Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
On Thursday, the stock market saw a significant upturn with the S&P 500 and Nasdaq Composite achieving gains, propelled by a resurgence in technology stocks, while the Dow Jones Industrial Average slightly lagged. Major tech companies, including Nvidia, Amazon, Alphabet, and Apple, led the rally, particularly after positive news about Apple’s shift to AI-focused chips. In the currency markets, the US dollar hit new highs for 2024, buoyed by expectations of upcoming economic data and Fed speeches. The EUR/USD and GBP/USD experienced volatility, with the former dipping below key support levels. Meanwhile, commodity prices showed mixed dynamics; WTI oil prices fell amid geopolitical tensions, while gold and silver prices rallied, with gold targeting historic highs. These market movements reflect ongoing concerns about inflation and the global economic outlook, influencing investor sentiment across various asset classes.
Stock market updates
The stock market witnessed a notable rebound with the S&P 500 and the Nasdaq Composite making impressive gains, largely fueled by a surge in tech stocks. The S&P 500 rose by 0.74% to close at 5,199.06, while the Nasdaq Composite increased by 1.68%, reaching a new record high of 16,442.20. Despite the broader market gains, the Dow Jones Industrial Average slightly underperformed, edging down by 2.43 points to settle at 38,459.08.
Technology stocks played a pivotal role in driving the market’s recovery, particularly a few major players dubbed the “Magnificent Seven.” Notably, Nvidia saw a jump of 4.1%, Amazon climbed 1.7% to reach a new all-time high, Alphabet rose by more than 2%, and Apple surged 4.3% following news of a strategic shift to AI-focused chips for its Mac product line. This rebound came after a week characterized by volatile trading influenced by persistent inflation concerns and a mixed inflation report.
On the economic front, the latest producer price index (PPI) for March came in below expectations, offering some respite from the previous day’s sell-off triggered by a higher-than-expected consumer price index (CPI). The market’s reaction was mixed, reflecting the ongoing uncertainty around inflation trends. New York Fed President John Williams also hinted at stability in monetary policy in the near term, providing further context to the market’s day-to-day fluctuations. Meanwhile, disappointing earnings from CarMax and anticipation of upcoming reports from major banks like JPMorgan and Citigroup kept investors on edge.
Currency market updates
The US dollar continued to display strength, reaching new highs for 2024, as measured by the DXY index, which peaked around 105.50. This upward movement comes ahead of the upcoming preliminary Michigan Consumer Sentiment and scheduled speeches from Fed officials Bostic and Daly, which are keenly awaited by market participants for further directional cues.
In Europe, the EUR/USD pair faced downward pressure, briefly dipping below the 1.0700 support level. Investors are now looking ahead to Germany’s final inflation rate and the ECB’s Survey of Professional Forecasters, both due to be released soon, which could influence the Euro’s trajectory. The GBP/USD, however, managed to end the day with slight gains after initially touching multi-week lows, with a full slate of UK economic data including GDP and production numbers due to be released.
The Japanese yen remained weak against the dollar, with USD/JPY reaching levels not seen since June 1990, around 153.30. This movement coincides with the forthcoming release of Japan’s final industrial production figures. Meanwhile, the AUD/USD found some support near the 0.6500 level and made a modest recovery. In the commodities sector, WTI oil prices resumed their downtrend amid geopolitical tensions and reduced expectations for a Fed rate cut in the summer, while gold prices rebounded, aiming for historical highs, and silver also recovered, surpassing the $28.00 mark per ounce.
Picks of the day analysis
EUR/USD (4 Hours)
EUR/USDdips as Fed and ECB policies diverge amidst strengthening dollar
The EUR/USD pair has seen a downward trend for the third consecutive session, dipping below 1.0700 amid strengthening of the US dollar, driven by revised expectations of a delayed rate cut by the Federal Reserve, likely in December, and an uptick in US Treasury yields. Concurrently, the European Central Bank (ECB) maintained steady interest rates, with signals of possible cuts ahead given falling inflation rates in the eurozone. Despite ECB President Lagarde’s assertion of the ECB’s independence from the Fed’s decisions, the resilient US economy versus the weaker economic indicators in the eurozone suggests a potentially earlier rate cut by the ECB compared to the Fed, thus forecasting a further weakening of the EUR/USD in the near term.
On Thursday, the EUR/USD moved lower and reached the lower band of the Bollinger Bands. Currently, the price is moving slightly above the lower band with wider bands, suggesting a potential downward movement to reach the lower band. Notably, the Relative Strength Index (RSI) maintains its position at 30, signaling a bearish outlook for this currency pair.
As part of our commitment to provide the most reliable service to our clients, there will be server maintenance this weekend.
