The dollar was trading 0.21 percent higher vs the Japanese yen at 109.25 as of 09:00 GMT on Monday, with fresh economic reports and geopolitics dictating direction for the pair.

The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was 0.12 percent higher at 91.45 by the time of this writing.

The American currency is holding above the 91 level since last Friday’s drop in US 10-year bond yields to about 2.957 percent from a multiyear peak of 3.035 percent.

Developments in the Korean peninsula also contributed to a stronger dollar. Leaders of North Korea and South Korea agreed to work on peace efforts following a historic summit.

The Trump administration has played a huge role as mediator for the meeting. A peaceful environment is seen as a better opportunity for the US to develop economic alliances.

Now investors are turning their heads to the next monetary policy meeting of the Federal Reserve, which takes places later this week.

The US central bank rose interest rates in March by 25 basis points to a range between 1.50 percent and 1.75 percent. The Federal Reserve forecasts two more hikes this year.

No changes are expected this month, and market players will likely focus on remarks and hints over the regulator’s future plans for the economy.

Ahead in today’s session, market players will be focusing on the core PCE price index at 12:30 GMT. This is Fed’s favourite inflation measure and investors are hoping to see a 1.9 percent advance against a previous month 1.6 percent growth. Personal spending will also be released by that time. Pending home sales for March are up at 14:00 GMT.

FortFS

GOLD

Gold futures were down in Asian hours on Monday as the dollar extended gains on the back of US Treasury bond yields, which came back below the three percent mark.

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.40 percent at $1.318.10 a troy ounce as of 8:55 GMT.

The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was 0.12 percent higher at 91.45 by the time of this writing.

The American currency is holding above the 91 level since last Friday’s drop in US 10-year bond yields to about 2.957 percent from a multiyear peak of 3.035 percent.

Dollar-denominated gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency, damping demand for the safe-haven asset.

Developments in the Korean peninsula also contributed to a downtrend in the metal. Leaders of North Korea and South Korea agreed to work on peace efforts following a historic summit.

Now investors are turning their heads to the next monetary policy meeting of the Federal Reserve, which takes places later this week.

The US central bank rose interest rates in March by 25 basis points to a range between 1.50 percent and 1.75 percent. The Federal Reserve forecasts two more hikes this year.

No changes are expected this month, and market players will likely focus on remarks and hints over the regulator’s future plans for the economy.

Ahead in today’s session, market players will be focusing on the core PCE price index at 12:30 GMT. This is Fed’s favourite inflation measure and investors are hoping to see a 1.9 percent advance against a previous month 1.6 percent growth. Personal spending will also be released by that time. Pending home sales for March are up at 14:00 GMT.

OIL

Oil futures were down in early trading hours on Monday, with market participants weighing geopolitical tension in the Middle East while looking forward to fresh inventory data in the US.

The US West Texas Intermediate crude contracts dropped 1.13 percent to $67.33 per barrel as of 09:00 GMT. Meanwhile, Brent futures were 2.30 percent higher at $72.92 a barrel.

Investors are currently speculating on a potential renewal of economic sanctions against Iran - a major member of the Organisation of the Petroleum Exporting Countries. If the Trump administration moves forward with sanctions, Iran’s crude production would feel the pain, which is positive for prices.

OPEC and Russia agreed last year to extend output cuts until the end of 2018. In recent weeks, several officials have referred to the possibility of extending the deal further on if the United States would continue to ramp up its crude production levels.

Last week, the US Energy Information Administration said crude inventories rose in 2.170 million barrels for the week ended April 20, compared to expectations for a 1.6 million barrels draw.

The agency also reported an increase in gasoline stockpiles, which added 0.840 million barrels, against a forecasted drop of 0.625 million barrels. Distillate products fell 2.611 million barrels, while analysts awaited a 0.861 million barrels reduction.

Not once, the oil cartel expressed full commitment to support all efforts contributing to market rebalance. Excess in supply have pressured prices for a few years, taking quotes down below acceptable levels for many OPEC and non-OPEC nations.

General Electric’s company Baker Hughes’ reported an addition of five oil rigs in the United States last week, leaving the total oil rig count at 825 units - the highest level since March 2015.

At the moment, domestic production stands at 10.59 million barrels per day.

In the week ahead, traders will be focusing on inventory data (Tuesday and Wednesday) and a rest reading on the oil rig count (Thursday).

FortFS

Asian equity markets were mostly higher on Monday, with investors focusing on geopolitical tensions over the Middle East while keeping an eye on fresh economic reports.

Trading volumes were below average in the last season of the month, as Japanese and Chinese markets were closed in observance of national holidays.

South Korea’s Kospi index added 0.92 percent, or 22.98 points, to end at 2,515.38. Automakers, steelmakers and energy-related stocks supported the benchmark.

In Hong Kong, the Hang Seng index was up 1.79 percent at 30,823 points by the time of this writing. Financials and real estate stocks were among the best performers.

Sydney's S&P/ASX 200 rose 0.49 percent to close at 5,982.70, with financial components leading advancers while materials and energy stocks capped gains.

On the data front, China’s manufacturing Purchasing Managers' Index (PMI) for April came in at 51.4, above expectations of 51.3, but falling short from a previous month 51.5. The services PMI established at 54.8, topping prior month's reading of 54.6.

Last week, the Dow Jones industrial average ended 11.15 points lower at 24,311.19. The S&P 500 was 0.1 percent higher at 2,669.91 and the tech-heavy Nasdaq was flat at 7,119.80.

Sentiment in Asia was boosted by the recent inter-Korea summit, which gathered leaders of both North and South Korea and got them to work on a peace deal.

Ahead in today’s session, Germany’s retail sales for March will be out at 06:00 GMT, with a 0.8 percent increase seen. Later on, traders will pay attention to the German consumer price index for April. Analysts are forecasting a 0.5 percent growth in prices.

Later on, in the United States, market players will be focusing on the core PCE price index at 12:30 GMT. This is Fed’s favourite inflation measure and investors are hoping to see a 1.9 percent advance against a previous month 1.6 percent growth. Personal spending will also be released by that time. Pending home sales for March are up at 14:00 GMT.

FortFS

Monday

Asia: Japanese and Chinese markets will remain closed on Monday in observance of national holidays. China’s manufacturing and non-manufacturing activity indexes for April will be released as of 01:00 GMT.

