EUR/USD consolidates below 1.0850 amid upbeat mood
EUR/USD is easing below 1.0850 in the early European morning. Traders turn cautious, despite easing banking fears, as the focus shifts toward the euro area inflation data. The pair's pullback could be also attributed to a broad US Dollar rebound.
GBP/USD turns south toward 1.2300 as US Dollar rebounds
GBP/USD is heading back toward 1.2300, fading the Asian bounce in early Europe. Broad-based US Dollar rebound, despite a better market mood and sluggish US Treasury bond yields, is weighing on the pair. US housing data awaited.
Gold bears eye $1,930 as mixed sentiment underpins US Dollar rebound
Gold price (XAU/USD) renews its intraday low around $1,960 as it reverses the previous day’s corrective bounce amid early Wednesday in Europe. The precious metal’s latest losses could be linked to the US Dollar’s rebound amid fresh challenges to the risk appetite emanating from China.
Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?
Ethereum transition from Proof-of-Work to Proof-of-Stake was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one. The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply.
Market mood improves as banking fears ease
This week, financial markets will focus on key inflation figures from across the globe, speeches by Fed officials, and the US Senate hearings on SVB. Although some normality seems to be returning to markets, this could easily be disrupted by negative news.
DEEPER DIVE
Crypto altcoin season is around the corner
Since the end of November 2022, Bitcoin has gained around 80% of its market cap, hitting the $28 000 level. The largest part of this movement started on March 10, when the Fed announced an additional liquidity injection to save the country's banking system.
How high will precious metal prices go in 2023?
It’s official: Gold is everyone’s favourite trade once again and that's set to continue throughout 2023 on growing risk of further banking turmoil, a looming credit crunch and rising hopes of a Federal Reserve pivot.
Is the banking crisis over, or is the worst yet to come?
Few anticipated that the banking sector would get caught up in the crossfire of the Fed’s battle against high inflation. After all, banks traditionally perform better in higher interest rate environments as their profit margins improve.
FXS Signals
Technical Confluences Detector
Gold bears prod $1,960 support as bank fears ease
Gold price drops to a fresh intraday low of $1,955 as bears struggle to retake control, after an earlier retreat, during Tuesday’s European session. The bright metal’s latest weakness could be linked to the market’s optimism surrounding the banking sector as policymakers try hard to allow all means to stop financial markets from busting.
Gold Price: Key levels to watch
As per our Technical Confluence Detector, the Gold price seesaw around the $1,960 level comprising the previous monthly high and 200-HMA. Adding strength to the stated trading filter is the middle band of the Bollinger on the 15-minute chart.
Given the ongoing bearish bias, a sustained downside break of $1,960 could quickly drag the Gold price towards $1,951 support confluence comprising the Fibonacci 23.6% on one-week and one-day.
CRYPTOCURRENCIES
Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?
Ethereum transition from Proof-of-Work to Proof-of-Stake (PoS) was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one. The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off
Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price
Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
THE STOCK OF THE DAY
Alibaba (BABA) shares rise 10% as company breaks up into six entities
BABA stock has surged 9.9% in Tuesday's premarket to $94.60 after the digital conglomerate announced its plan to split up into six separate entities. The company's ADRs are down 73% from its late 2020 highs when Alibaba founder Jack Ma got into hot water with regulators for a speech he gave calling for better financial regulation ahead of the related Ant Financial IPO.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
EUR/USD: The beginning of the end of the tightening cycle Premium
The EUR/USD pair traded as high as 1.0929 this week but ends it with modest gains around the 1.0750 area. The US Dollar eased throughout the first half of the week amid a better market mood, as the banking financial crisis receded on the back of governments’ actions taken throughout the weekend.
GBP/USD: Bulls set to take out the critical 1.2450 barrier Premium
The Pound Sterling extended its winning momentum into the second week against the United States Dollar (USD). Investors brushed aside global banking sector tensions as the central banks' decisions led the way. The GBP/USD pair briefly recaptured the 1.2300 level, having found strong support at 1.2000 a fortnight ago.
Gold: $2,000 proves to be a tough resistance to crack Premium
Gold price advanced beyond $2,000 to start the week but staged a deep correction afterwards. The Federal Reserve’s dovish surprise combined with the souring market mood, however, helped XAU/USD regain its traction in the second half of the week.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.
FX next week: Weekly and long term targets
Since February and March as written, EUR/USD targets 1.1048 on a break of 1.0913. EUR/USD for yesterday's Fed day traded to 1.0911. As usual, the currency price brought us to the brink. Most important to 1.1048, EUR/USD bottomed in March at 1.0500's on a known target at 1.1048.
Weekly Focus: Central banks hold steady course despite banking jitters
With the big central bank meetings out of the way, developments in the banking sector will continue to set the tone for markets in the near-term. In the US, focus remains on any signs of tightening bank credit standards, the use of Fed's liquidity facilities and FOMC commentary.
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