28.03.22 Macro Morning
Chris Becker | Mar 28, 2022 11:07
Friday night saw risk sentiment again bifurcate as European stocks failed to engage while Wall Street lifted on upgraded forecasts from a more hawkish Federal Reserve. The USD was basically unchanged but remained strong against Yen while Euro retraced back below the 1.10 handle. The Australian dollar also remained strong, staying above the 75 handle without any further upside while bond markets range saw big upside moves in yields on the back of the Fed, with the 10 year Treasury pushing up to the 2.5% level. Commodities were somewhat mixed as oil prices lifted slightly, with Brent crude back above $120USD per barrel while gold and copper were basically unchanged.
Bitcoin had been building upside momentum during last week after being contained around the $41K level and finally pushed through for a new monthly high on Friday night, pushing through the $46K level. Daily momentum is considerably overbought having cleared resistance at the January and February highs so the $50K level will come under threat next:
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