EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
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Turning to the release of CANADA MARCH CPI (7:00 EST, 11:00 GMT), consensus estimates indicate moderate acceleration in price pressures. On a headline basis, 0.7% expectations would mark the highest level since May of 2009, while core CPI is seen rising to a more modest 0.3% m/m - a 5-month high. We should point out that any CAD strength from hotter than expected inflation numbers amid the recent resurgence of risk aversion should be temporary, especially considering the most recent BoC statement allowing for a temporary spike in inflation through the second quarter. 0.9580 in USD/CAD presents formidable support that has withstood two prior attempts with the next key level of resistance at the late-March base / 50% retracement of the pair's month-long decline at 0.9750.
US housing data at 12:30 GMTis expected to offer only a modest reprieve from woeful February data that saw building permits and housing starts both at multi-year lows of 517K and 479K respectively. Estimates call for a slight improvement in both, potentially paving the way for a rebound in Existing home sales on tap for Wednesday. Note that while the more hawkish Fed officials have indicated they will not await a more meaningful turnaround in US housing, the apparent double dip has lasted well beyond the policymakers' most bearish scenarios.
By GG - AshrafLaidi.com Staff
Ashraf
That meeting characterized policy as mildly restrictive but appropriate and the overall statement was barely changed from the previous meeting. The RBA last hiked in November and the market is not pricing in any chance of a hike at the May 3 meeting. Further RBA commentary on the Japanese disaster could be market-moving at the expense of the AUDUSD, AUDJPY and even AUDNZD. The RBA statement said they expected the broader impact to be limited but if the minutes highlight further risks, AUD could come under pressure. Commentary on AUD strength will also be key. If policymakers hint that a high AUD rate will do the work of rate hikes, we could see pressure on AUD. Hawkish talk or strong concerns from commodity inflation could boost AUD.
From AB - AshrafLaidi.com Staff
Ashraf
Thanks for comment. I also hope a bir downside on Aud but not occurred till now Maybe after the RBA minutes , otherwise commodities go up and in fact Aussiie will be in crisis seriously because of overvalued AUD