18.03.22 Macro Morning
Chris Becker | Mar 18, 2022 11:11
It’s been the best run in three days since 2020 for North Atlantic stock markets with Wall Street leading the charge again last night as the BOE joined the rate rise party, helping lifting the FTSE although the outlook wasn’t as hawkish as expected. The USD lost ground particularly against Euro and Yen while the Aussie dollar continued to push above the 73 handle. Bond markets saw more loosening of yields, with the 10 year Treasury pushed up to the 2.2% level, building on its three year high. In commodity world, oil prices bounce back again with Brent crude gaining nearly 9%, while most metals including gold also lifted, the latter back to the $1940USD per ounce level.
Bitcoin was again contained after seemingly bottoming out here with support building but keeping it at just below the $41K level overnight. This still keeps price below the previous weekly highs with the $42K zone the next level of resistance to get past with short term resistance quite solid here:
Gold was able to eke out a small lift overnight but still remains under a lot of pressure as it pushes up to the $1942USD per ounce level, having suffered a pretty big decline after shooting through the $2000 level. Four hourly momentum remains negative and overhead ATR resistance has not been cleared in the short term, so watch for any break above $1950 to keep things moving along:
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