Welcome to this week’s Market Blast Fundamentals where we will look at WTI (US Oil), EURGBP, AUDNZD, EURUSD, USDCHF, and the Dow Jones Industrial Average (US 30).
The Dow Jones Industrial Average reached an all-time high above 30,000 last week and, if you caught our Market Blast Video from the 16th of November we looked at the positive effects to the market with the possible appointment of Janet Yellen to the position of US Treasury Secretary.
Well, that happened and equities have climbed, with that, and with the good news about Coronavirus vaccines.
We have had a pullback this morning, probably from month-end profit-taking and here is your chance to “buy the dip” if we get more good news on Coronavirus vaccines or a US stimulus package.
The USD is still looking weaker against the other major currencies like EURUSD above $1.197 and USDCHF at 0.903 and we have a lot of economic news this week coming out of the US with Pending Home sales today, the Manufacturing and non-Manufacturing PMIs tomorrow and Thursday, 2 speeches by Jerome Powell, ADP Employment Change, and of course, the non-farm payrolls Friday.
As well, we have an Interest Rate Decision from the Reserve Bank of Australia tomorrow and we are seeing general AUD strength against most accept the NZD.
GBP is mixed but we are expecting news this week as the UK might be the first country to approve Coronavirus vaccines and we hope to see progress on Brexit talks.
Talks in OPEC are continuing today and, if they can agree on production cuts we should see the price of WTI and Brent Crude improving.
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus 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 ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.