This is what you need to know to trade today Tuesday March 28:
The US dollar struggles to find demand early on Tuesday as bullish market sentiment remains intact on easing fears over a global banking crisis. The February Goods Trade Balance and the March Conference Board Consumer Confidence Index will be the leading publications on the US economic agenda. The Governor of the Bank of England (BoE), Andrew Baileyand the President of the European Central Bank (ECB), christine lagardeThey will deliver speeches later.
See: CB US Consumer Confidence Preview: No Good News for Americans
Although the Nasdaq Composite technology index closed in negative territory on Monday due to the sharp decline in the Communications Technology and Services indices, the S&P 500 and Dow Jones Industrial Average posted gains, reflecting a risk-friendly market environment. As of early Tuesday, US stock index futures are up 0.25-0.4% and the DXY Dollar Index remains in the red, slightly above 102.50.
In an interview with the German newspaper Handelsblatt, José Manuel Campa, President of the European Banking Authority (EBA), stated that risks in the financial system were still very high and added that the rise in interest rates continued to weigh on financial markets. These comments, however, do not seem to have a negative impact on the Euro. Having closed in positive territory on Monday, the EUR/USD trades above 1.0800 early Tuesday. At 13:15 GMT, the President of the ECB, christine lagardewill speak at the inauguration ceremony of the Eurosystem Center of the Bank for International Settlements.
He GBP/USD maintains its bullish momentum and trades above 1.2300 in the European morning. The Governor of the BoE, Andrew Baileywill testify before the UK Treasury Select Committee on the Silicon Valley bankruptcy and the bailout of Silicon Valley Bank UK.
The Japanese yen continued to gain strength during the Asian session and the USD/JPY fell to the 130.50 zone before staging a bounce towards 131.00. In an interview with MNI, a former Bank of Japan (BoJ) board member Makoto Sakurai said that did not expect the new governor to make changes to the yield curve control strategy before July. Meanwhile, Governor Haruhiko Kuroda repeated that it was premature to discuss an exit from loose monetary policy.
During the Asian session, data from Australia showed that retail sales rose 0.2% m/m in February, below market expectations of 0.4%. However, the pair AUD/USD took advantage of risk appetite and rises more than 0.5% on the day, to settle around 0.6700.
He gold It fell sharply on Monday amid a recovery in US Treasury yields, erasing much of the previous week’s losses. XAU/USD is trading in a tight range above $1,950 early on Tuesday.
He Bitcoin it lost more than 3% on Monday, but appears to have entered a consolidation phase near $27,000 on Tuesday. Similarly, the ethereum it fell 3.35% but managed to stabilize above $1,700.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
