Currencies
- The euro (EUR) continues its bearish trend against the US dollar (USD). The pair crashed yesterday towards 1.3409, while reaching a new 8-month low. The single currency is under pressure as US ADP Non-Farm Employment Change and FOMC Statement is coming ahead today.
- The US dollar (USD) climbed to 102.07 against the Japanese yen (JPY) as the US CB Consumer Confidence data was better than expected at 90.9. After last week’s US Unemployment claims, where data was at the lowest for the last three years, the dollar strengthened while the FOMC Statement will be announced today.
Equities
- US equities fell yesterday as the President of the US, Barack Obama, announced new sanctions against Russia while he warned Russia for their actions against Ukraine. The US 500 (SPI) fell to 1964, the US 30 (DOW) went to 16858 and the US Tech (NDQ) to 3956.
Commodities
- WTI Crude (OIL) fell to 101.40 USD per barrel before supply data, as a Kansas refinery shut down, one of the most important refineries in the US, increased demand concerns.
Mover & Shaker with forex options
- Gold (XAU) dropped yesterday near a one week low at 1299as the US economy recovers faster despite increased tension in Ukraine and Gaza.
- Option traders may consider constructing a Long Straddle on the XAUUSD and gain if the pair moves in either direction, while the risk is limited to the premium paid.
- A Long Straddle can be constructed by buying an at the money Put and an at the money Call.
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Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.