Europe: Germany’s retail sales for March will be out at 06:00 GMT, with a 0.8 percent increase seen. Later on, traders will pay attention to the German consumer price index for April. Analysts are forecasting a 0.5 percent growth in prices.

United States: Market players will be focused on the core PCE price index at 12:30 GMT. This is Fed’s favourite inflation measure and investors are hoping to see a 1.9 percent advance against a previous month 1.6 percent growth. Personal spending will also be released by that time. Pending home sales for March are up at 14:00 GMT.

Tuesday

Europe: the UK manufacturing PMI for April is scheduled for publishing as of 08:30 GMT, with a 54.8 points read eyed.

United States: Markit Economics will present April manufacturing activity index at 13:45 GMT. The Institute for Supply Management will release its own manufacturing PMI fifteen minutes later. The American Petroleum Institute is expected to release its weekly report on crude and refined products stockpiles by 20:30 GMT.

Wednesday

Asia: China’s Caixin manufacturing PMI for April is up at 01:45 GMT, with a 50.8 points reading seen.

Europe: Germany and the Eurozone will count on their manufacturing PMIs as of 07:55 GMT and 08:00 GMT respectively. In both cases, analysts are forecasting no changes from the prior month. But that’s far from all for the bloc. EU’s gross domestic product for the first quarter is due at 09:00 GMT, along with March unemployment rate.

United States: ADP nonfarm employment change for April will be out at 12:15 GMT. Market players will closely monitor this release as it usually anticipates official figures, which come later in the week. Attention will also be directed to a new Federal Reserve monetary policy meeting. In this opportunity no interest rate changes are expected.

Thursday

Europe: the services PMI for April in the UK will be release at 08:30 GMT. In the Eurozone, focus will be at inflation data, with the consumer price index due at 09:00 GMT.

United States: initial jobless claims, trade balance for March, nonfarm productivity and unit labor costs for the first quarter are all scheduled for release at 12:30 GMT. The services and composite PMI will be published at 13:45 GMT. A few minutes later, durable goods orders, factory orders and the ISM non-manufacturing PMI await in the cue.

Friday

Asia: China’s services PMI will be out as early as 01:45 GMT.

Europe: Germany and the Eurozone again take the lead on Friday, with their services and composite PMIs due for release at 08:00 GMT. EU’s retail sales are also coming up one hour later.

United States: average hourly earnings, nonfarm payrolls and the unemployment rate will be released at 12:30 GMT. Also, Baker Hughes weekly oil rig count is expected at 17:00 GMT.

FortFS

I get it. It’s midweek and you are feeling exhausted already. But hold on for a minute before jumping into a cup of Chardonnay, check this out: the yield of the benchmark 10-year Treasury note reached 3 percent in the previous session, a level not seen since January 2014.

Gary Pollack, head of fixed-income trading at Deutsche Bank Private Wealth Management, said the 3 percent rate is seen a psychological level for investors.

A major bond player went a step further Monday, reassuring a break above 3 percent might open the doors to an upward extension as traders’ confidence is likely to be boosted by news.

I see… you have no clue of how that actually impacts your Forex trading portfolio. Don’t worry, you are not alone. In fact, many traders operate without knowing what’s the role of Treasury bond yields and how it relates to their prefered currency pairs. So let’s figure that out together:

Treasury bond yields are closely monitored by market players for multiple reasons. The rates on the bonds are paid by the US government for borrowing money, a similar idea of an interest.

So… Why is the 10-year treasury yield relevant?

The importance of the 10-year treasury bond yield relies on its use, rather than on its value. This yield is used as a barometer for mortgage rates and other financial instruments.

Bond yields have been rising since the beginning of 2018, but the analysis of such move presented two very different interpretations. For some market participants, the increase in yields outlines a higher confidence in the economy and the current administration.

However, others believe the rise in yields is a merely reaction to Federal Reserve’s plan to continue with monetary policy adjustments, especially interest rate hikes. This group also warns about negative effects of higher borrowing costs in the country.

US bonds are sold at auction by the US government. Bonds are instruments used by governments to finance themselves.

Dynamics:

10-year US Treasury yields go up when investors’ confidence rises

10-year US Treasury yields go down when investors’ confidence drops

10-year US Treasury yields go up when safe-haven assets demand increases

10-year US Treasury yields go down when safe-haven assets demand decreases

FortFS

GOLD

Gold futures traded lower in Asian hours on Wednesday, amid an empty economic front and as traders turn to the dollar’s dynamic in search for direction.

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.59 percent at $1.325.10 a troy ounce as of 08:30 GMT.

The yellow metal settled in green territory on Tuesday, snapping a four-session losing streak as the rally in US treasury yields stopped, easing support for the dollar.

The US dollar index, which gauges the greenback against six major competitors, was trading 0.33 percent higher at 90.84 by the time of this writing.

The dollar-denominated metal is sensitive to moves in the greenback. A softer dollar makes the yellow metal more attractive for market participants holding foreign currencies.

The 10-year US treasury yield reached 3 percent, a level not seen since the beginnings of 2014. However, rates rebounded and moved back below the psychological level.

Higher bond yields can be interpreted as a vote of confidence in the economy. Usually, rising bond yields are accompanied by falling gold prices as demand for safe-havens decreases.

Analysts pointed out bond yields are reacting on expectations for further monetary policy normalization measures, particularly interest rate hikes scheduled later this year.

Gold gains were capped by an upbeat geopolitical context as positive developments were made over the US-China trade conflict. President Donald Trump emphasized that “China’s very serious, and we’re very serious,” adding that Treasury Secretary Steven Mnuchin will be part of delegation travelling to China. “We’ve got a very good chance at making a deal.”

On the data front, the Conference Board said consumer confidence for April came in at 128.7, surpassing expectations for 126.0 and a previous reading of 127.0. New home sales increased 4 percent in March to an annualized rate of 694,000 units. Also above analysts’ forecasts.

OIL

Oil futures were down in early trading hours on Wednesday, with market players looking ahead to official inventory data from the US Energy Department later in the day.

The US West Texas Intermediate crude contracts were down 0.09 percent to $67.64 per barrel as of 08:30 GMT. Meanwhile, Brent futures were 0.04 percent lower at $73.83 a barrel.

Crude benchmarks settled lower on Tuesday following hints that the US and France were close to reach an agreement to keep the Iran nuclear deal in place.

