Top Forex Market News by Money Life Research

 1️⃣ Series about American - Chinese Straight:

 "The US Commerce Department said Thursday that it has added seven Chinese supercomputer entities to the US economic blacklist for supporting China's military efforts."

 2️⃣ Fed President - J. Powell's speech at the IMF Conference at tonight:

 - "Federal Reserve Chairman Jerome Powell said on Thursday that an increase in spending as the US economy reopens, coupled with supply bottlenecks, is likely to push prices higher in this year, but will not lead to price increases year after year constituting inflation.

 - "We think there will be bullish pressure that can be passed on to consumers in the form of price increases - we think that is only temporary," said Powell at an International Monetary Fund event,  Note that inflation has been at a 25-year low, nurturing a sentiment of low inflation expectations.

 - “If inflation is sudden, contrary to our expectation, the move means above the level we are comfortable with - and especially inflation expectations ... if we see them moving continuous and essential on the level we are comfortable with, we will react to that. "

  => There are 2 main ideas: Price may rise but does not mean inflation, and as long as we see inflation above the 2% target and there is real pressure, we will see Fed action, otherwise, the interest rate will remain low Zero.

 3️⃣ Notable facts and economic data today

 - Tonight the US announced the PPI producer price index and Canada will announce the employment index in March.

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Today KLSE Market Open Positive

 Bursa opens easier but rebounds thereafter-

KUALA LUMPUR (April 8): Bursa Malaysia opened easier but rebounded thereafter today, attempting to extend yesterday’s gains, despite the flat overnight performance on Wall Street.

The US stock markets staged a modest recovery after the US Federal Reserve signals no changes to the current bond-buying program.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.02 points to 1,602.61 from Wednesday’s close of 1,600.59.

The index opened 0.78 of-a-point easier at 1,599.81.

“We believe the foreign buying support yesterday may continue to lift FBM KLCI members in the near term. Given the higher oil prices resulting from the recovery of global economy, coupled with the smooth ongoing COVID-19 vaccination, it should bring some optimism to the market.

“The key index may have a positive bias moves over the near term with the resistance envisaged along 1,615 to 1,635, while the support level is set at 1,565 to 1,575.

It added that sector-focus traders will still look out for the recovery-theme sector such as consumer, aviation, tourism, construction and property on the back of the ongoing vaccination plan on the local front.

Of the heavyweights, Public Bank gained three sen to RM4.25,  Petronas Chemicals added four sen to RM7.99,  while Maybank fell eight sen to RM8.40, Tenaga shed two sen to RM10.24, and IHH Healthcare was flat at RM5.31.

Among the active counters, Luster Industries and its warrant added one sen each to 24.5 sen and 14.5 sen, respectively, DGB Asia and Pasukhas Group edged up half- a-sen each to 6.5 sen and three sen, respectively, while Permaju was flat at 22 sen.

Sector-wise, the Industrial Products and Services Index edged up 0.24 of-a-point to 195.12, the Financial Services Index slipped 15.5 points to 15,363.71, while the Plantation Index went down 17.48 points to 7,060.43.

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Comment on Gold on April 7, 2021

 ‼️ ️ End of trading yesterday, precious metal Gold had 1 day of increasing from 1727 to 1745 ($ 18) closing the day with bullish candle at 1742. As we can see around 1745-1755 price zone is the price zone.  old resistance was quite strong before.  So in my personal opinion, around this price level, I am still inclined to the downward trend of gold precious metal.

Although the buying force of this precious metal on the daily chart is still available, in my opinion, for a sustained uptrend there is still a need for a downward correction, and in my opinion, in the beginning of today's session, it is.  You can set a sell-down position.  Safe target we could maintain around 1730 and beyond 1725 in today's trading session.

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Weekly Overview on Crude OIL

 MARKET VIEW

Weekly changes: XBRUSD -0.11%

The price of XBRUSD moved above the 63.00 USD level this week after OPEC members agreed to start increasing oil output over the next few months gradually. OPEC ministers had decided to hold production back by around 8 million barrels per day over recent months due to fears about oversupply and lack of consumption globally.

The news that OPEC would attempt to increase oil output by around 350,000 barrels per day over the coming months was seen as a bullish bet on the global economy. As the vaccine rollout continues, oil demand would increase as developed economies and travels go back to normality.

KEY POINTS

Oil demand boosted by the highest number of flights since COVID started. Rising numbers of air travellers could help global aviation fuel demand, which the pandemic has hit the hardest with international flight restrictions and quarantines.

Saudi Arabia raised prices for oil shipments to customers in its primary market of Asia, signalling the kingdom's confidence in the region's economic recovery.

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Comment on Gold on April 5 by Money Life Research

 ‼️  Ending last week's session, gold precious metal closed the week with a very strong candlestick that covered all strong selling force at the beginning of last week. Along with that on the timeframe of the gold precious metals date chart, it has bounced up very strongly on the last 2 days of the week so in my opinion it is highly likely that this rally will continue this week.

Considering on the H4 timeframe, we see that the precious metal Gold is about to hit the short-term trendline channel from March 18, 21 onwards as well as the resistance at 1730-1734, so I expect the price. Gold is likely to be adjusted after 2 days of the last weekend, increasing sharply. The first possibility that precious metals will recover around the 1718-1720 price range, but my expectation Gold can retrace further could be 1710. Around this price range is the ideal price range for us to establish a state buying with gold precious metal with a target of 174x over the next few days.

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Comment on Gold on April 1, 2021

In the new month, everyone with a drawdown monthly candle closed above the monthly chart, along with that on the daily chart time frame, after falling sharply to 1678, this precious metal formed the 2 patterns. the bottom then goes up. The session closed yesterday with a fairly strong bullish candle that took up most of the downward pressure of yesterday's candle. So my personal opinion about precious metals is more and more affirmed as in today's 2 that we will continue to buy when prices return to the low range in the coming short term.

Considering the short-term frame rather than H4, we can see a very strong increase. If in this Asian session, gold price remains above 1705, it is likely that the price will go up without much correction, but if the price can adjust further to the 1696-1700 zone, this is the ideal price range for them. We increase the Buy status. The next goal this precious metal needs to conquer is the price range of 1720-1725 in today's session.

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Valuable Top Forex News

 1️⃣ Fear of inflation, yields rebound, USD surpasses 93

- The dollar continued to rise higher at the beginning of the European session on Tuesday, hitting a one-year high against the Japanese yen, when US bond yields started to rise again on inflation fears.

2️⃣ Today's notable facts and data

U.S. Treasury yields skyrocketed on Tuesday, which once put pressure on US gold and silver stocks. Investors must continue to pay attention to changes in the yield curve. Two major events of the day could influence the trend in U.S. Treasury yields:

- At 20:15, the number of small non-farm ADP jobs in the US will be announced in March. The expected value is a 550,000 increase, much higher than the previous value of 117,000.

- At 4:20 tomorrow morning, US President Biden will deliver a speech on his economic vision. According to the Washington Post, US President Biden will announce plans worth $ 2.25 trillion, including $ 650 billion for the construction of infrastructures such as bridges and roads. White House officials are still making final adjustments to the plan and details may change.

In addition, at 22:45 PM, the 2021 FOMC Voting Committee and the Atlanta Fed President Bostic delivered a speech online on "monetary policy during the pandemic"; at 3:00 the following day, US Treasury Secretary Yellen will preside over the meeting.

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