Aussie is significantly strengthening against the US currency during today’s Asian session, recovering from a strong decline the day before, when the US dollar gained momentum after the publication of strong data on jobless claims. Recall that the number of initial applications decreased from 586 thousand to 547 thousand, which was the lowest level since the beginning of the COVID-19 epidemic. In turn, the instrument is supported by upbeat statistics from Australia on Friday. Thus, the index of business activity in the service sector from the Commonwealth Bank in April rose from 55.5 to 58.6 points. The index of business activity in the manufacturing sector for the same period rose from 56.8 to 59.6 points. The composite PMI index from Commonwealth Bank in April reached 58.8 points against 55.5 points in March. With the opening of the American session, the markets are waiting for the publication of statistics on business activity in the US, which should also demonstrate positive growth rates.


The US dollar is slightly declining against the Japanese yen during today’s Asian trading session, continuing to update local lows since early March and developing a fairly strong downtrend that has formed in the short term. The focus of investors’ attention today is a block of macroeconomic statistics from Japan, which, however, does not provide significant support to the yen. Jibun Bank’s Manufacturing PMI rose in April from 52.7 to 53.3 points. The national consumer price index, excluding food and energy prices, accelerated in March from + 0.2% y / y to + 0.3% y / y, while the general consumer price index is still showing negative dynamics at the level of -0.2% YoY.


Gold prices are showing corrective dynamics, retreating from local highs since February 25, updated on Thursday. The pressure on the instrument, in addition to technical factors of fixing profits before the weekend, was exerted by strong data on the US labor market, which once again confirmed a steady trend for the recovery of the American economy. In turn, the position of the asset is still quite strong, given the existing risks in the global economy. In addition, analysts note an increase in demand for physical gold from China and India, as well as a further decline in US Treasury yields, which may allow the instrument to gain a foothold above another resistance at around 1800.00.

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