French President Emmanuel Macron proposed new terms that will keep Iran away from its nuclear activity until 2025, while putting an end to the country’s ballistic missile program.

News pushed some investors out of their long positions on crude as instability and expectations of output disruptions and cuts were keeping sentiment high in the last few sessions.

However, gains on crude were capped by rising expectations that the Organization of the Petroleum Exporting Countries will keep contributing to market rebalance in the near future.

In November 2016, OPEC and a group of non-OPEC producers led by Russia agreed to reduce output by 1.8 million barrels per day (bpd) to push down global inventories.

The US Energy Information Administration will publish its weekly report on crude and refined products as of 14:30 GMT. API and EIA reports can often differ.

FortFS

The dollar was trading 0.33 percent higher vs the Japanese yen at 109.17 as of 08:30 GMT on Wednesday, with the dollar taking a central role in the pair’s dynamic in relation to US T yields.

The 10-year US treasury yield reached 3 percent, a level not seen since the beginnings of 2014. However, rates rebounded and moved back below the psychological level.

The US dollar index, which gauges the greenback against six major competitors, was trading 0.33 percent higher at 90.84 by the time of this writing.

Higher bond yields can be interpreted as a vote of confidence in the economy. Usually, rising bond yields are accompanied by falling gold prices as demand for safe-havens decreases.

Analysts pointed out bond yields are reacting on expectations for further monetary policy normalization measures, particularly interest rate hikes scheduled later this year.

Gold gains were capped by an upbeat geopolitical context as positive developments were made over the US-China trade conflict. President Donald Trump emphasized that “China’s very serious, and we’re very serious,” adding that Treasury Secretary Steven Mnuchin will be part of delegation travelling to China. “We’ve got a very good chance at making a deal.”

On the data front, the Conference Board said consumer confidence for April came in at 128.7, surpassing expectations for 126.0 and a previous reading of 127.0. New home sales increased 4 percent in March to an annualized rate of 694,000 units. Also above analysts’ forecasts.

No relevant economic data is due for the day. Market players will keep an eye on bond yields, which could be affected by geopolitics and safe-haven demand.

FortFS

Asian equity markets were mostly lower on Wednesday, following a weak close in Wall Street on the back of interest rates expectations and concerns about the future of the economy.

In Japan, the Nikkei 225 lost 52.62 points or 0.24 percent to settle at 22,225.50 while the Topix index was down 2.02 points or 0.11 percent to 1,767.73.

Takeda Pharmaceutical was among worst performers of the day, with its stocks falling as much as seven percent as reports said the company rose its acquisition offer for Shire.

Seul’s Kospi benchmark ended 15.33 points, or 0.62 percent lower, at 2,448.81. Australia and New Zealand markets were closed for holidays.

Hong Kong's Hang Seng index eased 0.90 percent to finish at 30,362.00. In mainland China, the Shanghai composite fell 10.93 points, or 0.35 percent, to 3,118, while the Shenzhen Component dropped 0.09 percent to 10,547.10.

Analysts pointed out that the rally of US Treasury led to an increase in market volatility and added pressure in stock markets, not only in the United States.

The 10-year US treasury yield reached 3 percent in the previous session, a level not seen since January 2014. Higher bond yields are interpreted as a vote of confidence in the economy.

The US dollar index, which gauges the greenback against six major competitors, was trading 0.33 percent higher at 90.84 by the time of this writing.

President Donald Trump emphasized that “China’s very serious, and we’re very serious,” adding that Treasury Secretary Steven Mnuchin will be part of delegation travelling to China. “We’ve got a very good chance at making a deal.”

On the data front, the Conference Board said consumer confidence for April came in at 128.7, surpassing expectations for 126.0 and a previous reading of 127.0. New home sales increased 4 percent in March to an annualized rate of 694,000 units. Also above analysts’ forecasts.

Ahead today, the economic front looks empty, so we expect market players to focus on politics and currencies rather than data. The US Energy Information Administration will release its weekly report on crude and refined products inventories as of 14:30 GMT.

FortFS

No, we are NOT talking about drugs and this article has nothing to do with the 70’s. A synthetic cross currency pair refers to an artificial combination of currencies usually not available in the market.

If you are taking your first steps in the Forex market, then you are probably not going to invest huge money on it. And that is just fine, but keep in mind that starting out with a small balance could also limit your access to a wide range of trading instrument.

Nothing to worry about. Nowadays, Forex brokers offer a wide range of trading instruments, even for basic accounts. Newbies should try different pairs and find their prefered ones to work with.

The popularity of synthetic currency pairs is going down day by day. As brokers fight to survive in a competitive environment, their offers become more expansive. Not only EURUSD, GBPUSD and USDJPY are seen on screens, but also currency crosses like EURJPY or EURCAD.

Most traded currencies: US dollar (USD), Canadian dollar (CAD), euro (EUR), British pound (GBP), Swiss franc (CHF), New Zealand dollar (NZD), Australian dollar (AUD) and Japanese yen (JPY).

Cross currency pairs that come out them: USD/CAD, EUR/JPY, EUR/USD, EUR/CHF, USD/CHF, EUR/GBP, GBP/USD, AUD/CAD, NZD/USD, GBP/CHF, AUD/USD, GBP/JPY, USD/JPY, CHF/JPY, EUR/CAD, AUD/JPY, EUR/AUD, AUD/NZD.

DO you think these are enough? Well, for most of us they are, but still there cases where traders need artificial combinations that a broker will not include in its preset offering.

A synthetic currency pair should actually be seen as two currency pairs, with the US dollar taking the role of intermediary currency in operations.

Example: you want to trade EURJPY and the pair is not offered by your broker as a cross currency pair. What do you do? You have to find a common connection between both. Right, the dollar.

EURJPY: EURUSD + USDJPY

Buy EURJPY: Buy EUR Sell USD + Buy USD Sell JPY
Sell EURJPY: Sell EUR Buy USD + Sell USD Buy JPY

Operating a synthetic currency pair requires you to open two separate positions, which means doble cost for you plus the need to lock up unnecessary capital for margin requirements.

Recommendation: unless you are going BIG, then better stay safe using currency crosses and leave synthetics for financial institutions trading large volumes.

FortFS

GOLD

Gold futures were lower in Asian hours on Tuesday, with market players keeping an eye on geopolitics while awaiting for fresh economic reports.

