Brad Alexander
FX Large Limited
I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at Gold (XAUUSD), USDCHF, USDJPY, EURGBP, EURJPY, and EURUSD.
Last week the bank, Credit Suisse, borrowed $50 Billion from the Swiss National Bank and share prices plummeted.
This caused the EUR to fall to this level of support at just over $1.05, but just the next day the ECB announced their expected Interest Rate rise by 0.5% sending the EUR back up.
Not every pair recovered like EURUSD, however, with EURGBP and EURJPY still at these levels of support.
As you can imagine, the CHF fell as well, even though we had seen it as the strongest currency for a couple of weeks.
We now see consolidation in many pairs like USDCHF and CADCHF and we will take a look at these from a technical view tomorrow.
CHFJPY, however, has fallen to this level of support above 141 based on JPY strength.
This precludes CHF as a normally safe haven currency so investors have gone to the JPY and Gold!
Gold has climbed to over $2,000 and we can see on the daily chart just where we are relative to one year ago.
We have a lot to trade this week on the Economic Calendar including Interest Rate decisions from the US Federal Reserve, the Swiss National Bank, and the Bank of England.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.