SUMMARY

  • UK GDP contracted -0.2% year on year. Retail sales in Germany decreased by -1.9%, confirming the drop in demand. The unemployment rate in the country stood at 5.9%.
  • Former FTX CEO and founder Sam Bankman Fried was sentenced to 25 years in prison. The judge in the case determined fraud in 7 crimes.
  • Traders remain concerned about the Bank of Japan’s possible intervention in the currency market.

 

Main events:

  • CPI in France
  • Basic price of personal consumption expenditures in the United States
  • Statement by Federal Reserve Chairman Jerome Powell

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2219,15
  • Support 2: 2216,47
  • Resistance 1: 2223,41
  • Resistance 2: 2224,99

Fundamental Analysis

  • UK GDP contracted -0.2% year on year. Retail sales in Germany decreased by -1.9%, confirming the drop in demand. The unemployment rate in the country stood at 5.9%.
  • US quarterly GDP rose +3.4%, beating expectations of 3.2%. New claims for unemployment benefits totaled 210,000, beating the forecast of 212,000.
  • Canada’s monthly GDP increased by +0.6%. Tokyo’s core CPI stood at 2.4%.
  • Traders are keeping an eye on the underlying US personal consumption expenditures price index, which is expected to be 2.8%. This indicator is one of the most evaluated by the FED, due to its similarity to inflation.
  • The gold price saw a significant rally to the $2,235 level. The price increased by +1.78% yesterday.

NASDAQ 100

Specifications

  • Leverage: 100
  • Units: 1
  • Margin requirement: USD$183
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 18.461
  • Support 2: 18.449
  • Resistance 1: 18.497
  • Resistance 2: 18.521

Fundamental Analysis

  • Former FTX CEO and founder Sam Bankman Fried was sentenced to 25 years in prison. The judge in the case determined fraud in 7 crimes. The Nasdaq 100, which has a strong correlation with cryptocurrencies, closed at -0.16% yesterday.
  • Apple plans to launch a new iPad Pro in May. The launch of the company’s artificial intelligence strategy is also expected to be presented in June 2024. In contrast, iPhone exports to China fell -33% in February 2024.
  • Amazon has decided to invest $150 billion in information centers worldwide, which are essential for the development of its artificial intelligence strategy.
  • Wall Street is awaiting the result of the PCE in the US, whose measurement is similar to inflation. Depending on the outcome, the FED could confirm the interest rate cut by the June 2024 meeting.

USDJPY

Specifications

  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$499
  • Example: 100 pips change in USDJPY price = USD1,000 potential PL.
  • Support 1: 151,29
  • Support 2: 151,23
  • Resistance 1: 151,43
  • Resistance 2: 151,51
  •  

Fundamental Analysis

  • Traders remain concerned about the Bank of Japan’s possible intervention in the foreign exchange market. In contrast, macroeconomic data from the United States continue to demonstrate the strength of the economy. USDJPY is currently correcting -0.05% and trading at 151.29.
  • Bank of Japan delegates said the yield curve control strategy, negative interest rates and other monetary control measures met expectations. The Bank of Japan is now looking to adapt to a more difficult market.
  • USDJPY remains stable as there is not much interest from traders in opening long positions, mainly due to the intervention of the BoJ. The price is close to the lower Bollinger band, almost at the same support level of 151.26. The coin is below the 40-day moving average.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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