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.98 percent at $1.325.20 a troy ounce as of 07:20 GMT.

The yellow metal came under pressure on Monday as geopolitical tensions continued to ease and dollar strengthened further on the back of the increasing US bond yields.

The benchmark 10-Year US Treasury yield moved closer to three percent in the previous session, boosting demand for the greenback, which traded near to an eight-week high.

The US dollar index, which gauges the greenback against six major competitors, was trading 0.63 percent higher at 90.64 by the time of this writing.

Dollar-denominated gold is very sensitive to moves in the greenback. A stronger dollar makes the yellow metal more expensive for market players holding foreign currencies.

Market players also observed the US-China trade conflict, in which there hasn’t been major developments, rising expectations that both nations will find a peaceful solution.

The news front was also nurtured by prospects of positive talks between US President Donald Trump and the North Korean leader Kim Jong-un scheduled for this upcoming weekend.

Pyongyang has suspended their nuclear and ballistic missile tests until the meeting between leaders is concluded. Investors are hoping for a positive outcome, which could weigh on gold.

On the data front, the US manufacturing and services PMIs for April outperformed expectations at 56.5 and 54.4 respectively. Existing home sales grew 1.1 percent in March to 5.6 million units.

Ahead in today’s session, the S&P/CS HPI composite for February is up at 13:00 GMT, followed by CB consumer confidence for April and new home sales for March at 14:00 GMT.

OIL

Oil futures were mixed in early trading hours on Tuesday as participants prepared for fresh crude and refined inventories estimates later in the session.

The US West Texas Intermediate crude contracts were down 0.32 percent to $68.18 per barrel as of 07:20 GMT. Meanwhile, Brent futures were 0.19 percent higher at $74.20 a barrel.

Crude benchmarks settled in green territory on Monday as market players weighed comments from Iran over a potential extension of OPEC-led output cuts agreement.

Iran's oil minister Bijan Zanganeh said if oil prices continue to rise there will be no need to extend production cuts in the future.

"If the current oil price hike trend continues, there will be no necessity for extension of the OPEC agreement," Zanganeh said. "High oil price, even in the mid-term, works against OPEC interest by imposing volatility on the market and pressure on the price," he added.

Zanganeh also confirmed that Iran was exporting nearly 2.5 million barrels per day, which represents a 30 percent rise from March, according to news agency Bloomberg.

Market players are currently waiting the US to impose a fresh batch of sanctions against Iran for allegedly breaking terms of the multilateral nuclear agreement signed back in 2015.

“New Iranian sanctions in May would likely be the catalyst needed to encourage long-term buyers to revisit US E&P’s in a more serious way and could lead to materially higher oil prices, erase the backwardation in crude and provide a path for prices to stay elevated for quite some time,” explained Energy Specialist Leo Mariani.

Ahead in the day, traders will be looking at inventory estimates from the American Petroleum Institute for the week ended April 20.

FortFS

Asian equity indexes moved into green territory on Tuesday despite a weak lead from Wall Street on the back of higher Treasury yields and as traders await more economic reports.

Japan’s Nikkei 225 increased 0.95 percent, while the Korean Kospi index marked a 0.45 percent loss. Financials were among best performers for the day.

Meanwhile in Australia, the S&P/ASX 200 benchmark posted a 0.60 percent gain as most subindexes traded in green territory, with financials adding close to one percent in the session.

In mainland China, the Shanghai composite and the Shenzhen were up 1.91 percent and 1.81 percent respectively by the time of this writing. The Hang Seng traded 1.09 percent higher.

Wall Street top three indexes ended lower on Monday as Treasury yields settled dangerously close to three percent. The Dow Jones industrial average was down 14.25 points at 24,448.69, with Goldman Sachs leading decliners.

The benchmark 10-Year US Treasury yield rose up to 2.99 percent in the prior session, a level not seen since 2014. That move boosted demand for the greenback, which reacted with an increase to an eight-week high.

The US dollar index, which gauges the greenback against six major competitors, was trading 0.63 percent higher at 90.64 by the time of this writing.

The S&P 500 ended flat at 2,670.29, with technology losses being compensated by increases in telecommunications. The Nasdaq composite eased 0.3 percent to 7,128.60.

On the data front, the US manufacturing and services PMIs for April outperformed expectations at 56.5 and 54.4 respectively. Existing home sales grew 1.1 percent in March to 5.6 million units.

Economic calendar:

Europe: German business expectations, current assessment and lfo business climate index for April are all scheduled at 08:00 GMT, with readings of 104.4, 125.7 and 114.8 seen. CBI industrial trends orders for April in the UK will be released as of 10:00 GMT.

United States: the S&P/CS HPI composite for February is coming at 13:00 GMT, followed by CB consumer confidence for April and new home sales for March at 14:00 GMT.

FortFS

The dollar was trading 0.08 percent higher vs the Japanese yen at 108.79 as of 07:20 GMT on Tuesday, amid a continuous strengthening of the dollar on the back of higher US bond yields.

The benchmark 10-Year US Treasury yield moved closer to three percent in the previous session, boosting demand for the greenback, which traded near to an eight-week high.

In the previous session, the pair broke above 108.00 and rose more than one percent to hold in green territory. The daily high was found at 108.73 and its low at 107.66.

The US dollar index, which gauges the greenback against six major competitors, was trading 0.63 percent higher at 90.64 by the time of this writing.

Market players also observed the US-China trade conflict, in which there hasn’t been major developments, rising expectations that both nations will find a peaceful solution.

The news front was also nurtured by prospects of positive talks between US President Donald Trump and the North Korean leader Kim Jong-un scheduled for this upcoming weekend.

Pyongyang has suspended their nuclear and ballistic missile tests until the meeting between leaders is concluded. Investors are hoping for a positive outcome, which could weigh on gold.

On the data front, the US manufacturing and services PMIs for April outperformed expectations at 56.5 and 54.4 respectively. Existing home sales grew 1.1 percent in March to 5.6 million units.

Ahead in today’s session, the S&P/CS HPI composite for February is up at 13:00 GMT, followed by CB consumer confidence for April and new home sales for March at 14:00 GMT.

Some market analysts said the fifty percent retracement at 108.98 and the top of the cloud at 109.32 are the next upside targets for the pair.

