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 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.