Currencies
- The euro (EUR) remains range bound between 1.2413 and 1.2485 against the US dollar (USD). The single currency is paused ahead of the PMI services releases across the Eurozone. Better than expected results may push the euro higher.
- The US dollar (USD) continues the downside as it reaches its one month low at 117.10 against the Japanese yen (JPY). The yen advanced as Shinzo Abe is preparing for Abenomics 2.0 in order to boost economic growth.
Equities
- Japan 225 (NKI) collapsed down to its 6-week low at 16693, as the yen gains ground and energy prices continues the decline.
Commodities
- WTI Crude (OIL) and Brent Oil (BRT) resume the decline as they reached new lows at 55 and 60 US dollars per barrel respectively. The energy prices continue the downside as OPEC decided to maintain its production and failed to act in order prevent further decline.
Mover & Shaker with forex options
- Gold (XAU) dropped almost 35 US dollars and reached its two week low at 1190 US dollars an ounce. The precious metal tumbles as Fed begins its two day meeting with main points of discussion, the timing of interest rates increase and the unexpected crash of oil prices. A hawkish tone by Fed’s officials may pave the way towards lower lows for the metal.
- Option traders may consider buying a Put on the XAUUSD and gain if the pair moves lower, while the risk is limited to the premium paid.
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AUD/USD retargets the 0.6600 barrier and above
AUD/USD extended its positive streak for the sixth session in a row at the beginning of the week, managing to retest the transitory 100-day SMA near 0.6580 on the back of the solid performance of the commodity complex.
EUR/USD keeps the bullish bias above 1.0700
EUR/USD rapidly set aside Friday’s decline and regained strong upside traction in response to the marked retracement in the Greenback following the still-unconfirmed FX intervention by the Japanese MoF.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Bitcoin price dips to $62K range despite growing international BTC validation via spot ETFs
Bitcoin (BTC) price closed down for four weeks in a row, based on the weekly chart, and could be on track for another red candle this week. The last time it did this was in the middle of the bear market when it fell by 42% within a span of nine weeks.
Japan intervention: Will it work?
Dear Japan Intervenes in the Yen for the first time since November 2022 Will it work? Have we seen a top in USDJPY? Let's go through the charts.