EUR/USD eases to near 1.0850 on renewed USD strength
EUR/USD stays under modest bearish pressure, battling 1.0850 in the European session on Tuesday. The renewed USD strength weighs on the pair. ZEW sentiment survey will be featured in the European economic docket ahead of housing data from the US.
USD/JPY extends rally beyond 150.00 as markets assess BoJ decisions
USD/JPY preserves its bullish momentum after breaking above 150.00 with the 'sell the fact' reaction to the Bank of Japan's decision to end negative interest rates. In the post-meeting press conference, Governor Ueda said they will consider options for easing broadly, including ones used in the past if needed.
Gold price struggles to lure buyers, holds steady above one-week low ahead of FOMC meeting
Gold price ticks lower amid reduced Fed rate cut bets, elevated US bond yields and stronger USD. Geopolitical tensions could lend some support to the safe-haven XAU/USD and help limit losses.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Canada CPI Preview: Inflation pickup could scale back bets on early interest-rate cut
The Canadian Consumer Price Index is expected to have risen by 3.1% YoY in February. The BoC shows no rush to lower its interest rate. The Canadian Dollar maintains its multi-day lows against the US Dollar around 1.3540.
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
XRP price extends losses on Tuesday, risks decline below support at $0.60
XRP price dropped closer to its psychologically important support level at $0.60 on Tuesday amidst a steep correction in the crypto ecosystem. Most of the top 30 cryptocurrencies by market capitalization have noted a decline in their prices on March 19.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market crashes. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late. AVAX’s good fortune comes ahead of the Game Developers Conference.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin downside momentum strengthens, 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.
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
MSTR sinks more than 15% to kick off week
MicroStrategy (MSTR) stock shunted lower a whopping 15.7% on Monday. The pullback came alongside a continued slackening over the weekend in the price of Bitcoin, which lost as much as 2% during the session to trade near $67,000.
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.