Hi investors! Here’s your 5-minute overview of the forex, crypto, and stock markets with hot stories that may have an impact on your investment strategy.
Forex Market Overview
Let’s start with the Forex Market. Last week was a bit of a disappointment for those holding onto an American Dollar that was weighed down by trade tensions and an increasingly negative outlook from the Fed. The Fed’s recent interest in cutting interest rates is now an ongoing cause for concern.
While the American Dollar floundered, the Canadian Dollar was able to perform above investor expectations. The New Zealand Dollar was also able to do surprisingly well, largely due to the fact that many of the larger currencies have been struggling.
In Europe, the Pound experienced yet another disappointing performance, hurt by further Brexit uncertainties and a series of disappointing financial reports. On the mainland, the Euro performed marginally better, though the continental currency still had its fair share of ups and downs.
The Yen is yet another currency that has been down and with few Japanese reports on the horizon, it will likely remain down this week as well. The biggest reports to watch this week include American CPI numbers and retail sales figures. If you’re new to forex trading, my book, Invest Divas Guide to Making Money in Forex is the best place to start.
Taking a Closer Look at USD/JPY
On the charts, the USD/JPY pair appears to have completed a double top chart pattern on and attempting to bottom out at 108. On the 4-hour time frame, it is testing the lower band of the Ichimoku Cloud with the Tenkan line crossing about the Kijun line.
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Crypto Market Overview
Next is the crypto market. Bitcoin began last week with a bit of a slide, dropping in value from a 2019 peak around $8,800 to a June floor around $7,500. However, things are starting to look up again for the world’s largest cryptocurrency, who opened this week with a $300 rebound.
Holders of Litecoin were greeted with good news to start this week as the coin broke the $125 mark and reached its highest price in over a year. Other alt-coins also opened this week with a rally, suggesting that the crypto industry as a whole may be experiencing a fundamental change in value.
HIGH RISK Investment Trading forex (also known as foreign exchange or currencies) on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, risk appetite, and the amount of your expendable income. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should ONLY invest money that you can afford to lose! You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex Diva Trading Opinions Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and education, and does not constitute advice. Forex Diva will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
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.