05.04.22 Macro Morning
Chris Becker | Apr 05, 2022 10:07
Last night saw risk sentiment improve as North Atlantic markets confirmed their positive reaction to the US NFP print on Friday, with a steady course set for the Fed to raise rates again. The defensive USD rose against most of the major currency pairs again, as the Australian dollar remains stubbornly high. Interest rate and bond markets are still confirming more rate rises on the way, with the 10 year Treasury range trading around the 2.4% yield level. Commodities saw a rebound with both WTI and Brent crude gaining 3%, well supported above the $100USD per barrel level while gold again is trying to bounce off support at the $1900USD per ounce level.
Bitcoin was again quite stable overnight, still halting at the $48K level and unable to make a new daily high. Daily momentum is reverting from overbought levels but still positive as price action remains contained above the low moving average on the daily chart. Watch for a clearance of resistance above the January and February highs as the $50K level is still the next target:
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