Frank Walbaum
FX Strategies.Asia
Important News for the week
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Wed, 12th, 14:30 CET US Consumer price index.
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Thu, 13th, 08:00 CET UK Gross domestic product.
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Fri, 14th, 14:30 CET US Core retail sales.
More tariffs
US President Trump stated that more tariffs will be implemented. 25% would be added to the import of steel and aluminium. More tariffs will also be added during the first days of this week. India and Japan brought potential concessions towards the US to the table. Furthermore the European Union would give in over tariffs being implemented over the import of vehicles into the United States.
Market talk
After a strengthening Dollar last week on Friday due to the weaker than expected NFP data, the Greenback started losing steam since the beginning of the week. The risk sentiment then resumed its upside momentum and also crypto markets went higher so far. The weakness of the Dollar might be of help as well for precious metals. Silver is inching higher, and also Gold prices created new record highs. Market participants seem to favour diversity in current markets. After gearing up some steam also the JPY had lost momentum today. All JPY pairs keep moving higher, which might just be a retracement.
Tendencies in the markets
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Equities positive, USD weak, cryptos positive, oil sideways, Silver positive, Gold positive, JPY weaker.
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Editors’ Picks
AUD/USD: Extra consolidation appears on the cards
AUD/USD set aside a two-day recovery past the 0.6300 hurdle and came under pressure on Wednesday, always in response to US tariff fears and the marked bounce in the Greenback.
EUR/USD: Further downside could retest the 200-day SMA
EUR/USD accelerated its losses and retested lows near the 1.0740 zone on the back of the stronger US Dollar and persistent jitters surrounding potential tariffs on EU imports as soon as next week.
Gold remains slightly offered just above $3,000
Gold is trading in a narrow range on Wednesday but continues to hold firm just above the $3,000 mark. The precious metal is drawing support from upbeat sentiment in the broader commodities space, buoyed by Copper’s surge to a fresh all-time high earlier in the day.
Crypto Today: SHIB, DOGE and PEPE enter $6B gains as BTC aims at $90k
Cryptocurrency market capitalization dips 1.3% to hit $2.9 trillion on Tuesday, with market indicators showing capital rotation toward memecoins.
Sticky UK services inflation shows signs of tax hike impact
There are tentative signs that the forthcoming rise in employer National Insurance is having an impact on service sector inflation, which came in a tad higher than expected in February. It should still fall back in the second quarter, though, keeping the Bank of England on track for three further rate cuts this year.
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