FortFS

The Forex market is not a scam. In fact, it is an amazing place to make money. Unfortunately, dirty scammers (which operate not only in the Forex market, but others too) have ruined the reputation of the Forex market. For such reason, people now usually associate Forex with fraud.

Apart from the big players (banks and corporations), the Forex market is integrated by small retail investors (just like you and me). And most of the time, those participants have little or barely none experience in the financial world before opening a Forex account.

Scammers’ game is pretty basic and predictable. Their strategy is based on the presumption that Forex market is the solution to all of your financial problems. In other words, put $100, trade for a week and you’ll be buying a Ferrari next Sunday. Oh, and all operations all RISK-FREE.

Right… something simply doesn’t fit. For many people, it is a closed deal. Low investment, high returns, low risks, no prior experience. Too good to be true? Of course. Forex is about self-education and sweat. Learning step by step, day by day. There are no shortcuts.

How to avoid scammers?

#1 - Learn from the best

When trying to find a Forex broker, start looking at the best out there. Learn what regulators do they use, which conditions do they offer, etc. Even if they do not offer accounts for your current preferences, you’d have a pretty good point of reference in your future research.

#2 - Do your research

Never go for the first option that crosses your path. Be picky. Believe me, there are plenty of Brokers out there (including us) and to find the best alternative, you need to examine many of them. Prepare yourself just like when trying to find a sale item in your favorite retail store.

#3 - Educate yourself

Education plays a huge role when talking about not getting screw by scammers. As I’ve previously said, the Forex market is full of people that have zero financial knowledge. For such reason, doing some reading about the market, understanding what’s your trading profile, style and conditions will make a big difference.

#4 - Verify regulators

Yeap. Cryptocurrency defenders will hate me for this one, but I have to say it: regulators are no bad for you. In fact, I suggest embracing the idea of knowing more about them, what they do, and how they can protect your money from bad practices and scammers.

Here is a list of international regulators by country: https://goo.gl/sbBH52

#5 - Always be curious

Feeling comfortable? That’s your weaker point. Always keep looking for the best. Never settle for less. At FortFS we encourage our clients to make suggestions actively so we can improve services and products on the go, assuring their needs never go unattended.

FortFS

GOLD

Gold futures were down on Monday as geopolitics remained calm and investors attention turned to fresh economic reports scheduled later this week.

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.13 percent at $1.336.50 a troy ounce as of 06:25 GMT.

The yellow metal settled in red territory on Friday for the first time in two week, down 0.71 percent at $1,337.50 per troy ounce. Gold prices were extremely sensitive to the dollar, which continued to strengthen on the back of easing geopolitical tensions.

The US dollar index, which gauges the greenback against six major currencies, was trading 0.05 percent higher at 90.13 by the time of this writing.

Dollar-denominated gold is very sensitive to moves in the greenback. A stronger dollar makes the yellow metal more expensive for market players holding foreign currencies.

No major news came out regarding the Syria conflict and political tension between the United States and Russia. Last week, a US-led coalition bombed at least six Syrian military facilities in response to a gas attack conducted by the local government against civils.

The lack of developments over the US-China commercial dispute also contributed to a better market sentiment, boosting demand for risky assets.

Meanwhile, investors also weighed a more aggressive rhetoric by representatives of the Federal Open Market Committee on interest rates adjustments and monetary policy changes.

Cleveland Fed President Loretta Mester said Thursday that “if the economy evolves as I anticipate, further gradual increases in interest rates will be appropriate this year and next year”.

Ahead in the day, traders will keep an eye on the US manufacturing and services PMIs for April due for release as of 13:45 GMT. Existing home sales for March are up 14:00 GMT.

OIL

Oil futures were mixed in early trading hours on Monday as profit taking capped gains and as traders looked ahead to upcoming inventory reports later this week.

The US West Texas Intermediate crude contracts were down 0.10 percent to $68.33 per barrel as of 06:45 GMT. Meanwhile, Brent futures were unchanged at $74.06 a barrel.

Oil benchmarks settled moderately higher on Friday, as President Donald Trump blamed the Organization of the Petroleum Exporting Countries (OPEC) for high prices.

“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!” tweeted Trump.

OPEC and non-OPEC members gather in Saudi Arabia on Friday as part of their monitoring routine over output cuts meant to run until the end of 2018. The cuts agreed between OPEC and 10 external producers contemplate a reduction of 1.8 million barrels per day.

In June, the oil cartel and other nations taking part in the deal will meet to discuss a potential extension of the agreement. Saudi Arabia said a renewal is still on the table.

In other news, Baker Hughes said the total oil rig count for the United States increased by five units, bringing the count up to 820 rigs in April 20, the highest level since March 2015.

According to latest figures of the Energy Information Administration, 10.54 million barrels per day were producers in the United States last week, an all-time high that puts the country close to major producers such as Saudi Arabia and Russia.

In the week ahead, market players will likely be monitoring geopolitics, especially in the Middle East. Also, fresh inventory data is due to be published on Wednesday.

FortFS

The dollar was trading 0.17 percent higher vs the Japanese yen at 107.80 as of 06:10 GMT on Monday, with the greenback taking a more solid position thanks to easing political concerns.

The US dollar index, which gauges the greenback against six major currencies, was trading 0.05 percent higher at 90.13 by the time of this writing.

No major news came out regarding the Syria conflict and political tension between the United States and Russia. Last week, a US-led coalition bombed at least six Syrian military facilities in response to a gas attack conducted by the local government against civils.

The lack of developments over the US-China commercial dispute also contributed to a better market sentiment, boosting demand for risky assets.

Market players were also cheered by more aggressive remarks by representatives of the Federal Open Market Committee on interest rates adjustments and monetary policy changes.

Cleveland Fed President Loretta Mester said Thursday that “if the economy evolves as I anticipate, further gradual increases in interest rates will be appropriate this year and next year”.

“Continued gradual reduction in monetary policy accommodation, given the economic outlook, will put monetary policy in a better position to address whatever risks, whether to the upside or to the downside, are ultimately realized,” she explained in a prepared speech before the University of Pittsburgh’s graduate school of business.

Ahead in the day, traders will keep an eye on the US manufacturing and services PMIs for April due for release as of 13:45 GMT. Existing home sales for March are up 14:00 GMT.

The pair is expected to remain above the 107.00 handle as long as the dollar continues to rally. A consolidation above 107.50 will open the doors to further growth, but the level still looks too weak to stop a downward correction, for example.

