Review of the dollar, euro, pound, yen, qiwi and gold prices for April 20, 2021


The European currency is showing active growth against the US dollar during today’s Asian session, developing a strong “bullish” signal formed the day before and renewing local highs since March 3. The US dollar continues to weaken against most of its main competitors as investors show restrained optimism towards the global economy as a whole. Europe, in turn, is going through hard times, as the region is faced with an unexpectedly strong third wave of growth in the incidence of coronavirus infection, while the authorities in the US and UK are ready to ease quarantine restrictions. The macroeconomic statistics from the eurozone published yesterday also turned out to be rather weak, which, however, did not prevent the euro from recording one of the strongest gains in recent years. Thus, the volume of production in the construction sector in February decreased by 2.1% mom after growth by 0.8% mom in January. In annual terms, the indicator accelerated its decline from –2.6% yoy to –5.8% yoy.


The British pound is trading higher against the US currency in today’s morning session, testing strong resistance at 1.4000. The tool’s position remains strong enough as retail stores and pubs open in the UK and the pandemic stabilizes as a vaccination campaign evolves. Additional support for the pound is provided not by the strongest positions of the American currency, which ignored almost all the optimistic statistics of the last week and concentrated around the prospects of the US FRS monetary policy. Tomorrow will be published statistics from the UK on the dynamics of consumer inflation and retail prices for March, as well as a speech by the head of the Bank of England Andrew Bailey.


The New Zealand dollar is showing moderate gains against the US currency in today’s Asian trading, updating local highs since March 18. The instrument is supported by the general positive sentiment of investors, who expect a quick recovery of the global economy as vaccines spread. However, developing countries are still showing a rather alarming trend, especially since even in Europe, where antiviral drugs are much more affordable, the situation with the pandemic has not yet been brought under control. Macroeconomic statistics from New Zealand provided some support to the instrument yesterday. Thus, the index of activity in the service sector from Business NZ at the end of March rose from 49.7 to 52.4 points, which turned out to be better than the average expectations of analysts. In the near future, investors expect the publication of data on the price index for dairy products in New Zealand, as well as data on the dynamics of consumer prices for the 1st quarter of 2021.


The US dollar is showing mixed performance against the Japanese yen in today’s Asian session, consolidating near the 108.00 level. The Japanese currency is supported by upbeat macroeconomic statistics from Japan, which appeared on Monday and Tuesday. In particular, investors were enthusiastic about the March data on export dynamics, which added a record 16.1% y / y, which allowed the trade surplus to reach 663.7 billion Japanese yen. Today’s data supported buyers with a 0.3% mom growth in the service sector activity index in February after a 1.7% mom decline a month earlier. Until the end of the week, there won’t be enough interesting macroeconomic statistics from Japan, so investors are likely to completely switch to the news background from the US.


Gold prices are consolidating after the multidirectional dynamics of the previous day, which led to a short-term renewal of local highs since February 25. The decrease in the instrument was associated with the resumption of growth in the yields of US Treasury bonds, which before that were rapidly retreating from their record highs. In addition, gold is losing its attractiveness as general market optimism rises, as investors look to the global economy to accelerate soon. Also, bidders expect that by the end of April, US President Joe Biden will present his new plan to modernize the US infrastructure in the amount of $ 2 billion.

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