Fed Discounts Bond Market Rout and Fuels More Sell-off. Is Cash King Again?

The Fed isn’t worried about the rise of inflationexpectations and is not going to curb the upside in nominal risk-free rates.This is the key takeaway from Thursday speech by the head of the Fed, JeremyPowell. The main argument is that excesses in inflation pressures are temporaryand “let's focus on the labor market” (second goal under the Fed’s dual mandate).The market reaction was not long in coming: long-term Treasury bond yields soaredagain and the volatility of interest rates, according to the already worked outscenario, spread to risk assets, causing an idiosyncratic downward movement:The move is purely triggered by the rout in bonds markets, i.e., caused by specific market phenomenon rather than general deterioration in economic expectations. Hence, the general assumption that downside in equities is a correction which should end after long-term US rates find their balance.The Fed has made it perfectly clear that it wants more inflation before starting to change anything in the monetary policy. In this regard, there is little room for surprises at the March meeting of the Fed.In his speech yesterday, Powell essentially admitted that the Central Bank is letting the far end of the yield curve float freely. The speech did not even contain the necessary minimum to calm the market - verbal interventions of the type, “we are closely following movements in bonds”. Nothing is holding back the flight of 10-year yields even up to 2%, given negative impact on risky assets, it is difficult to hope for a quick rebound. In the best case, we will get cautious growth attempts, but it is completely unclear what could impede further correction in bonds, i.e., clear the key hurdle for risk-on.OPEC added fuel on the fire yesterday, deciding to prolong existing output cuts. Rising oil prices mean higher inflation expectations and this again is a blow to fixed-income assets, i.e., bonds.Regarding today’s NFP report, the following should be kept in mind. Powell said yesterday that the labor market will take a long time to recover. To paraphrase, it will be a long time before strong NFP numbers are a hint of Fed tightening. Hence, a strong unemployment report today has the potential to exacerbate the sell-off in bonds, exposing short USD positions to additional risk.Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 65% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/fed-discounts-bond-market-rout-and-fuels-more-sell-off-is-cash-king-again
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Top Trading Tools for Forex Traders - Forex education 2021 on Forex-Ratings.com

Top Trading Tools for Forex Traders From Forex Ratings https://www.forex-ratings.com/forex-education/?id=30897
from Forex Trading Review Guide View Now
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To Be In The Top 5% Of Traders, Do What The Bottom 95% Won't » Learn To Trade The Market

To Be In The Top 5% Of Traders, Do What The Bottom 95% Won’t Another great article from Nial Fuller - Learn To Trade The Market: https://www.learntotradethemarket.com/forex-articles/5-vs-95-percent-traders
from Forex Trading Review Guide Read Here
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This Is How Millionaire Traders Think & Act » Learn To Trade The Market

This Is How Millionaire Traders Think & Act Second article from Nial Fuller: https://www.learntotradethemarket.com/forex-articles/how-millionaire-traders-think-act
from Forex Trading Review Guide https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.learntotradethemarket.com%2Fforex-articles%2Fhow-millionaire-traders-think-act&h=AT39hUTVNiV_gnMXBd8ota4bLr5vxd0KvX_dK6pk05cfo0h8aiFZ02AlXB2zzzvfFjHNfYZM2OnMYc-3FXBnqVzOKMZ5gZjaZYga6QLKfex0A0JjuKW9aY_htDcPZeG7&s=1
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FOMO Friday: S&P500

