 Welcom traidor i'r tychmel y tychmel y maen nhw'n ei gweithio'r ysgol, i mi, Patrick Manly. Fy fydd ymgyrch yn 5 April. Ychydig yng Nghymru, ysgol yw'r ddweud y DxY wedi'u i'r ddweud yng nghymru yma, yn ychydig i'r ysgol yn ychydig i'r Unedol, ac y Unedol yn ymgyrch ymgyrch ymgyrch ymgyrch. The US is moving ahead on its next fiscal stimulus plan and enjoying a successful vaccine rollout. Europe's keynote fiscal stimulus plan is stuck in a German courtroom and Europe is in the process of extending lockdowns. It's hard to see this narrative changing in the near term. In the week ahead, we will also see March PPI readings where, understandably, the focus is on rising input prices. Coming up we will also see the release of the FOMC minutes on Wednesday in a variety of federal reserve speakers including Fed Chair Powell on Thursday, taking part in the I&F spring meetings. I doubt the Fed is yet ready to change its dove� tun, and as bond strategist conclude, at the time of the March efficiency, the Fed has left the long end of the bond market unprotected. In a technical perspective, the dollar index is grinding higher. yn ymgyrch yn y test o'r ysgol gweithio, ac ysgol agur, yn y 90415. Felly, oes y intrawig, y 90246, yw'r oedden nhw'n ddechrau'r gweithio newid, ac mae gael e'r ysgol sy'n bywyd i'r ddaeth o'r cyfrofiwn yng Nghyrgrifes mewn cyllid yw'r oedden nhw'n ddechrau'r gweithio. A oedden nhw'n ddechrau'r gweithio'r ysgol gweithio'r gweithio'r ysgol gweithio'r ysgol gweithio'r 19235, oedd yn ysgrifennu protestant ar gwrthwyr iechyd, cymygol cynnau twentfafodol. Cymru o'r tarju gynrych ond y trafnol bron sy'n gwyfaint ac hwnnw ddweud bod hynny'n gwneud yma yn gweithio. Mae'n rhan i gweithio argoed i ddweud y trafnol yw cymryd pethau cymoeddol ysgol. A oed yn oes agroed y ffraith yma, gan yroedd a'u cymryd o ofyn gwyffydd yn gweithio argyrchu y cyfle cyflwydoedd yn ymwylch gyda'r negatif yn gwybod. Mae'n cyfrifio'r cwmgeit oherwydd yma, gyda'r cyflwydoedd yn cyflwydoedd. Mae'r cyfrifio'r cyflwydoedd wedi eu bod yn fwy o'r gwleidio yr ymgyrch gyflwydoedd ymgyrch gyflym ymgyrch gyda'r cyfnod oedd y Mhwy. Mae'n ffocor yn cael ei bod yn ei fod yn gwybod y ffroedd yma o'r cyflwydoedd ymgyrch gyflym has since seen weekly net ECB pet buying rise to 19 to 20 billion dollars from a previous 12 billion euros. We also see whether the EU's recovery fund can overcome the hold up in the German Constitutional Court, which would at least be some welcome use. For the euro from a technical perspective we are continuing to sit at the yearly pivot here on 1720 and this ascending trendline support for the March Lowe's. Whilst we hold this area support there is the potential that we run a little higher here to test the monthly pivot from below at 11845. I'd be watching for bearish reversal patterns in this zone to set short positions, ultimately targeting a test of the 116 pivot or support area. Really could only get constructed on the euro on a close through 119 at this stage, suggesting that the current corrective move is concluded. Sterling seems to be the best place currency in the European G10 FX space. The theme of the fast vaccination process remains intact and has been underscored by the start of easing of restriction measures in the UK. This is in sharp contrast with Europe where restrictions have been extended in time further. Once you recognise the ongoing rise in GBP speculative longs as per the CFTC data, but given the unique sterling position among European FX and the shift in the sterling trading pattern away from frequent undershoots into undervalued territory to periods of frequent overshoots into overvalued territory as this Brexit risk premium is being replaced by the vaccination dividend, the multi-month sterling outlook is pretty optimistic. Once euro stabilises sterling should be able to push higher and from a technical perspective what I'd be looking for would be a move through on a closing basis through the 139 to set up a move to retest that 140. However, I'm conscious that we could see a or sorry I'm conscious that we have an unfilled equality objective down at 135.50 so cautious here as we trade at the monthly pivot if we get a close through there today then we could trade up into that 140 however if we do see any softness today in sterling then bearish reversal patterns would be an opportunity to set short positions looking for that equality objective to be tested first. The dolly yen had a pretty incredible quarter last quarter which should deliver some windfall gains to Japanese exporters and perhaps some outperformance of Japanese equities. Indeed the Bank of Japan's Tankan Diffusion Index saw the component of large manufacturers in the first quarter rise above zero and returned to third quarter 2019 levels. Like the euro the Japanese yen as a low yield has borne the brunt of this year's dollar in advance and apart from being overbought on a technical basis there looks little to challenge this bullish trend. Indeed the dolly yen retains the highest correlation of any dollar pair with it with the US 10 year yields and the prospect at some stage in second quarter of the US 10 year treasury yields at 2% may keep the dolly yen sported. Locally the data calendar is light although keep a close watch on the 10 year JGB yields. The BOJ seems to be softening its control here and the JGBs pushing above the highs of the year at 0.15% could in fact provide the yen with a little support. I'm actually from a technical perspective looking for a pullback here in the dolly yen. We tested the into the 111 area and we've seen some supply in the market. I'd look for a three-way corrective move now initially to test the monthly pivot at 109.35. As then the 110, 1020 caps we could get a third wave lower to test the 108.50 as support. But as this area attracts buyers I will be looking for bullish reversal patterns at long positions initially looking for a test of the Pivotal 112 area. In terms of Australia, along with fears about the impact on the global recovery of new COVID waves, especially in Europe, a set of uninspiring data from China may have prompted some concerns about the pace of recovery of Australia's main trading partner. In the week ahead the release of the IMF growth estimates may provide some encouraging signals about global recovery and benefit the commodity block of currencies as a whole. Domestically all eyes will be on the reserve bank of Australia's meeting on Tuesday although there is a high chance that this will be a non-event for markets. The bank should its belief stick to its recent ultra-dublish tone with the recent end of government job seekers wage subsidy scheme likely adding more pressure to keep rates lower for longer considering the negative impact this expects to have on the jobs market. So from a tempic perspective I'm looking for the Australian dollar to recover slightly here and make a test certainly of the monthly Pivot 76.69 and the trend line resistance just above at 70. I'll be watching for bearish reversal patterns in this zone set short positions targeting the equality objective down to 74.53. From here watch for bullish reversal patterns as I see this could complete this corrective phase and we could be trading higher again in terms of the Aussie. And that concludes the weekly market outlook for week menacing the 5th of April. As always join me on Thursday 1pm British summer time where I'll be running analysis live analysis on over 20 charts as always and giving you some actionable insights into into setups that I'm tracking as always have a great week. Thanks very much.