Currencies
- The euro (EUR) rose from 1.2858 to 1.2940 against the US dollar (USD). The single currency recorded its biggest gain since July after hitting a new 14-month low. Today the French monthly Industrial Production will be announced with expectations to drop by 0.4%.
- The US dollar (USD) rose to a new 6-year high against the Japanese yen (JPY) at 106.45. The Japanese yen fell as the monthly Core Machinery Orders were worse than expected at 3.5% while the expectations were at 4.1%.
Equities
- US equities fell yesterday while US Tech (NDQ) rose near its all-time high at 4110, as Apple revealed their new products, before retraced back to 4052. The US 500 (SPI) dropped to 1983 and the US 30 (DOW) went to 16983.
Commodities
- Gold (XAU) fell to a three-month low yesterday at 1247 as investors seek for riskier assets rather than the safe haven.
Mover & Shaker with forex options
- The Australian Dollar (AUD) crashed against the US dollar (USD) to 0.9159, as it dropped below the 200-day moving average while the NAB Business Confidence dropped from 10 to 8. Aussie is still under pressure as the Australian Unemployment Rate and the Employment change will be announced with expectations lying at 6.3% and 15.2K new jobs.
- Option traders may consider constructing a Back Spread Strategy with Puts on the AUDUSD and gain if the pair moves lower, while the risk is limited to the premium paid.
- A Back Spread Strategy with Puts can be constructed by selling an at the money Puts while buying an out of the money Puts at double amount.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.