17.03.22 Macro Morning
Chris Becker | Mar 17, 2022 10:59
It was all about the Fed overnight as the long awaited rate hikes began anew, with a more hawkish outlook also given as “rate rises will be steady” throughout 2022. Potential progress in negotiations between Ukraine and invaders Russia also helped buoy spirits with European shares and Wall Street both continuing their bounceback as the USD lost some ground post-FOMC meeting rate hike. The Aussie dollar had a strong night, almost pushing through the 73 handle while bond markets were largely unchanged, with the 10 year Treasury still trading around the 2.1% to 2.2% level, remaining at a new three year high. In commodity world, oil prices deflated again with Brent crude losing over 2% to retrace below the $100USD per barrel level, while gold actually lifted after some big falls at the start of the week.
I mentioned yesterday that Bitcoin had seemingly bottomed out here with more intrasession buying and support building now pushing it well above the $41K level overnight that has almost seen it match the previous weekly highs. This is the next level of resistance to get past with short term resistance quite solid here:
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