Currencies
- The euro (EUR) rebounded from is low at 1.3789 up to 1.3850 against the US dollar (USD). The euro erased part of its losses as the Fed chair, Janet Yellen, stated yesterday that Fed has a commitment to support the US economy.
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The British Pound (GBP) skyrocketed almost 120 pips and climbed up to its four year high at 1.6836 against the US dollar (USD). The sterling made a rally yesterday after the UK unemployment rate fell down to 6.9%, far below the expectations of 7.2%.
Equities
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The European stocks rallied as companies reported their financial results and the EU Stocks 50 (ESX) rose from yesterday’s low at 3009 all the way up to 3091.
Commodities
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Natural Gas (NGS) swing between gains and losses and is now trading around 4.550 US dollars per mmBTU. The energy is under pressure as the Energy Information Administration will release its weekly Natural Gas Storage report at 14:30 GMT and forecasts show 35 Billion held in the underground storage during last week.
Mover & Shaker with FX Options
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The US dollar (USD) increased sharply from 1.0958 all the way up to 1.1032 against the Canadian dollar (USD). The loonie depreciated after the Bank of Canada (BoC) press conference, which was dovish and signalled slow growth on exports.
- The monthly Canadian CPI due at 12:30 GMT and options traders may consider constructing a Bull Call Spread on USDCAD as the pair may continue its upside.
- A bull call spread can be constructed by purchasing an at-the-money Call and selling an out-of-the-money Call.
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Editors’ Picks
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD holds positive ground above 1.0700, eyes on German CPI data
EUR/USD trades on a stronger note around 1.0710 during the early Asian trading hours on Monday. The weaker US Dollar below the 106.00 mark provides some support to the major pair.
Gold trades on a softer note below $2,350 on hotter-than-expected US inflation data
Gold price trades on a softer note near $2,335 on Monday during the early Asian session. The recent US economic data showed that US inflationary pressures staying firm, which has added further to market doubts about near-term US Federal Reserve rate cuts.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.