Ed Ponsi, CTA
FXStreet Contributor
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Summary
Ed Ponsi discussed real-time, interactive technical and fundamental analysis of the Forex markets. View and analyze live charts and news, uncover opportunities for upcoming trades, and answer participant questions during webinar.
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EUR/USD flirts with yearly lows in the sub-1.1600 area
EUR/USD adds to Monday’s heavy losses and breaks below the key 1.1600 support on Tuesday, putting the YTD lows around 1.1570 to the test. The pair’s deep pullback comes as the US Dollar extend its strong bounce, always propped up by the intense flight-to-safety environment.
Oil targets the $80.00 mark amid US-Iran crisis
Crude oil has surged to levels not seen in over a year, trading near the $78.00 mark per barrel and edging closer to a potential test of the key $80.00 threshold. The sharp advance in WTI continues to draw support from escalating geopolitical tensions in the Middle East, the effective shutdown of shipping through the Strait of Hormuz, and mounting concerns over supply disruptions.
Gold remains offered around $5,170
Gold comes under renewed and marked selling pressure on Tuesday, hovering around the $5,170 mark per troy ounce and reversing four consecutive daily advances. The yellow metal’s bearish tone comes on the back of the increasing demand for the Greenback at the time when investors continue to trim bets on further Fed rate cuts.
Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear
The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.
Middle East conflict ramps up a gear as energy price spike rips through markets
It’s another risk off day as geopolitical headwinds continue to batter financial markets. Although markets calmed during the US session and US stocks managed to post gains on Monday, this has not fed through to the European session, and stocks and bonds are sharply lower for a second day.
Here is what you need to know on Tuesday, March 3:
The US Dollar continues to gather strength against its rivals following Monday's bullish action, with the USD Index fluctuating at its highest level since late January above 98.80 in the European morning on Tuesday. The European economic calendar will feature preliminary February Harmonized Index of Consumer Prices data later in the day. Nevertheless, market participants will remain focused on news surrounding the crisis in the Middle East and pay close attention to comments from central bankers.