DAILY MARKET OUTLOOK on Major
Update Time: 22 Mar 2019 05:30GMT
EUR/USD - 1.1363
Despite the single currency's rise to a fresh 6-week peak at 1.1448 on Wednesday on the Federal Reserve's dovish hold, subsequent selloff to 1.1343 yesterday suggests upmove from March's 20-month trough at 1.1177 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1294, however, loss of momentum would keep price above 1.1278 and yield correction early next week.
On the upside, only above 1.1448 would revive bullishness for further gain to 1.1489 but psychological resistance at 1.1500 would hold initially and bring retreat.
Data to be released on Friday :
Australia manufacturing PMI, services PMI, Japan CPI, Nikkei manufacturing PMI.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU current account, Markit manufacturing PMI, Markit services PMI, UK PSNB, PSNCR.
Canada CPI, retail sales, U.S. Markit manufacturing PMI, Markit services PMI, existing home sales, wholesale inventories, wholesale sales, Federal budget.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.