AUD/USD stays directed toward 0.6500 as RBA's Bullock speaks
AUD/USD is extending losses toward 0.6500 in Asian trading on Tuesday. The Aussie Dollar remains offered after the Reserve Bank of Australia extended the pause. Markets digest the less hawkish policy statement while Governor Bullock's press conference gets underway.
USD/JPY recaptures 150.00 after the expected BoJ rate hike
USD/JPY extends gains to regain 150.00, as the Japanese Yen stays vulnerable amid a classic 'sell the fact' trading on the hawkish BoJ decision. The BoJ lifted the interest rate by 10 basis points (bps) from -0.1% to 0% for the first time since 2007 and abandoned the YCC framework.
Gold price hangs near one-week low, looks to Fed decision on Wednesday for fresh impetus
Gold price struggles to capitalize on the previous day's bounce from the $2,145 region and oscillates in a range during the Asian session on Tuesday. Hawkish Fed expectations, elevated US bond yields and a bullish USD cap the upside.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin price downside momentum continues to gain strength, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle.
Lots of tension ahead of this week's Fed decision
Last week, we got a strong round of US economic data accompanied by hotter US inflation reads. The takeaway of course is that there might be a lot more pressure on the Fed to be looking to scale back its rate cut outlook at this week’s meeting.
DEEPER DIVE
Do elections affect economic activity?
We wrote reports in 2016 and again in 2019 to determine if election periods had a significant impact on U.S. economic activity. With the 2024 presidential election right around the corner, we revisit that analysis.
Eurozone – Still caught between stagnation, transition and geopolitics
The eurozone as a whole is still struggling to break free from sluggish growth. And with numerous elections this year, efficient decision-making is becoming increasingly difficult.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
FXS Signals
Technical Confluences Detector
Gold awaits Bull Flag confirmation and central banks’ verdicts Premium
Gold price is holding the previous rebounding in Asian trading on Tuesday, as buyers take a breather ahead of the upcoming key central banks’ policy decisions. The US Dollar (USD) is stretching higher amid a risk-averse market environment, shrugging off some weakness in the US Treasury bond yields.
Gold price looks to BoJ and RBA ahead of the Fed verdict
Gold price is looking to extend the week start’s upswing but a renewed US Dollar demand seems to be keeping the upside in check. Investors are flocking to safety in the US Dollar ahead of the key Bank of Japan (BoJ) and Reserve Bank of Australia (RBA) policy announcement.
CRYPTOCURRENCIES
WIF price rallies 60% as Dogwifhat’s photo sells as NFT for $4.3 million
Solana meme coin Dogwifhat’s photo was purchased by web3 pioneer Global Coin Research as an NFT. GCR’s purchase likely catalyzed a rally in WIF, with prices increasing 60% on Monday.
Solana-based meme coin SLERF surges more than 3,700% as developer burns $10 million presale tokens
Solana-based tokens have dominated the meme coin narrative with nearly double-digit gains in the past week. A recently launched meme coin project called SLERF is making headlines for the “accidental” burn of nearly 50% of the token’s supply.
XRP price recovery likely catalyzed by upcoming lawsuit deadline and key events for XRP holders
XRP price wiped out its weekly gains over the weekend but managed to stay above $0.62 early on Monday. XRP price begins recovery on Monday as traders anticipate activity in the altcoin with upcoming events.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
THE STOCK OF THE DAY
TSLA sinks to lowest level in 10 months following price target cut to $125
TSLA stock throttled 4.5% lower to $169.48 after the bank cut its price tag from $200 all the way to $125, citing lower demand and growth. Tesla is now trading at its lowest level in ten months, falling below $169 afterhours.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Can the Federal Reserve save the US Dollar? Premium
EUR/USD buyers took a break last week, leaving the weakened US Dollar some room to marginally advance. The EUR/USD pair was down from its Monday opening at 1.0938 and settled at around 1.0890.
GBP/USD: Pound Sterling loses shine after hitting seven-month highs Premium
The Pound Sterling (GBP) gave into the US Dollar (USD) resurgence, as GBP/USD registered a sharp correction from seven-month highs of 1.2894 reached a week ago.
US Dollar: Inflation risks give some strength as Federal Reserve decision looms Premium
During a very constructive week, the US Dollar (USD) managed to regain some composure and end its first week in positive territory after three consecutive declines, motivating the USD Index (DXY) to reclaim the area beyond 103.00 in the latter part of the week.
Gold: XAU/USD backs off from record highs amid still-hot US inflation pressures Premium
Gold retreated marginally from all-time highs as US T-bond yields edged higher. Near-term technical outlook shows XAU/USD is still overbought. The Fed will announce policy decisions and publish the dot plot next week.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.
Week ahead – Five central banks: Who will hike, who will not cut?
The upcoming week will undoubtedly be one of the busiest, not to mention the most important, of the year for investors with five major central bank decisions on the way, along with a plethora of economic data.