16.03.22 Macro Morning
Chris Becker | Mar 16, 2022 11:17
Wall Street bounced back sharply overnight as oil prices tanked as traders await the next FOMC meeting. The continuing war in Ukraine is still weighing on bond markets as well, with the 10 year Treasury range trading around the 2.1% level, remaining at a new three year high, while currency markets were mostly contained as the USD is still strong against everything. Commodity prices took another hit with Brent crude losing over 6% to a three week low, just above the $100USD per barrel level, while gold lost nearly 1% to finish near the $1920USD per ounce level.
Bitcoin has seemingly bottomed out here with some intrasession buying overnight sending it up through the $39K level for a new high for the week – early days yet but potentially promising as it climbs above short term resistance:
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