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|The catalysts behind the volatile price action were climbing Treasury yields and the prospects of rising inflation.
Industry
The short-term direction of the March U.S. Dollar Index is likely to be determined by trader reaction to the Fibonacci level at 90.095.
IndustryCash prices still remain elevated
IndustryYields continue to rise
IndustryThe direction of the AUD/USD the rest of the session on Monday will be determined by trader reaction to Fridays close at .7869.
IndustryBank of America expects a more than 10% pullback in stocks, which are trading at more than 22 times 12-month forward earnings.
IndustryAs bottom currency pair to 60 + currencies to include EMs, NZD/USD for the past 3 months ranged from 0.7005 to 0.7321 or 316 pps and 222 pips in the last 2 months. NZD at current prices is contained at 179 pips from the 14 year average at 0.7267 to its vital high / low point at 0.7088.
IndustryOverall, EUR/USD was the first currency in August 2020 to break above its 5 year average at 1.1300‘s then the 10 year average in December 2020 at 1.2100’s.
IndustryBenchmark U.S. Treasury yields rose to their highest levels since March on Friday as investors closed positions ahead of a long U.S. holiday weekend.
IndustryEarnings from Australian heavyweights, including BHP Group, Rio Tinto and National Australia Bank, are scheduled for next week.
IndustryWhile economic data was skewed to the negative in the week, hopes of a U.S relief package continued to support riskier assets at the expense of the Dollar.
IndustryEconomic data was limited to finalized inflation figures from Spain this morning. Downward revisions from prelims left the EUR in the red.
IndustryEUR/USD continues its attempts to settle above the resistance at 1.2130.
IndustryGBP/USD is trying to settle below the support at 1.3800.
IndustryU.S. cash market stock indexes are on track to post a positive week at record levels, although the strong rally appears to be losing upside momentum.
IndustryMeanwhile, Initial Jobless Claims declined from 812,000 to 793,000.
IndustryIf OPEC+ decides to trim its production cuts then the hedge funds will start booking profits, setting up the possibility of a steep decline.
IndustryConsistent to trade and achieve targets for stock indices, the DAX and S&Ps over two and three days completed targets and today is offered the Nikkei 225 from its close at 29562.93.
IndustryOil bulls are presently facing difficulty moving up at the fourth trading session of the week.
IndustryAUD/USD continues its attempts to settle above the resistance at 0.7740.
Industry
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