Forex News April 04, 2022

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Twitter gains 27% in pre-market trading as Elon Musk discloses a 9.2% passive stake in the company.
To put this in context, Elon is now Twitter’s single largest shareholder.
Musk recently inquired about the creation of a new social media platform because Twitter was “failing to adhere to free speech principles and undermining democracy.”

The euro lags in European morning trade
EUR/USD is down 0.4 percent to a session low of 1.1010 as the euro has nearly wiped out its gain from last week, which came on the back of initial peace hopes
There are some minor expiries today at 1.1000-10, so that could be a factor attracting price action, but for now, sellers are back in control on a push below the 200-hour moving average @ 1.1042.
Since the early March bounce near 1.0800, the euro has been settling in a bit of a series of higher highs and higher lows.
The pattern is not particularly well-defined, and one could argue that the pair as a whole is still experiencing general choppiness. It remains to be seen how buyers will want to work with that given Europe’s deteriorating economic backdrop and the ECB’s apathy in pursuing tighter policy against inflation.
Meanwhile, the US is facing a gradually slowing/worsening outlook, but the Fed remains steadfast in its belief that it can maintain a tighter policy path. The caveat is that much of that has already been priced in by the market, and any retreat by the Fed on rate hike pricing will be a significant headwind for the dollar in the near term.
For the time being, the push and pull could see the pair range between 1.0900 and near 1.1200.

Following the nickel fiasco, the LME announced the implementation of daily price limits for all metals, with a 15% upper and lower limit set for all physically delivered metals. They also welcomed the call from British financial regulators to investigate how the exchange handled the entire nickel fiasco last month
Nickel has reached $100,000.
The LME suspends nickel trading for the rest of the day.
The nickel market is broken. According to LME, it does not expect to open before Friday.

Risk tones remain slightly firmer to begin the session
Eurostoxx +0.2 percent, Germany DAX +0.4 percent, France CAC 40 +0.2 percent, UK FTSE +0.3 percent & Spain IBEX +0.4 percent
It’s still early in the day, and US futures are up about 0.1 percent, so there’s not much to go on for the time being. The bond selloff appears to be slowing, with 2-year Treasury yields now up just 2.3 basis points to 2.455 percent after reaching 2.50 percent earlier, the highest since early 2019.
Meanwhile, 10-year yields have risen 2.4 basis points to 2.398 percent.