EUR/USD continues to trade in positive territory above 1.0700
EUR/USD has managed to stay in positive territory above 1.0700 despite having retreated modestly in the early American session. ECB President Lagarde reiterated that inflation in the Eurozone is projected to remain too high for too long, helping the Euro keep its footing.
Gold falls below $1,980 as US yields rebound
Gold price has turned south and dropped below $1,980 after having rallied to a fresh multi-month high of $2,010 earlier in the day. The 10-year US Treasury bond yield has turned positive on the day near 3.5% following the sharp decline seen in the European session and weighed on XAU/USD.
GBP/USD rises to fresh multi-week highs above 1.2250
GBP/USD has gathered bullish momentum and advanced to its highest level since mid-February above 1.2250 on Monday. The US Dollar struggles to find demand following a mixed opening in Wall Street and allows the pair to cling to its daily gains.
Bitcoin price primed to revisit $33,000 as global market turmoil rages on
Bitcoin (BTC) price is rallying in a full recovery story after a harsh and long crypto winter through most of 2022.
UBS ends Credit Suisse Crisis with $3.25 billion buyout, CS stock purchased for 0.76 CHF
Credit Suisse is no more. Over the weekend the Swiss National Bank organized a buyout of the struggling bank by the only other Swiss lending giant – UBS.
DEEPER DIVE
Silicon Valley Bank – What happened, and why is it so crucial for the markets?
The American SVB has become officially bankrupt. The collapse happened so quickly that it was hard to believe the reality of what was happening.
What’s next for Gold price as Fed mulls next rate hike?
After an explosive start to the week, Gold prices are currently moving in a tight range as traders await a fresh fundamental spark to ignite the precious metals next big move.
Week Ahead – Fed decision to fuel volatility in nervous market
With cracks appearing in the US banking system, markets think there’s a chance the Fed won’t raise rates next week. The most likely outcome is a rate increase accompanied by high rate projections
FXS Signals
Technical Confluences Detector
Gold bulls approach $1,955 with eyes on Fed
Gold price braces for the biggest weekly gains since early November, during a three-week winning streak, even as markets appear easy on Friday after a volatile week. The precious metal grinds higher past the $1,925 resistance confluence amid cautious optimism.
Key levels to watch
Our Technical Confluence Detector shows that the Gold price stays comfortable above the immediate key support surrounding $1,925, encompassing Pivot Point one-month R1 and Fibonacci 38.2% on one-day.
Also acting as the crucial downside support is the $1,920 mark that includes 10-HMA and the upper band of the Bollinger on the Daily formation.
It’s worth noting that Pivot Point one-week R2, around $1,912, acts as the last defense of the XAU/USD bulls.
CRYPTOCURRENCIES
Bitcoin price primed to revisit $33,000 as global market turmoil rages on
Bitcoin (BTC) price is rallying in a full recovery story after a harsh and long crypto winter through most of 2022. With both yields and the US Dollar fading, the two biggest kryptonites for Bitcoin bulls are fading and losing their grip on the downtrend.
SEC v. Ripple: John Deaton says Hinman documents will be made public and support defense for Coinbase, Binance
XRP-friendly lawyer John Deaton believes Hinman emails are key to the legal battle between US financial regulator Securities and Exchange Commission (SEC) and payment giant Ripple.
Is this gaming token ready to plummet after a 56% rally in the last week?
With the Game Developers Conference between March 20 and 24, gaming tokens witnessed a massive boost in their prices. IMX token yielded 56% gains since March 13, alongside other blue-chip gaming tokens.
Here is what needs to happen for Ethereum price to rally 20%
Ethereum (ETH) price shows an exhaustion of bullish momentum after producing a clear sell signal on the four-hour timeframe. This development could result in a quick drop.
THE STOCK OF THE DAY
S&P 500 Forecast: With Credit Suisse buyout behind it, market focuses on Wednesday FOMC
The S&P 500 opened up 0.4% before the open, while the Dow advanced 1% and the NASDAQ lost 0.4%. This demonstrates the market's interest in value stocks ahead of growth after last week saw a major sell-off in banking stocks.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
EUR/USD: Between a rock and a hard place, the Fed will decide on monetary policy Premium
Financial markets were on a bumpy road this week amid concerns about the banking sector's health. The EUR/USD pair traded between 1.0515 and 1.0759 to settle above the 1.0600 mark, marginally lower from Monday’s opening.
GBP/USD: Fed, BoE and banking crisis to dictate the next direction Premium
The Pound Sterling regained the upper hand against the United States Dollar (USD), despite the global banking sector tensions. The GBP/USD pair added more than 100 pips over the week, having found strong support at the 1.2000 psychological level.
Gold: $2,000 back in crosshairs amid market turmoil Premium
Gold price started the new week on a bullish note and gained more than 2% on Monday as investors reacted to the collapse of Silicon Valley Bank (SVB) and Signature Bank.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.
FX next week: Targets, EUR, DXY, GBP, JPY, AUD
EUR/USD broke the lows this week at 1.0606 and is heading to 1.0700's again for next week. Long-term target remains 1.1042 on a break of the driver averages at 1.0900's. GBP/USD must trade higher to minimum 1.2157 and target at 1.2700's on a break at 1.2500's. Oversold Pound contains a long way to travel higher.
US: Fed should not ignore recent events
Next week, the FOMC, the US Federal Reserve's monetary policy-making body, will meet. Even before the turbulence surrounding the ultimately insolvent US bank Silicon Valley Bank (SVB), the outcome of the upcoming meeting was uncertain. Expectations ranged between a rate hike of 25 or 50 bps. With the SVB bankruptcy, expectations have shifted downward
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