Daily Alert – Wednesday 3rd April 2024: Eurozone inflation looking good

Mark NugentApril 2024, Daily Alert

Daily Alert – Wednesday 3rd April 2024: Eurozone inflation looking good

Good afternoon.

Hot on the heels of yesterday’s German inflation data, today we saw the eurozone-level data. The message was essentially the same: inflation came in below expectations and below the prior month’s number. So, all looking good.

In the US, the early look at Non-Farm Payroll (ADP Employment Change) was very positive indeed, coming in at 184K new jobs versus an expectation of 148K. If this is reflected in Friday’s NFP number, it will bolster the we-don’t-need-to-hurry-to-reduce-interest-rates narrative from the Fed.

My WTI long rose nicely and got to within a whisker of 1x risk in-the-money, so I closed half the trade. So far today, it is moving up a little.

As I mentioned on Tuesday, I was looking to trade strong EUR and GBP against the USD. Both the EUR and GBP rose yesterday, and the USD was down. The relevant pairs, EURUSD and GBPUSD, moved up from support. Those are buy signals with flashing lights on them. So, I took both. The trades are essentially the same, so I split the risk across the pair: 1% risk per trade. So far, all seems fine.

I’ll be back tomorrow.

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