S&P Slips 'N' SlidesSo, as another week in financial markets draws to a close its time to revel in your gains or wallow in (sorry, learn from) your losses. Looking around at the action this week and talking with traders of all levels who have been in and out of the market over the week in a variety of asset classes and instruments, it seems the biggest gains have been made selling equities, specifically the S&P and, in the spirit of FOMO Friday, this is also the trade which the most traders have told me they wish they’d been part of.So, let’s take a look at what happened and break down why this was a great trade.Sentiment ShiftThere has been something of a sentiment shift in equities markets recently. With US treasury yields rising, stock markets have become spooked. The S&P last broke new ground on February 16th and has been in reversal since then as more and more focus has been placed on US yields and inflation expectations.Rising Inflation ExpectationsWith the US vaccination drive moving ahead at a solid pace and with the government and health authorities confident that the country will return to normal, to a large extent, over the summer, traders are starting to look ahead with optimism. Now, while that might typically seem more likely to boost equities than cause them to sell off, the difference here is what that might mean for Fed policy.Fed Tightening ExpectationsThe Fed currently has rates at record lows and is making record amount of asset purchases each month, which is what has been keeping equities markets so well bid over recent months. However, with traders now sensing that inflation is likely to start picking up as the country reopens and restrictions are lifted, the fear is that the Fed is going to be forced to back out of this easing ahead of schedule. The Fed is currently pegging 2023 as the date for lifting rates. However, many players feel that ahead of this time, the Fed is likely to have to start tapering its asset purchases. In short, the removal of this liquidity is bad news for stock markets and will cause a general tightening of conditions.Fiscal Stimulus DisappointmentNow, added to this mix this week is the latest updates around Biden’s $1.9 trillion fiscal package. While the prospect of another huge round of stimulus is certainly a positive thing for markets, there has been some disappointment with the adjustments made which many feel will dampen down the impact of the package. Firstly, the doubling of the minimum wage from $7.50 to $15 has been scrapped. That would have had huge consequences for consumer spending.Secondly, the direct cheques being sent out will now be sent out to 9 million fewer households as a result of new criteria in place. This again is bad news for consumer spending. Finally, with republicans threatening to delay the legislation there are concerns over when this bill will be implements, even if it passes and also as to whether it will suffer yet more watering down in the mean-time.So, all in all, it’s been a pretty subdued week for risk appetite which seen equities taking the brunt of the hit. Once again, if you were in, congratulations on a great trade and if you were out, better look next time!Let’s take a quick look at the technicals shall we.Technical View S&P500So, in that last push into highs you can see we had a lot of bearish divergence which was a great signal that the move was losing momentum and there was risk of a reversal lower. Price has now broken through the 3786.25 lows as well as the rising trend line from last years lows. So, for now the outlook looks geared towards further losses towards the 3654.75 level which is the next big support.Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 65% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/fomo-friday-s-and-p500
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To Become A Great Trader, Avoid These 12 Trading Mistakes » Learn To Trade The Market

To Become A Great Trader, You Must Avoid These 12 Trading Mistakes Check out this article by Nial Fuller 😄: https://www.learntotradethemarket.com/forex-articles/become-great-trader-avoid-trading-mistakes
from Forex Trading Review Guide https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.learntotradethemarket.com%2Fforex-articles%2Fbecome-great-trader-avoid-trading-mistakes&h=AT1h2agHaQpiNVoDDXBH_fI9R-xzFgdFrLDDAK9cJKD_wzqYRbnkzRBstojiUeDz2DBtCXyPaJBzsxIlwwHfWgzeTxLaic-WIiSWsTjl4OGvrGQ9e76T69nMygLk9MkS&s=1
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Chart of The Day USDJPY