Maintenance Hours :
13th of April 2024 (Saturday) 00:00 – 02:00 (GMT+3);
the trading hours is postponed to open at 10:00 (GMT+3);
13th of April 2024 (Saturday)19:00 – 14th of April 2024 13:00 (GMT+3)(Only VT Markets APP, MT4/MT5 can log in normally and are not affected);
Please note that the following aspects might be affected during the maintenance:
1. During the maintenance hours, Client portal and VT Markets App will be unavailable, including Deposit/Withdrawal and all the other functions will be limited.
2. During the maintenance hours, the price quote and trading management will be temporarily disabled during the maintenance. You will not be able to open new positions, close open positions, or make any adjustments to the trades.
3. There might be a gap between the original price and the price after maintenance. The gaps between Pending Orders, Stop Loss and Take Profit will be filled at the market price once the maintenance is completed. If you don’t want to hold any open positions during the maintenance, it is suggested to close the position in advance.
4. Following the maintenance, it is important to note that the latest version will be 1415. If your MT4 version is below 1415, it is suggested that you download the latest version on the official website by navigating to “Trading” → “MetaTrader 4”.
Check your MT4 software version with the following steps:
※ PC: Open the MT4 software > Help > About;
※ Android: Open the MT4 app > About;
※ iOS: Open the MT4 app > Settings > Settings.
Please refer to MT4/MT5 for the latest update on the completion and market opening time.
Thank you for your patience and understanding about this important initiative.
If you’d like more information, please don’t hesitate to contact [email protected]
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
To provide a favorable trading environment to our clients, VT Markets will modify the trading setting of all Bonds on April 15, 2024:
The above information is provided for reference only; please refer to the MT4/MT5 software for specific data.
Friendly reminders:
1. Except for the Symbol Name, the rest of the product specifications will remain unchanged.
2. The positions on all bonds already opened in the live accounts will continue to be held under the new contract name. The positions in the demo accounts will be cancelled.
If you’d like more information, please don’t hesitate to contact [email protected].
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact [email protected].
New contracts will automatically be rolled over as follows:
Please note:
• The rollover will be automatic, and any existing open positions will remain open.
• Positions that are open on the expiration date will be adjusted via a rollover charge or credit to reflect the price difference between the expiring and new contracts.
• To avoid CFD rollovers, clients can choose to close any open CFD positions prior to the expiration date.
• Please ensure that all take-profit and stop-loss settings are adjusted before the rollover occurs.
• All internal transfers for accounts under the same name will be prohibited during the first and last 30 minutes of the trading hours on the rollover dates.
If you’d like more information, please don’t hesitate to contact [email protected].
On a day marked by cautious trading, stock markets ended with marginal changes as investors weighed the impact of rising Treasury yields against the backdrop of impending U.S. inflation data, with Tesla’s stock standing out after an upbeat announcement from CEO Elon Musk. In currency markets, the U.S. Dollar resumed its downward trajectory, influenced by anticipation ahead of key economic reports, while the EUR/USD and GBP/USD pairs gained ground. Commodities saw mixed fortunes, as crude oil prices dipped due to easing geopolitical concerns, whereas gold and silver prices soared, reaching new highs amidst the dollar’s weakness and investors’ hunt for safe-haven assets. This confluence of events reflects a global financial landscape bracing for significant economic indicators and central bank actions that could reshape market dynamics in the near term.
Stock market updates
Stocks closed with minimal changes on Monday as an increase in Treasury yields held investors back from making significant moves, awaiting crucial U.S. inflation data. The Dow Jones Industrial Average slightly fell by 11.24 points or 0.03% to settle at 38,892.80, while the S&P 500 dipped by 0.04%, ending the day at 5,202.39. On the other hand, the Nasdaq Composite saw a slight increase of 0.03%, closing at 16,253.96. Tesla’s shares surged 4.9% following CEO Elon Musk’s announcement of a robotaxi reveal in early August, highlighting a noteworthy move in the market amidst a general state of anticipation.
The increase in Treasury yields acted as a barrier to significant market gains, with the benchmark 10-year Treasury note yield climbing about 4 basis points to 4.42%. Investors are keenly awaiting the March consumer and producer price indexes due later this week to gauge the effectiveness of the Federal Reserve’s efforts to combat inflation. The anticipated CPI figure, expected to rise by 0.3% last month, is particularly under scrutiny for indications on when the Fed might start reducing interest rates, stirring speculations and strategies among market participants.
Despite the subdued market movements, optimism remains tied to the broader economic outlook, especially after a stronger-than-expected jobs report last Friday. The report spurred hopes for sustained corporate earnings growth amidst a robust economy, despite the potential for enduring higher interest rates. This hope comes after both the Dow and S&P 500 experienced notable weekly losses, marking a period of cautious investor sentiment as they navigate through the implications of economic data and Federal Reserve policies on the market’s future direction.
