Dollar Strengthens Across the Board


Currencies

  • The euro (EUR) opened lower at 1.3205 this morning against the US dollar (USD) as the European Central Bank (ECB) signalled that there might be more stimulus measures to help growth. The single currency is under pressure as the German Ifo Business Climate will be announced and is expected to be at 107.1
  • The US dollar (USD) opened higher at 104.25 against the Japanese yen (JPY).. The greenback continues to be the strongest currency, after the Jackson Hole Symposium, where Janet Yellen increased speculation for an earlier increase in interest rates despite that the labour market still have further to heal before raise interest rates.

Equities

  • US equities record new all-time high as the US economy seems to recover faster. The US 500 (SPI) advanced to a record 1994, the US 30 (DOW) climbed to 17048 and the US Tech (NDQ) record high at 4072.

Commodities

  • Soybean (SOY) dropped to a 4-year low at 1031.88 USD cents per bushel as US crop supply seen at its highest.

Mover & Shaker with forex options

  • Gold (XAU) fell to 1274 before rebounds back to 1280 on Friday after Yellen’s speech on the Jackson Hole Symposium. As volatilities remain low, options buyers are finding bargain strategies to capitalise on market movements.
  • Option traders may consider constructing a Straddle on the XAUUSD and gain if the pair moves in either direction, while the risk is limited to the premium paid.
  • A Straddle can be constructed by buying an at the money Put and Call. 

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EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE

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EUR/USD remains depressed below 1.0800, as traders lack directional impetus 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. 

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GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday

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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. 

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Gold ends Q1 2024 at record highs, what’s next?

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Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.

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Ripple's move above this key level could trigger nearly 50% rally for XRP

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Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.

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US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount

US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount

The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.

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