Chart of The Day USDJPYUSDJPY Probable Price Path & Potential Reversal ZoneIt will be a bumpier ride for USDJPY going forward: while US inflation will head higher in Q2 and continue to support UST yields and the exchange rate, the rise in US inflation will likely prove transitory and in-line with the FOMC's view, which will cap USDJPY. The exchange rate has some broad underlying support beyond the risk of higher US inflation threatening to force the FOMC's hand into tapering its asset purchases. Indeed, President Joe Biden’s USD1.9trn (9% of GDP) fiscal stimulus will further accelerate the US’s economic growth. Higher vaccination rates in the US than almost all other G10 countries (except the UK) is also a plus for the USD.The BoJ also remains committed to its YCC. BoJ Governor, Haruhiko Kuroda, recently said that he does not think it necessary to expand the BoJ’s long-term YCC band. The 10Y JGB yield has tested as high 0.18% during the recent global bond selloff and close to the upper edge of the BoJ's +/-20bp variation around its target of 0.0%. So, the FOMC remains in contrast to the BoJ (and many other central banks) as it continues to take a sanguine approach to the move higher in its long-term government bond yields. This dynamic will keep upward pressure on the USDJPYin the absence of US inflation surprising to the downside.From a technical and trading perspective, the USDJPY looks poised to make an initial assault on monthly projected range resistance, the internal projected trend channel resistance and the weekly descending trendline resistance around 109 as this area caps an initial test look for a three wave corrective pattern to test 107.50/30 as support. As fresh demand enters the market bulls will look to re-engage long positions targeting a test of offers and stops through the 2020 high of 109.85, before a more meaningful corrective phase may develop.Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 65% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/chart-of-the-day-usdjpy53
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XAUUSD – The key factors remain the USD & Yields

XAUUSD, H1

You will notice that the gold price decline is clearly correlated with higher bond yields by the all-time high of the gold price at the beginning of August last year. It was the same period that the US 10-year bond yield was also stuck in the all-time low zone, while another closely related asset to gold was the US dollar. During the volatility of the market in the past year, there were both periods when gold and dollar prices moved in opposite directions and the range moved in the same direction as a safe haven.

Just like last night, following comments from Fed Chair Powell that the 10-year US Treasury yield rose to a new high of 1.582, the US dollar index this morning moved up to a three-month high of 91.73, causing gold to drop to the original low, coming down to trade below the level 1,700.

From a technical point of view, last night the price of gold surpassed 1,700, falling in the same level as the March high zone. That was the beginning of the Covid-19 crisis and the gold price that has continued to fall so far. Still, there are no significant or interesting reversal signs or patterns. And from vaccination, including the new round of US economic stimulus measures one of the hopes of driving gold prices is now an inflationary concern. That began to cause concern in the market at this time but it has to be looked at whether investors will maintain their gold inflation hedge strategy or not. The first support seen at this time is at 1,685 and the next at 1,630, while the resistance is at 1,720 and 1,740, respectively.

On top of today’s economic calendar, there are Non-Farm Payroll figures that forex traders are looking forward to after the non-farm employment figure continues to fall below the market expectations since December onwards.

Click here to view  the economic calendar  or the  free webinar. 

Chayut Vachirathanakit
Market Analyst – HF Educational Office – Thailand

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

from HF Analysis /218854/
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Amazingly Simple Scalping Price Action Trading Strategy To Dominate Forex Market | Trade Like A Pro

Amazingly Simple Scalping Price Action Trading Strategy To Dominate Forex Market | Trade Like A Pro This guy shows you how to use Channels + support and resistance zones to place winning trades, well worth watching 😆