Currency market updates
The U.S. Dollar resumed its downtrend at the start of the week amid rising anticipation for several key U.S. economic reports due later in the week, including the NFIB Business Optimism Index and the RCM/TIPP Economic Optimism Index, among others. The EUR/USD pair showed strength, rebounding from Friday’s dip to touch the 1.0860 area again. Similarly, the GBP/USD pair advanced to two-day highs near 1.2660, buoyed by risk sentiment and ahead of the BRC Retail Sales Monitor report. Meanwhile, the USD/JPY pair saw a modest increase but struggled to breach the significant 152.00 level, with market participants also eyeing upcoming consumer confidence and machine tool orders data from Japan.
The Australian Dollar made gains against the weakening U.S. Dollar, pushing past the 0.6600 mark and reaching two-day highs as traders anticipated domestic consumer confidence indexes. This movement in currency pairs comes amid a backdrop of cautious trading ahead of substantial economic indicators and central bank communications, including a scheduled speech by Minneapolis Fed President N. Kashkari, all of which could significantly influence market sentiment and currency valuations.
In commodities, crude oil prices faced another day of declines amid diminished geopolitical tensions, affecting market dynamics. Conversely, gold prices maintained their upward trajectory, reaching new all-time highs past $2,350, while silver prices also surged, surpassing the $28.00 per ounce mark for the first time since mid-June 2021. These movements in precious metals and energy commodities reflect the broader market’s response to fluctuating economic indicators, geopolitical developments, and the overarching trend of dollar weakness, all contributing to the complex interplay of forces shaping the currency markets.
Picks of the day analysis
EUR/USD (4 Hours)
EUR/USDrises amidst diverging central bank strategies and economic outlooks
The EUR/USD pair experienced a notable increase, touching the 1.0860 mark, driven by a downturn in the US Dollar alongside positive movements in both US and German yields, all against a backdrop of unchanged monetary policies. As both the Federal Reserve (Fed) and the European Central Bank (ECB) gear up for expected easing cycles starting in June, differences in the pace of interest rate cuts may lead to divergent central bank strategies. Despite a potential initial alignment in easing measures, the medium-term outlook suggests a stronger Dollar, influenced by more robust fundamentals in the US compared to the eurozone. This scenario positions the EUR/USD for a possible downward adjustment, initially aiming for its year-to-date low around 1.0700, with further potential declines beneath the 1.0500 level.
On Monday, the EUR/USD moved higher trying to reach the upper band of the Bollinger Bands. Currently, the price is moving in the middle between the middle and upper band, suggesting a potential slight downward movement to reach the middle band before going back higher. Notably, the Relative Strength Index (RSI) maintains its position at 57, signaling a neutral but bullish outlook for this currency pair.
Sydney, Australia, 9 April, 2024 – Global multi-asset broker VT Markets is hosting its most significant event to date—an exclusive three-day gathering in Monaco, the home ground of their key partner, Formula E team, Maserati MSG Racing.
Taking place from 25th to 27th April, select VIP guests, partners and media are invited for exclusive experiences including a media event, exquisite private yachting along the Monegasque coast, and thrilling views of the Formula E race.
The media event will feature keynote addresses from representatives of both VT Markets and Maserati MSG Racing. Attendees will have the unique opportunity to gain invaluable insights into the future of trading, the partnership story and significance of both companies’ shared dedication to seizing opportunities and driving progress.
“We look forward to a challenging yet fruitful 2024, as we increase our global footprint, bringing with us opportunity and excellence that we strive to provide,” remarked Ludovic Moncla, Head of Affiliates, VT Markets, who will be speaking at the event. “”In addition to our recent approval as a member of the Financial Commission, this initiative underscores our ongoing commitment to enhancing the client experience, with further enhancements on the horizon.” “We firmly believe that our partnership with VT Markets will unlock exciting opportunities for both brands,” said a spokesperson for Maserati MSG Racing. “By aligning our shared values of innovation and performance, we are confident in our ability to reach new audiences and achieve greater success together.”
Attendees can expect engaging discussions, networking opportunities, and exclusive insights into the future of trading. To learn more about this event please visit the VT Markets Events website (https://www.vtmarkets.com/company/about-us/events/). Members of the press or media who would like access or further information to cover the event may contact [email protected].
About VT Markets:
VT Markets is a regulated multi-asset broker with a presence in over 160 countries. To date, it has won numerous international accolades including Best Customer Service and Fastest Growing Broker.
In line with its mission to make trading accessible to all, VT Markets currently offers unfettered access to over 1,000 financial instruments and a seamless trading experience via its award-winning mobile app.
