Morning wrap (02.04.2021)

8:45 am 2 April 2021

  • US indices finished yesterday's session higher. S&P 500 gained 1.18% and closed above 4,000 pts for the first time in history. Nasdaq gained 1.76%, Dow Jones added 0.52% and Russell 2000 moved 1.5% higher

  • Upbeat moods could be spotted in Asia as well but liquidity was thin as Easter break has already begun in many countries. Nikkei gained 1.5%, Kospi added 0.6% and indices from China traded higher

  • European stock market futures as well as cash indices will not trade today

  • Biden's administration wants to meet with semiconductor companies to talk about global chip shortage

  • Mitch McConnell said that Republicans will not back Biden's infrastructure plan

  • US 10-year yield dropped back below 1.70%

  • Total number of confirmed coronavirus cases exceeded 130 million. Almost 105 people recovered

  • OPEC has decided on gradual increases in output. Group will increase production by 350k bpd in May, followed by another 350k bpd increase in June and by a 440k bpd increase in July

  • Train has derailed in a tunnel in Taiwan. New York Times reports that at least 34 people were killed

  • Bitcoin tested $60,000 handle during the Asian trading hours

  • AUD and NZD are the best performing major currencies while USD and CHF lag the most

NZDUSD is the best performing major currency pair today. The pair has broken above the 200-hour moving average (purple line) and attempts to break above the price zone ranging around 0.7025. The move comes amid thin liquidity as most of Asian trading centers are off today. Source: xStation5

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