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Strong US Dollar Pulls USDCHF Higher

The Swiss franc has been in an uptrend since February 7, following a path of successively higher peaks and troughs. This was propelled by the rallying US dollar, as well as the recent monetary easing implemented by the Swiss National Bank. Traders are expected to closely monitor the currency pair in light of the forthcoming release of significant economic data that could potentially impact currency valuations.

GBPJPY Rebounding Challenged

The GBPJPY pair is off to a fresh start this week with a bullish candlestick, signaling the end of a short-term decline of two consecutive bearish sessions. As of now, the exchange rate is hovering slightly above the support level of 191.315 and is showing signs of gaining momentum to reach the resistance level of 193.533.

Rebounding US Dollar Exerts Downward Pressure On Crude

Despite a more-than-anticipated decrease in crude oil stockpiles, the commodity closed the week at $81.222 per barrel. 

EURUSD Under Pressure

The inflationary pressure in the United States has caused a decline in the EURUSD exchange rate, which can be attributed to the optimistic Purchasing Managers' Index (PMI) data.  On the other hand, the corresponding PMI data from France and Germany have suffered significant declines.  As a result, the US dollar index has increased, which has also impacted the EURUSD price.

Aussie Rallies Amid Impressive Jobs Data

The Australian Dollar experienced a significant surge in value following the release of the February Labour Force report, which surpassed expectations.  The impressive employment data has prompted a positive response from investors, resulting in a rally for the Australian Dollar.  Traders are expected to closely monitor the AUDUSD currency pair in light of the forthcoming release of significant economic data that could impact currency valuations.

Gold Potential Retracement Ahead

The price of Gold concluded the week above the 23.6 percent Fibonacci retracement of the recent rally amid mounting inflationary pressure, the appreciation of the US Dollar, and the potential for an extended period of high interest rates. It is important for traders to closely monitor the price trends of the precious metal especially in light of the forthcoming release of significant economic data that could impact the direction of Gold prices in the market. 
 

Downward Pressure On GBPUSD

The recent upswing of the Pound Sterling appears to have halted, albeit temporarily, following its peak at the exchange rate of 1.28936, which may be attributed to the release of stronger-than-anticipated inflation US data, the strengthening of the US Dollar Index, and the Federal Reserve's hawkish stance. Further analysis and staying informed about economic events and geopolitical developments will be essential in making informed trading decisions in the GBPUSD market.

USDJPY Tumbled Amid Mixed Job Results

The latest employment figures in the United States have produced mixed results, leading to uncertainty in the market.  Additionally, speculation surrounding the Bank of Japan's potential exit from its negative interest rate policy has contributed to a downward trend in the USDJPY exchange rate, resulting in four consecutive bearish trading sessions.

Expectations Running High For NFP

Expectations are running high as traders brace for the next NFP release, which is scheduled for later today.  Consensus estimates project a job addition of 198,000 for the month, with the unemployment rate forecast to be 3.7%.  It is crucial for market participants to pay attention not only to the headline figures but also to underlying details, such as wage growth and labor force participation.

Worries about Global Demand Push Crude Oil Lower For Two Consecutive Sessions

The price of Crude Oil has registered a second consecutive decline, currently standing at 78.442 US dollars per barrel.  The downward retracement is attributed to various factors, including concerns regarding the outlook for Chinese demand, an anticipated increase in US Crude Oil inventories for the previous week, due to be announced later today, and delays in physical oil deliveries due to geopolitical tensions.  Traders will closely monitor the market today due to significant economic data releases and their potential impact on Crude Oil.