FortFS

Markets in Asia traded mostly in red territory on Monday, as market participants eyed increasing US Treasury yields while continuing to digest heavy losses in the technology sector.

The Nikkei 225 was down 0.27 percent while the Topix ended 0.03 percent lower. Insurance companies and financials pushed benchmarks higher, while the rest dragged it to the downside.

In South Korea, the Kospi index established 0.21 percent lower for the day, with automakers and retailers leading losers. Sydney’s S&P/ASX 200 was up 0.21 percent as gold producers and financial names were able to support the benchmark.

In mainland China, the Shanghai comp eased 0.69 percent and the Shenzhen was 1.42 percent lower by the time of this writing. The Hang Seng was down 0.47 percent.

Investors continued to digest a note issued by Morgan Stanley saying iPhone sales in the second quarter are expected to miss expectations. The investment bank lowered its forecasted sales figures from 40.5 million to 34 million units.

"We expect Apple to report an in-line March quarter, but are cautious into earnings on May 1 due to our belief that June quarter consensus estimates need to be revised lower," Morgan Stanley analyst Katy Huberty wrote in a note to clients on Friday.

Meanwhile, traders continued to operate with focus on the dollar. Expectations of further monetary policy adjustments in the US boosted risk assets demand last week.

Cleveland Fed President Loretta Mester said Thursday that “if the economy evolves as I anticipate, further gradual increases in interest rates will be appropriate this year and next year”.

Also, market participants counted on remarks by International Monetary Fund Christine Lagarde: "I think truth and transparency for me are the two key pillars of where we need to go and how we need to help because we are here to serve the countries that have started this institution"

Economic calendar:

Germany’s manufacturing and services PMI indexes for April are due for release as of 07:30 GMT. The Eurozone will present its own measures at 09:00 GMT.

In America, Markit’s manufacturing and services activity data will be out at 13:45 GMT, while existing home sales for March will be available by 14:00 GMT.

FortFS

After some pause and accumulating the necessary volume around the round mark of $8000, today bulls move to gain in the main cryptocurrency - Bitcoin. Shortly before the opening of American trading, the cryptocurrency storms the level of $8,460, the strategic mark in the current market picture. The fact is that it is at this level that the 38.2% Fibonacci extension is located. If the market can not update this mark, we will see the formation of a sideway range $8,460-$7,750.

Thus, the basic level that should be taken into account now is 8,460 US dollars (April 15 maximum). A convincing step above this level would set higher highs and higher intention (bullish mood) and, most likely, confirm the long-term turn of the bull.

Let us reiterate our conclusions and call for caution! Until we see the fastening of a large volume above $8,460, talking about the continuation of bitcoin growth is premature. It seems that there is a bullish breakthrough, but this step is rather a sideway breakthrough (an unconvincing breakthrough) of the long-term trend.

The risks of pullback are still high, given the weakness of the breakout. Failure to hold above the downward trend support (former resistance) of $8,230 may lead to a decrease to $7,823 (minimum April 17).

The key levels that need to be monitored the next day or two are resistance at $8,460 (April 15 maximum) and support at $7,823 (April 17 minimum).

FortFS

There is bullish attempt to hold a round level of $8,000 in the middle of the week in the Bitcoin market. Yesterday, prices in the market reached a four-day low around $7,760 per coin on reports of a large-scale sale of $60 million on only one Bitfinex exchange. The news that the Attorney General of New York city is closely examining the main crypto-exchanges in the state is also negative news and may exacerbate the mood of the traders.

Nevertheless, the sharp gain in Bitcoin market from $7,873 to $8,160 this morning left the zone $7,800-$8,000 as a strong support level and indicates a strong mode of demand in the market. Bulls quickly repulsed the second attack in the last three days for the level the area of $8,000.

We wrote in previous reviews that the market pullback to the area mark $8,000 and the ability of bulls to hold this level will indicate a healthy trend of the uptrend market. After the bulls accumulate volume at these levels, we can wait for the continuation of the upward trend.

Most likely Bitcoin will test a local maximum in the region of $8,400 in the coming hours or sessions. The closing of a large volume above this level ($8,400 is the level of 38.2% of FIBO) will signal a long-term change in the bearish trend to the bullish sentiment.

On the other hand, $7,870 (today's low) is a key level, which also needs to be monitored. The inability of bulls to protect a key support level can lead to a pullback of up to $7,510 and a resumption of the downward trend.

FortFS

GOLD

Gold futures traded in red territory on Wednesday as the American currency was able to recover some positions on the back of solid housing and industrial production data.

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.15 percent at $1.347.50 a troy ounce as of 08:05 GMT.

Government figures showed that housing starts rose 1.9 percent to 1.319 million units. Also, the Federal Reserve said industrial output increased 0.5 percent in March.

The US dollar index, which gauges the greenback against six major currencies, was trading 0.08 percent higher at 89.30 by the time of this writing.

Dollar-denominated gold is very sensitive to moves in the greenback. A stronger dollar makes the yellow metal more expensive for market players holding foreign currencies.

In other news, former CIA Director Mike Pompeo travelled to North Korea to meet with Kim Jong Un ahead of a scheduled meeting with President Donald Trump. That could be interpreted as a sign of release and improving relations, which dampens demand for safe-havens.

Hawkish remarks from Fed official John Williamson Tuesday reinforced possibilities of further rate adjustments this year, another factor weighing on the metal.

Overnight, China said it would impose deposits of up to 178.9 percent on American sorghum imports. As China’s decision is expected to be temporary, no hugh reaction was spotted.

Ahead in this session, attention will be mainly directed to the European economic calendar. The consumer price index in the United Kingdom will become available at 08:30 GMT, with analysts’ preview standing at a 2.8 percent growth rate. The producer price index input for March is also expected to be released by that time.

In the Eurozone, market players await the consumer price index as of 09:00 GMT, with a forecasted rate of 1.4 percent year-over-year.

Later on, in US hours, Fed’s beige book is due for release at 18:00 GMT.

OIL

Oil futures were higher in early trading hours on Wednesday, as market participants continued to weigh potential supply disruptions in the Middle East.

The US West Texas Intermediate crude contracts were up 0.75 percent to $67.02 per barrel as of 08:05 GMT. Meanwhile, Brent futures rose 0.73 percent to $72.10 a barrel.

