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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By GG - AshrafLaidi.com staff
Ashraf
China Trade Balance surprises to the upside. 11th hour deal averts US govt shutdown. Yellen retains dovish tone.
CHINA MARCH TRADE BALANCE showed a modest surplus of $140M but well above consensus estimate of a $3.4B deficit. While the popular press headlines paint the release in more gray tones of the first QUARTERLY deficit in years, the monthly result should be seen as a welcome surprise even to China Commerce officials - late last month, Commerce Minister Deming foreshadowed an even wider deficit than the 7-year high $7.3B seen in February. As we underscored on Friday, EXPORTS component - goods manufactured in China and shipped overseas - are perhaps the most notable part of the report, coming in well above the expected 21% y/y rate of growth at 36%. The data is also likely to be perceived as a boon to the surging AUD given Australia's direct exposure to Chinese demand for hard commodities.
Late Friday night dealing on Capitol Hill finally yielded a BUDGET COMPROMISE between the agreeable Democrats and the increasingly frustrated GOP cowtowing to the fiscally hard-line Tea Party faction. Extended to September, the federal budget saw spending cut to the tune of about $38.5B - above the $33B Democrat target but slightly below the $40B demanded by the House Republican majority. The deal should begin to answer whether the late-session Friday dollar damage was the direct result of increasing US government fiscal uncertainty or a more entrenched weakness on the heels of post-ECB interest rate differential factors. We do allow for the probability of the former playing a part in late-Friday Euro spike and would not be surprised at some modest USD strength in the opening hours of Asia trade.
Speaking at a Yale panel, FOMC VICE CHAIR JANET YELLEN (known for her dovishness back in her days as SF Fed pres) reiterated her dovish bias to Fed policy, suggesting economic conditions remain sufficiently subdued to contemplate an exit from acommodative stance at this time. Yellen once again defended QE2, targeting $2.8T Fed balance sheet at the time of completion of its asset purchase program.
By GG - AshrafLaidi.com
Try to type in google Anna Monti or forex freebot. I think it'll be interesting for you :)
I do wonder about the possibility of congress insisting upon radical budget cuts combined with the ending of any further QE. Seems to me there is a lot of internal opposition now to monumental debt levels in the US. Ben has had all his own way so far and it will take a powerful catalyst to halt the declining usd and related rising commodity prices. In addition we have had all the recent turbulence in the middle east.
This stuff is way beyond the ability of any typical lagging indicator such as stochs to be of value for trading. Its also beyond my fib projection levels to halt the rise or even get a minor reaction. Only answer is play this with trailing stops and multiple unit plays taking some off at each level.
Gunjack, if you receive any inside info from GS, I trust you will reciprocate :-) I do not miss asad's "gut" as I find this meaningless in the absence of any explanation. I mean did he eat a hot curry the night before, or what ? Following like a dumb sheep is not a good TP. We all need our own trading systems !