Talking-Forex.com
Talking-Forex.com
Plenty of themes running through the market today, but early European focus was on a meeting between some of the leading Oil producers. Clearly there was some hope for an ‘adjustment’ to output levels, so the agreement to freeze production (unilaterally) was not well received. Saudi Arabia alluded to further supply side consideration, but Iran only agreed to the ‘freeze’ at pre sanction levels. This all proved negative for Oil, eventually taking out $29.0, leading to a USD/CAD move on 1.3900 late in the day. Equities also suffered on this, with the added weight of ongoing banking sector concerns, but US stocks weathered this well to contain the USD/JPY hit through 114.00. Brexit fears dominating GBP again, and after a short squeeze in Cable took out, 1.4500, it was pretty much one way traffic from here, with losses gathering momentum as a series of stops were triggered through 1.4400. EUR/GBP pushed up through .7800, but this was short lived, as USD gains then spread through to the EUR, AUD and NZD. The Fonterra auction was not as bad as the futures market had suggested, but the brief NZD upturn was followed up swiftly with a return to fresh lows on the day. AUD dipped back under .7100 after showing some resilience post RBA minutes.
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Editors’ Picks
GBP/USD stays below 1.2450 after UK employment data
GBP/USD trades marginally lower on the day below 1.2450 in the early European session on Tuesday. The data from the UK showed that the ILO Unemployment Rate in February rose to 4.2% from 4%, weighing on Pound Sterling.
EUR/USD steadies above 1.0600, awaits German ZEW and Powell speech
EUR/USD is holding above 1.0600 in the European morning on Tuesday, having hit fresh five-month lows. The pair draws support from sluggish US Treasury bond yields but the rebound appears capped amid a stronger US Dollar and risk-aversion. Germany's ZEW survey and Powell awaited.
Gold price holds steady below $2,400 mark, bullish potential seems intact
Gold price oscillates in a narrow band on Tuesday and remains close to the all-time peak. The worsening Middle East crisis weighs on investors’ sentiment and benefits the metal. Reduced Fed rate cut bets lift the USD to a fresh YTD top and cap gains for the XAU/USD.
SOL primed for a breakout as it completes a rounding bottom pattern
Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold. For SOL, however, the sensational altcoin could have a big move in store.
Key economic and earnings releases to watch
The market’s focus may be on geopolitical issues at the start of this week, but there is a large amount of economic data and more earnings releases to digest in the coming days.