TRENDING:

XAU/USD

Silver

Macro Events & News

Andria Pichidi HFM

FX News Today

Asian indices broadly higher amid fresh hopes on the US-Sino trade front.

BoJ kept policy unchanged as expected, exports seen weighing on outlook.

Trump-Xi summit pushed back to end of April, USTR cited “major issues”.

Xinhua news agency reported that Chinese Vice Premier Liu He had a telephone conversation with US Secretary Mnuchin and US Trade Representative Ligthizer and that further substantive progress on trade talks has been made.

UK lawmakers backed a delay to the Brexit process.

PM May set to ask for a short term extension if her deal gets through by March 20, i.e. before the next EU summit, or a long term delay if not.

European stock futures are moving higher in tandem with US future.

WTI future is trading at USD 58.76 per barrel.

EURUSD softer after posting 9-day high at 1.1341 following soft U.S. PPI

USDJPY lifted to 1-week highs above 111.70; Yen wary of BoJ dovish tone.

Charts of the Day

Technician’s Corner

EURUSD found a floor at 1.1310 after rebounding from 1.1290. Remains overall in an uptrend. The same positive bias held intraday as well, with MAs pointing upwards, with RSI sloping above 50.

GBPUSD is traded in a descending triangle. Support is held at 50-period SMA at 1.3225 and Resistance 1.3265. A break of these barrier could suggest the near term direction for Pound.

XAUUSD rebounded from 1297 and broke earlier the 1300 barrier. Upper Bollinger bands are extending higher while the asset regain more than 60% of the losses seen yesterday, turning the negative near term outlook to positive one.

Main Macro Events Today

BoJ Koruda Speech -Due to speak at the B20 Tokyo Summit.

EU Final CPI – The overall Eurozone HICP is anticipated at 1.5% y/y.

Canadian Manufacturing Sales – the Manufacturing shipment values are expected to edge 0.5% higher in January after the 1.3% drop in December.

Michigan sentiment and Industrial data – Industrial production is projected to rise 0.4% in February, after a 0.6% drop in January, while capacity utilization should rise to 78.4% from 78.2% in January. An early March Michigan sentiment reading is expected of 96.0 , up from 93.8 in February, but well below the 14-year high of 101.4 last March.

Support and Resistance

Author

Andria Pichidi

HFM

Having completed her five-year-long studies in the UK, Andria Pichidi has been awarded a BSc in Mathematics and Physics from the University of Bath and a MSc degree in Mathematics, while she holds a postgraduate diploma (PGdip) in

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.