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The U.S. crude oil futures soared 25.0% to $27.32 a barrel, and Brent was up 21.0% to $30.94 a barrel. One of the major reasons behind such a bullish trend was a tweet from U.S. President Trump.
The EUR/JPY is trading at 117.150, holding mostly below a strong resistance level of 117.350, which is extended by the double top pattern. On the 4 hour timeframe, EUR/JPY may find a hard time breaking above 117.350 resistance due to an increased level of uncertainty and safe-haven appeal in the market. Alongside, a series of weaker than expected services PMI figures from the Eurozone may weigh on the EUR/JPY currency pair.
01 USDSEK Daily chart price consolidation
On the forex front, the U.S. dollar strengthened against its major peers, with the ICE Dollar Index climbing 0.6% on the day to 100.10. Today's eyes will be on the Markit that will publish final readings of March Services PMI for the eurozone (28.2 expected), Germany (34.2 expected), France (29.0 expected), the U.K. (34.8 expected) and the U.S. (38.5 expected). The European Commission will post February retail sales (+0.1% on month expected).
On Thursday, the precious metal gold prices soared over 1% to trade around 1,608 in the wake of record-high U.S. jobless claims. The U.S. unemployment claims rose for a second week in a series over intensified concerns of economic damage because of coronavirus, which eventually drove traders towards the safe-haven metal.
During the U.S. session, the USD/CHF pair is exhibiting some dramatic bullish movement as it's prices are trading at 0.9745. What's more surprising is, the U.S. unemployment claims figures are even worse than economists had expected, despite this, the U.S. dollar is gaining bullish momentum.
Chart EUR/JPY H1 Chart
On the forex front, the ICE U.S. Dollar Index rose 0.5% on the day, to 99.47, supported by weak but better-than-expected U.S. economic data. On Thursday, the eyes will remain on the European Commission, which is due to report February January PPI (-0.8% on year expected). In the U.K., the Nationwide Building Society will publish its house price index for March (flat on month expected).
On Wednesday, the precious metal gold prices firmed as investors sought safe-haven securities following the U.S. economic figures which heightened concerns of an economic slowdown amid growing global constraints and lockdowns to fight the coronavirus pandemic.
The EUR/JPY is trading bearish, falling from 118.650 to 117 area in the wake of stronger Japanese yen and weaker Euro. On the fundamental's front, most of the news is anti-Euro, and it's likely to drive the selling trend in the Euro.
The U.S. dollar failed to keep its momentum, with the Dollar Index marking a day-high of 99.93 before closing down 0.2% on the day to 99.01. Later today, eyes will be on the Markit as it will publish final readings of March Manufacturing PMI for the eurozone (44.6 expected), Germany (45.5 expected), France (42.9 expected), the U.K. (47.0 expected) and the U.S. (48.0 expected). The European Commission will report February jobless rate (steady at 7.4% expected). The German Federal Statistical Office will post February retail sales (+0.1% on month expected). Here's a technical and fundamental outlook for today...
The WTI crude oil prices slid further, as the Trump administration extended social-distancing guidelines through April 30, leading traders to expect lower fuel consumption ahead. U.S. Nymex crude oil futures shed a further 6.6% to $20.09 a barrel, the lowest level since February 2002. Brent tumbled 8.7% to $22.76.
On Tuesday, the market is mostly focusing on the major and medium impact economic events due to come out from the Eurozone and the United States. In the U.S., the Conference Board will publish March Consumer Confidence Index (110.0 expected). The Market News International will release March Chicago PMI (40.0 expected). S.P./Case-Shiller will report the 20-City Composite Home Price Index for January (+0.4% on month expected).
The U.S. Dollar Index slid 0.9% on the day to 98.36 on Friday, wiping out most of its gains made in the prior week. During the day ahead, eyes will be on the European Commission will report the Eurozone's March Economic Confidence Index (93.1 expected) and final readings of the Consumer Confidence Index (-11.6 previously).
The USD/JPY has violated the horizontal support level of 108.300, which can ve seen on the 4-hour chart. Closing of candles below this level may extend selling bias until 107.450 as the demand for safe-haven assets remains solid.
This is a Double top formation in the cable pair, where price action hit the key 1.2300 area on two occasions and where the UK Prime Minister Boris Johnson has tested positive for the Covid-19 virus.
The greenback fell against its major peers, with the Dollar Index dipping 0.7% on the day to 100.94, down for a 4th consecutive session. France's INSEE will release March Consumer Confidence Index (91 expected).
The GBP/USD trades bullish around 1.2030 in the wake of less dovish than expected monetary policy decisions. The central bank left the interest rate unchanged at 0.10%. However, it has warned that the measure and term of the economic collapse arising from the coronavirus pandemic will be "wide and dramatic but should eventually prove short-lived."
The greenback weakened against its major rivals, with the U.S. Dollar Index dropping 0.7% on the day to 100.94, down for a fourth straight session. For now, the focus shifts to the major economic events which will be releasing through the day.
The Japanese cross currency pair GBP/JPY has dropped to trade at 130.300 as investors are moving towards safe-haven assets such as gold and Japanese yen. At the same time, traders seem to cash out from Sterling, causing it to tumble to its lowest level on record versus the currencies of the United Kingdom's major trading partners.