Source: https://youtu.be/ihmS4vlC3G4

10Y Yield Hits Fresh Highs on Powell Comments

Treasuries Hit Fresh 2021 Highs US treasury yields are ending the week just off the new yearly highs printed yesterday following a further spike higher in response to comments from Fed chairman Powell who was speaking as part of a conference with the Wall Street Journal. Just a fortnight after his testimony at the Senate Banking Committee caused so much volatility traders were once again paying close attention to his outlook and once again saw big moves in response.Equities Fall As Powell Acknowledges Inflation Risks Stock markets slipped as Powell seemed to acknowledge the upside risks from inflation more this time. Powell told the conference: “We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects. could create some upward pressure on prices.” Yields on both the 10-year note and 30-year note spiked higher in response to Powell’s comments.Effects Likely To Be Transitory However, the Fed chairman was keen to once again point out that any spike in inflation is likely to be transitory and will look higher simply because of “base effects” and in comparison with the depressed levels seen last year during the height of the pandemic. Powell went on to reiterate that the Fed will be focusing on getting the economy back to full employment, along with inflation sustainably above 2%, before considering raising rates.No Word On Tapering However, while Powell reaffirmed the bank’s commitment to keeping rates low, there was no mention of how asset purchases will be handled. The central bank currently purchases $120 billion worth of treasuries and MBS each month. Towards the end of last year we started to hear some Fed officials discussing the possibility of tapering and that is certainly one avenue which the market seems to feel the bank is likely to head down at some point this year.Concerns Over Inflation Risks Despite the Fed’s adamance that any inflationary rise this year will be transitory and not require any monetary tightening, there has been concern expressed that the Fed’s commitment to keeping rates low could fuel runaway inflation, as was seen in the 1960s and 1970s. However, the Fed chairman said the bank was “very mindful” of this type of situation recurring again saying: “I think it’s a constructive thing for people to point out potential risks. I always want to hear that.” However, he went on to say “But I do think it’s more likely that what happens in the next year or so is going to amount to prices moving up but not staying up and certainly not staying up to the point where they would move inflation expectations materially above 2%.”Technical Views US10YThe rally in the 10Y has seen price breaking out to fresh 2021 highs this week with price currently hovering around the 1.55 level. While the 1.422 level holds as support, the near term bias is geared towards further upside with the 1.683 level the next big target for bulls. To the downside, any dip below the 1.422 level will turn focus to support at the 1.282 level next.Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 65% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/10y-yield-hits-fresh-highs-on-powell-comments
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Daily Market Outlook, March 5, 2021

