06.04.22 Macro Morning
Chris Becker | Apr 06, 2022 10:23
Last night saw risk sentiment sour yet again as more sanctions for Russia’s brutal invasion of Ukraine are likely to have wider implications for the European economy. Wall Street also pulled back sharply as more hawkish comments from the Fed turned into more upside for the USD rose against most of the major currency pairs again, as the Australian dollar pulled back from its post RBA meeting/language change high. Interest rate and bond markets are still confirming more rate rises on the way, with the 10 year Treasury range pushing up towards the 2.6% yield level. Commodities were mixed with both WTI and Brent crude losing 2%, but still well supported above the $100USD per barrel level while gold was flat to finish around the $1920USD per ounce level.
Bitcoin remains quite stable with no big moves overnight, still halting well below the $48K level reached last week and still unable to make a new daily high, finishing this morning at just below $46K. Daily momentum has reverted 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 if support can hold:
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