25.03.22 Macro Morning
Chris Becker | Mar 25, 2022 11:42
Last night saw risk sentiment unable to lift during the European session but then surge on Wall Street as the latest PMI numbers and other domestic economic data came in strong, with the USD spiking against Yen while commodity currencies surged. The Australian dollar pushed through the 75 handle while bond markets range traded as the 10 year Treasury yield oscillated around the 2.3% level. Commodities were somewhat mixed as oil prices pulled back slightly, with Brent crude below $120USD per barrel while gold lifted.
Bitcoin is now getting a move on after building upside momentum during the week and being contained around the $41K level last week, pushing through the $44K level overnight. Daily momentum is now nicely overbought but this level of resistance at the January and February highs will be critical to get through next:
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