The Syria conflict, renewed sanctions against Iran and Venezuela’s political and economic crisis have lifted expectations of disruptions in supply for the months to come.

The ongoing output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia are still helping to support prices. The agreement is effective until the end of 2018 but members of the cartel are talking about a potential extension.

OPEC output is currently lower than expected in the light of strong problems in Venezuela, which is facing a political and economic turmoil of unmeasured magnitud.

In other news, the American Petroleum Institute said crude stockpiles dropped 1 million barrels last week to 28 million barrels. API and EIA data often differ.

Official figures by the Energy Department will be released at 14:30 GMT.

FortFS

Monday

Europe: Germany’s manufacturing and services PMI indexes for April are due for release as of 07:30 GMT. The Eurozone will present its own measures at 09:00 GMT.

United States: Markit’s manufacturing and services activity data will be out at 13:45 GMT, while existing home sales for March will be available by 14:00 GMT.

Tuesday

Europe: German business expectations, current assessment and lfo business climate index for April are all scheduled at 08:00 GMT, with readings of 104.4, 125.7 and 114.8 seen. CBI industrial trends orders for April in the UK will be released as of 10:00 GMT.

United States: the S&P/CS HPI composite for February is coming at 13:00 GMT, followed by CB consumer confidence for April and new home sales for March at 14:00 GMT.

Wednesday

No relevant data is scheduled.

Thursday

Europe: GfK German consumer climate for May is up at 06:00 GMT. Also, investors will keep an eye on ECB’s monetary policy decision. Despite the fact no monetary changes are expected, players will closely monitor remarks by ECB President Mario Draghi following the event.

United States: durable goods orders and the goods trade balance for March will be released as of 12:30 GMT. Analysts are forecasting a 1.0 percent growth for durable goods orders.

Asia: Japan’s jobs/applications ratio for March is set at 23:30 GMT, while industrial production and retail sales will be out as of twenty minutes later.

Friday

Europe: Germany’s unemployment rate arrives at 08:00 GMT, with a revision on the UK gross domestic product due thirty minutes later.

United States: a new revision on the US gross domestic product is expected at 12:30 GMT. Michigan University will also be presenting its consumer expectations and consumer sentiment for April at 14:00 GMT.

FortFS

Equity indexes in Asia were mostly higher on Wednesday, following a strong lead from Wall Street based on strong corporate earnings seen in recent sessions.

Japan’s Nikkei 225 added 1.47 percent and the broader Topix was up 1.14 percent, with retailers, utilities and technology among best performers of the day.

The South Korean Kospi benchmark rose 1.07 percent, with brokerage firms and manufacturing stocks contributing most gains, while technology names showed a mixed performance.

Hong Kong's Hang Seng Index was able to recover from previous session losses, soaring 0.44 percent by the time of this writing. In mainland China, the Shanghai composite and the Shenzhen composite were up by 0.80 percent and 0.92 percent respectively.

On Tuesday, China’s monetary authorities reduced the reserve requirement ratio by 100 basis points for a selection of banking institutions. Analysts pointed out that is a positive move as it allows banks to cut funding costs and therefore offer more competitive products.

Overnight, China said it would impose deposits of up to 178.9 percent on American sorghum imports. According to news agency Reuters, China’s decision will be temporary.

In Australia, the S&P/ASX 200 index was up 0.34 percent, with energy-related components and materials pushing the benchmark to the upside, while financial names weighed.

On Tuesday, Netflix, Goldman Sachs and UnitedHealth reported better-than-expected first-quarter earnings, boosting investors’ confidence. S&P 500 earnings are seen outperforming last year earnings by 18.6 percent.

In other news, former CIA Director Mike Pompeo travelled to North Korea to meet with Kim Jong Un ahead of a scheduled meeting with President Donald Trump. That could be interpreted as a sign of release and improving relations, which dampens demand for safe-havens.

Economic calendar:

The consumer price index in the United Kingdom will become available at 08:30 GMT, with analysts’ preview standing at a 2.8 percent growth rate. The producer price index input for March is also expected to be released by that time.

In the Eurozone, market players await the consumer price index as of 09:00 GMT, with a forecasted rate of 1.4 percent year-over-year.

Later on, in US hours, Fed’s beige book is due for release at 18:00 GMT.

FortFS

The dollar was trading 0.31 percent higher vs the Japanese yen at 107.33 as of 08:05 GMT on Wednesday as the dollar recovered positions on the back of upbeat economic data.

Government figures showed that housing starts rose 1.9 percent to 1.319 million units. Also, the Federal Reserve said industrial output increased 0.5 percent in March.

The US dollar index, which gauges the greenback against six major currencies, was trading 0.08 percent higher at 89.30 by the time of this writing.

Also contributing to a better market sentiment were reports that former CIA and current Secretary of State Director Mike Pompeo travelled to North Korea to gather with Kim Jong Un to prepare topics ahead of a scheduled meeting with President Donald Trump.

In other news, China said it would impose deposits of up to 178.9 percent on American sorghum imports. As China’s decision is expected to be temporary, no strong reactions were spotted. Overall, analysts took this as a minor development in the US-China trade conflict.

Ahead in this session, attention will be mainly directed to the European economic calendar. In US hours, Fed’s beige book is due for release at 18:00 GMT.

No major reports are due in Japan. Traders are also focus on a meeting between Japan Prime Minister Shinzo Abe and US President Donald Trump on Tuesday and Wednesday.

Both leaders are expected to discuss the possibility of a two-way free trade agreement. While Japan is not interested in such sort of deal, US officials could benchmark information pointing at Tokyo for manipulating its currency, as the US Treasury semi-annual currency report showed.

The results of this meeting will offer a clearer vision for market participants, allowing them to better position themselves for the pair. By now, we suggest keeping an eye on the news.

FortFS

GOLD

Gold prices were lower in Asian hours on Tuesday, with market participants moving its focus to fresh economic reports later in the session while keeping an eye on politics.

On the Comex division of the New York Mercantile Exchange, gold futures were down 0.24 percent at $1.347.40 a troy ounce as of 06:50 GMT.

The yellow metal struggled for direction on Monday despite higher geopolitical tension between the United States and Russia following a US-led air strike over Syria.

On Saturday, France, Britain and the US conducted a multi-target air strike against key military facilities in Syria in response to a gas attack by President Bashar al-Assad on civilians.

