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Daily wrap up: weak trading with the absence of data and bank holidays

5 Apr 2021 06:58 PM

Today's trading witnessed a state of weakness with the absence of liquidity as a result of the Easter holidays, and important economic data was absent, except for the service sector data in the United States, which hit a record during the month of March, with the non-manufacturing PMI reaching 63.7, its highest reading ever.

After the data, major US stock indices rose, and the S&P 500 index is recording new highs, near 4,100 points, driven by a strong jobs report on Friday and service sector data, which accounts for more than two-thirds of the US economic activity. On the other hand, the US dollar fell, reaching its lowest level since March 25.

As for the sterling pound, it continues to rise since the beginning of trading today, reaching its highest levels over three weeks against the US dollar at about 1.39, driven by a plan drawn up by Boris Johnson, the British Prime Minister, to ease the closure restrictions for the country most affected by the Coronavirus epidemic.

As for oil, it continued its declines that began with the beginning of morning trading, driven by the OPEC+ agreement to increase production over a period of three months from May to July, along with Iran's intention to increase its production after indirect talks with the United States and the possibility of lifting sanctions, including restrictions on oil sales.

West Texas crude fell to its lowest levels since March 25 around the levels of $ 58 a barrel, while Brent crude is trading slightly below the levels of $ 61.50 a barrel.

Tomorrow, the market is awaiting the interest rate decision from the Reserve Bank of Australia and it is widely expected that its monetary policy will remain unchanged, with interest rates remaining at 0.10%.

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