The U.S. stocks soared on news of Congress is close to passing a substantial coronavirus relief bill. The sentiment was further boosted by President Donald Trump's comments that he would like the U.S. economy to reopen by Easter in mid-April. The Dow Jones Industrial Average surged 2113 points (+11.4%) to 20,704, its biggest one-day percentage gain since 1933. The S&P 500 jumped 209 points (+9.4%) to 2,447, and the Nasdaq 100 rose 546 points (+7.8%) to 7,553.
This is a classic head and shoulders pattern where the neckline has been breached and we expect price to fall to our target line which is a previous line of support.
The EUR/USD is showing sideways trading in between the narrow trading range of 1.0885 - 1.0770. On the hourly chart, the EUR/USD has formed an upward channel, which is a key setup right now. If the EUR/USD manages to break below 1.0775 area, we may see further selling in the pair until the next support level of 1.0720. Conversely, the closing of candles above 1.0770 can drive a bullish trend until 1.0850 and even higher towards 1.0885.
The U.S. Dollar Index regained bullish bias at 102.81, while U.S. stock scored daily downside limits. Federal Reserve Bank of St. Louis President James Bullard said U.S. jobless rate might soar to 30% in the second quarter, and the Fed can provide more support if necessary. The U.S. official data showed that existing home sales amounted to an annualized rate of 5.77 million units in February, higher than expected.
The AUDJPY cross, in its hourly chart, shows the bounce reaction that the price made once the cross touched level 59.869 being the lowest level since early March 2009.
The EUR/USD pair is trading with a bullish bias, bouncing off above 1.0640 level to trade at 1.0770 on the daily timeframe. Technically, the EUR/USD pair seems ready to show a bullish correction until 1.0990, but we can't take the risk of holding swing trade considering the volatile nature of the market these days.
During Asian trading hours Monday, the ICE U.S. Dollar Index regained strength at 102.81, while U.S. stock futures hit daily downside limits. Federal Reserve Bank of St. Louis President James Bullard said U.S. jobless rate might soar to 30% in the second quarter, and the Fed can provide more support if necessary.
The U.S. dollar strengthened further as other major central banks eased their monetary policies. The ICE Dollar Index jumped 1.8% on the day to 102.94, posting a three-day rally to the strongest level since Jan. 2017.
The WTI crude oil has dropped to the weekly support level of 20, before bouncing off to trade at 23.94. Despite the small recovery in oil prices, analysts continue to give a warning about the coronavirus negative impact on the global market because the cases continue to rise and death losses as well.
On the forex front, the ICE U.S. Dollar Index surged 1.3% on the day to 100.91, the highest level since April 2017. The U.S. Labor Department will release initial jobless claims in the week ended March 14 (220,000 expected).
The US dollar strengthened against its major peers, with the ICE Dollar Index jumping 1.3% to a three-week high of 99.38. Later in the day, the European Commission will post final readings of February CPI (+1.2% on-year expected) and January trade balance (19.2 billion euros surplus expected).
The WTI crude oil prices flashing red falling from $30 to $28.70 in the wake of the coronavirus outbreak and uncertainties encompassing the price war between Saudi Arabia and Russia.
On the forex front, the U.S. dollar encountered a volatile trading session, with the ICE U.S. Dollar Index dropping 0.8% to 98.00. ZEW survey results in March will be released for Germany (current situation at -30.0, expectations at -27.2 expected) and the eurozone. The U.K. Office for National Statistics will publish a jobless rate for the three months to January (steady at 3.8% expected).
Crude oil prices fell sharply to trade below $29 after showing a slight bullish recovery during the previous week. Crude oil prices benefited from President Trump's saying that his government is to buy large quantities of crude oil for the Strategic Petroleum Reserve to take advantage of lower oil prices. Nymex crude oil futures rose 2.8% to $31.87 a barrel, and Brent rebounded 4.3% to $34.07.
During Asian trading hours on Monday, the ICE U.S. Dollar Index dropped 1.1% to 97.67, giving up most of its gains made in the prior session, as the Fed slashed interest rates over the weekend. The U.K. house price grew 1.0% on month in March (+0.8% in February), according to the home-listing website Rightmove.
The WTI crude oil prices flashing green and recovered to $32.35, mainly after the emergency liquidity injected from the United States Fedra Reserve. The fresh geopolitical tension from Iraq supporting the energy prices. Moreover, the reason behind the oil price recovery could also be the surprise infusion of liquidity from the Bank Of Japan. The U.S. Crude Oil WTI Futures traded 2.7% higher to $32.35.
On the forex front, the U.S. dollar gained traction on Thursday, with the ICE Dollar Index climbing 1.0% on the day to 97.50. The U.S. official data showed that producer prices declined 0.6% on month in February (-0.1% expected), and initial jobless claims fell to 211,000 in the week ended March 7 (220,000 expected).
On Thursday, the precious metal fell dramatically despite worries about the economic influence of the coronavirus break on the global market.s The United States rejected flying from virus-infected Europe, although gains were capped as investors covered margin calls after plunge inequities.
The U.S. dollar strengthened versus its major peers for a second straight session, with the ICE Dollar Index bouncing 0.2% on the day to 96.60. The European Central Bank will announce its key policy rates (deposit facility rate at -0.5% expected). The European Commission will report January industrial production (+1.5% on month expected). During the U.S. session, the U.S. Labor Department will release February PPI (+1.8% on-year expected), and initial jobless claims in the week ended March 7 (220,000 expected).