Daily Market Outlook, March 5, 2021 US Fed Chair Powell’s comments yesterday failed to arrest the rise in bond yields. He said that the rise in yields “caught my attention”, but there appeared no further pushback, although he reiterated that rising inflation was due to temporary factors and the Fed was in no hurry to raise rates. Equity markets remained under pressure, as the fall at the US close largely followed through in Asia. Separately, reports suggest that the US Senate may vote on the $1.9 trillion fiscal stimulus bill this weekend. China, meanwhile, set an economic growth target of “above 6%” for 2021, below current consensus forecasts for over 8%.Today’s US monthly employment report will be closely watched. Despite nonfarm payrolls rising in eight out of the last nine months, total employment is still nearly 10 million below pre-pandemic levels. Policymakers therefore still see significant slack in the labour market, suggesting that higher inflation in the coming months, led by energy prices, is likely to be temporary. So far, the US labour market appears slow to respond to economic growth which has picked up again after slowing sharply in late 2020 in the wake of rising Covid-19 infections. The ‘unofficial’ ADP report, released earlier this week, showed a disappointing rise of 117k private sector jobs in February, less than the 205k consensus forecast. However, initial jobless claims in the latest two weeks have fallen, so that may be a sign of improving labour activity. On balance, after December’s 227k fall in US jobs and a disappointingly small 49k rebound in January, look for February payrolls to rise by a relatively small 145k. The consensus forecast is slightly firmer at 195k. These nevertheless would be well down on the rises seen last autumn. We also expect the US unemployment rate to rise to 6.5% from 6.3% last month.Interestingly, Fed Governor Brainard said last week that the real unemployment rate may be close to 10%, partly as a result of lower labour force participation since the start of the pandemic, i.e. people dropping out of the labour market and no longer classified as unemployed. That reinforces signals from Fed members that they are in no hurry to tighten monetary policy.Outside the US, there are no major economic data releases in the UK or the Eurozone. The Bank of England MPC’s Haskel is scheduled to speak on a panel at 2pm about economic challenges facing US Treasury Secretary Yellen, while the Fed’s Bostic discusses macroeconomic policy at 8pm – the last Fed speaker before next week’s ‘quiet period’.G10 FX Options Expiries for 10AM New York CutEUR/USD: $1.1727(E1.1bln), $1.1900(E513mln), $1.2000(E764mln), $1.2035-55(E945mln-EUR puts), $1.2075(E547mln), $1.2100(E647mln)USD/JPY: Y106.40-60($2.0bln-USD puts), Y107.00-05($1.1bln), Y107.24-25($691mln)GBP/USD: $1.3995-00(Gbp650mln), $1.4080-00(Gbp516mln)EUR/GBP: Gbp0.8600(E700mln-EUR puts)EUR/SEK: Sek10.17(E603mln-EUR puts)AUD/USD: $0.7450(A$671mln), $0.7750-60(A$669mln-AUD puts), $0.7900(A$682mln)AUD/NZD: N$1.0475(A$600mln)USD/CAD: C$1.2500($960mln), C$1.2620-25($1.3bln), C$1.2640-55($670mln)USD/MXN: Mxn20.40($570mln)----------------Larger Option PipelineEUR/USD: Mar10 $1.2000-10(E1.3bln); Mar12 $1.1995-1.2000(E1.9bln)USD/JPY: Mar08 Y104.25-40($2.8bln), Y105.50-55($1.7bln); Mar10 Y105.80($1.2bln); Mar11 Y107.75($1.1bln); Mar12 Y105.95-106.00($2.7bln), Y108.30($985mln)AUD/USD: Mar10 $0.7500(A$1.3bln); Mar11 $0.7600(A$1.7bln), $0.8000(A$1.8bln)AUD/NZD: Mar11 N$1.0730(A$1.8bln-NZD puts)USD/CNY: Mar08 Cny6.45($1.5bln)USD/MXN: Mar12 Mxn20.30($1.1bln)Technical & Trade ViewsEURUSD Bias: Bullish above 1.20 bearish belowEURUSD From a technical and trading perspective, the closing breach of 1.21 and the descending trendline is a bullish development opening a retest of prior highs at 1.2350, only a move back through 1.20 would suggest further downside opening a potential test of 1.17 yearly pivotFlow reports suggest downside bids through to the 1.1940 area with light bids into the 1.1920-1.1880 level with weak stops likely through to the 1.1850 before congestion likely through the level and increasing on any push to the 1.1800 level however, downside does start to look vulnerable on any move through the 1.1750 area.GBPUSD Bias: Bullish above 1.3750 targeting 1.44GBPUSD From a technical and trading perspective, as 1.40 now acts as support bulls will target a test of 1.44 as the next upside objective. Below 1.40 opens a retest of 1.3750 pivotal trend support.Flow reports suggest downside bids into the 1.3850 area with likely weak stops on a move through before stronger bids likely into the 1.3800 level and increasing congestion possible to the 1.3750 area before weakness reappears to the downside, topside offer light through the 1.4000 with limited sentimental offers before weak stops appear and the market likely to be weak through to close to 1.4100 where the market sees stronger offers.USDJPY Bias: Bullish above 107.30 targeting 109.85USDJPY From a technical and trading perspective, as 104.50 supports there is potential for a further squeeze higher to test offers towards 107. A loss of 103.50 would negate further upside and suggest a resumption of trend. Target achieved, look for a profit taking pause to develop above 108.60, as 107.30 support bulls will target a test of 109.85 nextFlow reports suggest topside offers increasing into the 108.50 area with congestion likely to increase on any move through the 108.80 and then through to the 109.20 level even through that level market is likely to remain strongly offered to the 110.00 area before strong stops start to appear, Downside bids light through the 107.50 area and limited into the 107.20-106.80 with weak stops likely on a break through the level and opening the downside to a quick move through to the 106.00 area before stronger bids start to appear.AUDUSD Bias: Bullish above .7560 bullish targeting .8000AUDUSD From a technical and trading perspective, as the major trendline support at .7560 now acts as support, look for target wave 5 upside objective towards .8000. A closing breach of .7730 of the internal descending trendline will encourage the bullish thesis.Flow reports suggest downside bids into the 0.7700 area and likely to be strong however, weak stops through the 0.7680 area with the market likely only to open a short distance before stronger bids again appear and the market struggles for any further downside movement, Topside offers light through the 78 cents level with weak stops likely above the level and the 79 cents level then likely to open quickly and very little to curb the push.Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 65% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/daily-market-outlook-march-5-2021
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Dollar Higher; Powell's Dovish Comments Fuel Yield Gains