While the US and Russia hold different positions in this matter, there hasn’t been any direct provocations in the days following the air strike. Investors interpreted that as a sign of release, which is not good for safe-haven assets such as the precious metal.

In other news, US President Donald Trump accused China and Russia of playing a “currency devaluation game,” calling it unacceptable as the Federal Reserve continues to raise rates.

Trump tweeted on Monday: "Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!"

The US dollar index, which gauges the greenback against six major currencies, was trading 0.01 percent lower at 89.13 by the time of this writing.

Dollar-denominated gold is very sensitive to moves in the American currency. A weaker dollar makes the yellow metal more attractive for market players holding foreign currencies.

Another topic weighing on the agenda is sanctions against Russia, which according to White House press secretary Sarah Huckabee Sanders will be decided in the “near future”.

Investors sensed no rush in the administration to impose a fresh batch of sanctions, in contrast to remarks by the Ambassador to the United Nations Nikki Haley.

On the data front, retail sales for March came in line with analysts’ forecast of a 0.2 percent growth rate. Retail sales were above expectations with a 0.6 percent rise.

Ahead in the day, building permits and housing starts for March are due for release as of 12:30 GMT, while industrial production figures will be out at 13:15 GMT.

Investors will also keep an eye on FOMC speakers, including Williams (13:15 GMT), Quarles (14:00 GMT), Harker (15:00 GMT) and Bostic (21:40 GMT).

OIL

Oil futures were higher in early trading hours on Tuesday, with market players anxious to get a fresh look at crude inventory data in the United States.

The US West Texas Intermediate crude contracts were up 0.44 percent to $66.51 per barrel as of 06:50 GMT. Meanwhile, Brent futures rose 0.32 percent to $71.65 a barrel.

On Monday, crude benchmarks gave up gains, moving away from more than three-year highs as geopolitical tensions eased, while concerns over a larger US oil production remained intact.

Despite the fact that the US and Russia hold different positions over Syria - Middle East’s hot topic now - there hasn’t been any direct provocations in the days following the US-led air strike.

Market participants interpreted the calm as a sign of release, which is clearly not good for oil prices as investors speculated on conflict-related output disruptions.

Meanwhile, investors continued to fear about a potential rise in US shale oil production in the following months. Last week, Baker Hughes’ oil rig count rose by seven in the week ended April 13, bringing the total count at 815 units, the highest mark since March 2015.

According to CFTC COT data, money managers enlarged their net long positions in oil to 707,100 lots for the week ended April 10.

Ahead in the day, traders will count on the latest crude and refined products inventory estimates by the American Petroleum Institute as of 20:30 GMT.

FortFS

So here we are. One more earnings season in the history of the United States. Now the obvious question is: should we open the champagne? Well, so it seems… Let’s take a look:

Financials were first on the list to report earnings this season, with JP Morgan Chase, Bank of America, Wells Fargo and Citigroup all showing better-than-expected results.

While these four failed to impress investors, they results were undeniably solid. JP Morgan, Bank of America and Citigroup operations were supported in the first quarter by recent interest rate hikes by the Federal Open Market Committee.

Higher interest rates allow banking institutions to charge more for loans (yes, better start paying that credit card soon). However, that might not be good for mortgages, which counteracts the effect in the long run. Wells Fargo couldn’t benefit from higher rates as Fed authorities prohibited the investment bank to take advantage of them until pending issues are solved.

These four institutions headed south following figures as most investors had weighed in good results in advance, turning this event into a classic “buy the rumor, sell the fact”.

The Cboe Volatility Index is now seen as one of the best gauges for fear in markets and it has been moving close to record lows in the last three weeks.

That kind of reaction outlines two things:

1. Market players trust that supportive news are getting closer

2. Markets are losing sensibility to risk factors

Don’t believe me? Take a look around. US-China trade war, air strike in Syria, constitutional crisis in the United States, massive data bridges by heavyweight names such as Facebook.

Relevant quotes in this situation:

Binky Chadha, chief global strategist at Deutsche Bank: "Everybody that I know expects earnings to be very, very strong and very, very good.”

Pravit Chintawongvanich, head of derivatives strategy at Macro Risk Advisors: “It’s normal and expected for implied volatility to come in ahead of earnings because earnings usually do have a dampening effect on realized volatility"

Peter Boockvar, chief investment strategist at Bleakley Financial Group: “Even if you deliver good earnings, it doesn't mean the market will reward you"

FortFS

Asian equity markets were again mixed on Tuesday, with major indexes trading lower as market participants digested upbeat economic data from China and as the dollar was able to recover its stability following previous session losses in the light of easing geopolitical tensions.

As no further developments were known concerning Syria’s conflict, market players felt a bit more released about a potential escalation of military actions between the US and Russia.

In other news, US President Donald Trump accused China and Russia of playing a “currency devaluation game,” calling it unacceptable as the Federal Reserve continues to raise rates.

Trump tweeted on Monday: "Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!"

Japan’s Nikkei 225 settled close to breakeven, adding 0.07 percent, while the broader Topix was down 0.36 percent, with oil-related stocks being one of the only well-performing sectors.

In South Korea, the Kospi benchmark eased 0.15 percent. Elsewhere, Australia’s S&P/ASX 200 ended unchanged with all subindexes trading in green territory.

In mainland China, the Shanghai composite was down 1.47 percent and the Shenzhen composite 1.96 percent into red ground by the time of this writing. The Hang Seng Index traded 0.33 percent lower.

Earlier in the day, China reported an economic growth of 6.8 percent in the first quarter of 2018, outperforming an estimated growth rate of 6.7 percent.

On Monday, the Dow Jones industrial average closed 212.90 points higher at 24,573.04. The S&P 500 added 0.8 percent to end at 2,677.84, with materials and telecommunications contributing most gains. The Nasdaq composite edged up 0.7 percent to 7,156.28.

On the data front, retail sales for March came in line with analysts’ forecast of a 0.2 percent growth rate. Retail sales were above expectations with a 0.6 percent rise.

Economic calendar:

Ahead in the day, building permits and housing starts for March are due for release as of 12:30 GMT, while industrial production figures will be out at 13:15 GMT.

Investors will also keep an eye on FOMC speakers, including Williams (13:15 GMT), Quarles (14:00 GMT), Harker (15:00 GMT) and Bostic (21:40 GMT).

FortFS