The macro scan review for the last week begins with a bang as the EUR/JPY fell to a level anticipated, although the next two reports on the Canadian dollar and the US treasury-Gold did not work out well.
The first macro report titled “EUR/JPY could drop to 133.50 by month-end†(Macro Scan 24th February) published on Feb. 24th anticipated a sharp fall in the EUR/JPY pair to 133.50 levels by Feb-end. The idea worked as expected as the pair set a low of 133.43 on 27th Feb.
The second report titled “USD/CAD could test 1.2275 by Friday†(Macro Scan 25th February) published on Feb. 25th anticipated strength in the Canadian dollar on the back of weak anticipated US data and recovery in crude prices. However, the view failed big time as the pair rallied after sticky US core inflation, strong US durable goods data, and hawkish comments from Fed officials. Though Canadian inflation held up relatively well, it was not enough to support gains in the CAD.
The final report titled “US 10-year yield could fall to 1.8%, pushing Gold higher to USD 1240/Oz†(Macro Scan 26th February) published on Feb. 26th listed Us treasury prices and Gold as major beneficiaries of a slowdown in the US CPI. The view remains in place as the 10-year yield continues to struggle at 2%, while Gold prices are showing signs of strength above the 100-DMA located at USD 1215.54/Oz levels.
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