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Weaker USD Helping Stocks US stock markets remain well-bid into the middle of the week as USD stays muted on the back of a set of weaker-than-forecast data yesterday. Following on from the weak January retail sales data we saw the prior week, durable goods yesterday came in well below forecasts. The headline monthly figure […]
TitlePotential Bullish Bounce off 61.8% Fibonacci Support TypeBullish Bounce Preference:Price could fall towards the pivot point of 190.732 which is an overlap support that aligns with the 61.8% Fibonacci retracement level and potentially reverse from here; we could see momentum carry price up to its 1st resistance at 191.297 which is a pullback resistance that […]
The Australian dollar, paired with the US dollar, is on a downward trajectory. The current AUDUSD exchange rate stands at 0.6517. The Aussie dropped to a weekly low against the USD following the release of softer-than-expected inflation data in Australia. The consumer price index stood at a two-year low of 3.4% in January, remaining unchanged […]
The New Zealand dollar responded negatively to the RBNZ’s remarks and is now decreasing against the US dollar. The current NZDUSD exchange rate stands at 0.6112. NZD dropped to a two-week low after the Reserve Bank of New Zealand kept the interest rate unchanged and proposed a less aggressive approach to monetary policy. The interest […]
ETH Soaring The rally in Bitcoin is helping drive a broad bull move across the crypto space currently. Second largest traded coin Ethereum is now back up to its highest levels since March 2022, close to testing the 2022 highs. The coin has put in an impressive 57% move higher this year, up more than […]
Daily Market Outlook, February 28, 2024 Munnelly’s Market Minute… “Markets Cautious Ahead of US GDP Then PCE Tomorrow” Asian Markets: Markets in the region are cautious ahead of key US data releases. The number of Fed rate cuts discounted by markets has fallen to three, equaling the signal provided in policymakers’ ‘dot plot’ of interest […]