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GBP/USD, H4 8 March 2024 GBP/USD made significant gains buoyed by optimism surrounding the UK's budget announcement. Chancellor of the Exchequer, Jeremy Hunt, revealed positive forecasts from the Office for Budge Responsibility (OBR), anticipating a 0.80% economic growth in 2024-- 0.50% higher than the previous autumn forecast. Hunt announced a tax rate cut in...

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🔖XAU/USD, H4🔖 8 March 2024 Gold prices are sustaining their bullish rally and are currently testing another resistance level at the $2160 mark. The surge in gold prices is primarily attributed to the weakening of the dollar, influenced by the dovish message delivered by Jerome Powell during the testimony. However, the prevailing optimism in equity markets and the...

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💵 DOLLAR_INDX, H4 💵 8 March 2024 The Dollar Index has undergone a substantial decline for a second consecutive session. This can be attributed to the messaging from the Federal Reserve chief during the testimony, indicating that the U.S. central bank is approaching its targeted inflation rate of 2%, and the Fed is on the verge of adjusting its monetary...

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CL OIL, H4 7 March 2024 Oil prices have rebounded from their liquidity zone and maintained their previous high levels, forming a double top price pattern. The dovish stance from the Fed's testimony has provided support for higher oil prices. Additionally, the weekly U.S. oil reports falling short of expectations suggest an improvement in oil demand in the U.S.,...

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USD/JPY, H4 7 March 2024 The Japanese yen demonstrates resilience, outperforming other currencies amid hawkish expectations surrounding the Bank of Japan. Speculation of a potential interest rate increase surfaces as the country experiences a robust economic recovery. In contrast, Federal Reserve Chairman Jerome Powell hints at the prospect of interest rate cuts...

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AUD/USD, H4 7 March 2024 AUD/USD benefits from additional US Dollar losses, aligning with a significant pullback in US Treasury yields amid speculation about an anticipated interest rate cut by the Federal Reserve in June. Ongoing developments in China warrant scrutiny, with potential stimulus measures providing temporary relief. Sustained positive economic...

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EUR/USD, H4 7 March 2024 The Euro has strengthened against the dollar, reaching its highest level in over a month, propelled by a weakening dollar. Anticipation surrounds the upcoming ECB interest rate decision, with the market expecting the ECB to maintain a stance of being "in no hurry" to cut interest rates in its policy statement. This sentiment has led the...

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GBP/USD, H4 7 March 2024 GBP/USD sustains an upward trajectory, driven by the US Dollar's depreciation. Despite the optimism, uncertainties loom ahead of the UK's 2024 budget announcement before the election, with market anticipation for potential tax rate cuts. Detailed plans remain elusive, prompting investors to vigilantly monitor developments for nuanced...

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XAU/USD, H4 7 March 2024 Gold prices have surged to their all-time high levels and are currently testing the possibility of breaking above this threshold. The bullish momentum observed in gold throughout March can be attributed to the market sentiment indicating that the Federal Reserve may be considering a pivot from its current monetary policy. Simultaneously,...

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DOLLAR_INDX, H4 7 March 2024 The Dollar Index has descended to its lowest point in a month, currently trading below 103.50 levels. The dollar faced significant downward pressure primarily due to the dovish stance communicated in Powell's testimony that began yesterday. Powell indicated an expectation that the U.S. central bank will initiate rate cuts this year....

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CL OIL, H4 6 March 2024 Oil prices experienced a downturn, facing substantial pressure from the prevailing risk-off sentiment in the market, particularly in anticipation of the Federal Reserve Chair Jerome Powell's testimony scheduled for today. The heightened uncertainty has led to minimal volatility in oil prices as traders await the outcomes of the ongoing...

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USD/JPY, H4 6 March 2024 The USD/JPY pair continues to trade within a consolidation range, fluctuating between the 150.80 and 149.75 levels. Notably, Mitsubishi UFJ Financial Group, Japan's largest bank, is reportedly adjusting its positions in anticipation of a potential move by the Bank of Japan (BoJ) in March. Senior management at the bank has suggested that...

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AUD/USD H4 6 March 2024 AUD/USD maintains a steady stance amidst mixed market sentiment in Australia. The ongoing downtrend in the US Dollar offers a potential bullish push for AUD/USD, yet uncertainties surrounding the Chinese economy, a significant trade partner for Australia, present headwinds. While potential stimulus measures in China may offer temporary...

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GBP/USD H4 6 March 2024 The Pound Sterling hovers near a crucial resistance level, finding support in the weakening trend of the US Dollar. Wednesday's spotlight includes the UK S&P Global Construction PMI and Federal Reserve (Fed) Chairman Jerome Powell's testimony. UK Chancellor Jeremy Hunt's insights into the Spring Budget, featuring a proposed national...

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XAU/USD, H4 6 March 2024 Gold prices have extended their upward trajectory, surging by over 4% throughout March. The precious metal's ascent is largely attributed to the prevailing risk-off sentiment in the market, intensifying ahead of the Federal Reserve Chair Jerome Powell's testimony scheduled for today and tomorrow. Additionally, the growing financial risk...

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DOLLAR_INDX, H4 6 March 2024 The Dollar Index faced downward pressure, currently slipping below 103.85. Investors seem to be swayed by recent lacklustre economic data from the United States, indicating a potential slowdown in economic growth. This sentiment prevails despite expectations of relatively hawkish testimony from Federal Reserve Chair Jerome Powell...

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CL OIL, H4 In the latest session, oil prices saw a decline of over 1.3%, following a surge prompted by OPEC+'s announcement to extend its supply cut measures. The downturn is attributed to profit-taking activities among traders as oil prices neared their highest point since last November. Market participants are closely monitoring the ongoing developments from...

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USD/JPY, H4 The USD/JPY pair continues to move within a broad sideways range as traders await a catalyst to determine the pair's direction. The recently released Tokyo Core CPI reading, which came in at 2.5%, aligning with market expectations and marking an increase from the previous 1.8%, has sparked speculation of a potential rate hike from the Bank of Japan...