from Forex News https://www.investing.com/news/forex-news/dollar-higher-powells-dovish-comments-fuel-yield-gains-2438240
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Market Update – March 5 – Jobs, Jobs, Jobs,

What Fed Chair Powell did not say that shook up the markets.

Wall Street turned sharply lower following Fed Chair Powell, even though it was not what he said but what he did not mention that undermined equity sentiment. Specifically, he did not push back against the recent surge in Treasury rates. Indeed, he took attention of the spike and would be concerned by a “disorderly” move, providing tacit approval for the run-up in longer dated yields. Consequently, the stock market was dragged lower once again thanks to rising rates and expectations for more of the same as the economy and inflation pick-up further.

Headlines:

• The Chair’s comments that he took attention of the spike and would be concerned by a “disorderly” move were not in the market’s narrative.
•  Fed Chair Powell’s perceived benign neglect of the surge in bond yields weighed on Treasuries and extended the recent selloff back toward the highs from February 25.
• The US 10-year rate corrected slightly overnight but remains at 1.56%. The 10-year rate is currently down -5.3 bp at 0.079%, while yields jumped 6.0 bp and 7.5 bp in Australia and New Zealand.
• The tech-heavy USA100 over -3% lower intraday, with spill over to the broader indexes. However, the losses were pared in late trading with closing declines of -2.11% on the USA100, -1.34% on the USA500, an d-1.11% on the USA30. JPN225 and ASX were still down -0.2% and -0.7% respectively at the close
• BoJ’s Kuroda sees no need to widen yield band. He said there is no need to widen the implicit band set for its long term yield target, while stressing the need to keep borrowing costs low to support the economy.
• Oil prices jumped higher after the OPEC+ meeting decided to maintain current output levels. The USOIL is currently trading at USD 64.60 per barrel.
• In Europe key central bankers have also played down the rise in rates and signalled that the central bank won’t add additional measures next week that would reverse the rise in rates. Verbal intervention and a flexible use of PEPP purchases will likely be used to smooth an uptrend that most central bankers seem to feel is essentially justified, given the improved outlook for growth later in the year.
• German manufacturing orders rose 1.4% m/m in January, more than anticipated

Forex Market
JPY – USD rally’s again – USDJPY over 108.00
EUR –dropped against a largely stronger dollar- Currently at 1.1947
GBP – at 1.3859
AUD – dipped below 50-DMA again, at 0.7686
CAD –steadied to 1.2660 after 1.2574 bottom.
GOLD – breaks the $1,700 – trades on 1695 now.
USOil –  Oil rocketed following OPEC+ agreeing to no production increase and to keep current levels for at least April. USOil at 64.60 up from 59.20 lows on Wednesday.
Bitcoin – returns to 47K.

Today: Attention will turn to the US February employment report, hourly earnings, unemployment rat, January trade report and consumer credit is due late in the session, seen rising $10.0 bln from $9.7 bln previously. Canadian Ivey Purchasing Index in the tap as well.

Biggest mover – CADJPY (+0.60% as of 07:30 GMT) 

Click here to access the our Economic Calendar

Andria Pichidi

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

from HF Analysis /218831/
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Dollar Up on the Wings of Powell’s Dovish Comments

from Forex News https://www.investing.com/news/forex-news/dollar-up-on-the-wings-of-powells-dovish-comments-2438167
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