This is what you need to know to trade today tuesday march 29:
Wall Street’s main indices ended up closing the first day of the week in positive territory, with the US dollar losing some interest. The DXY dollar index is consolidating its recent gains close to the 99.00 level at the start of the European session on Tuesday and the US 10-year Treasury yield remains relatively calm below 2.5% after hitting a multi-year high of 2.55% on Monday . Later in the day, the Conference Board Consumer Confidence Index and the Home Price Index for January they will be published during the American session.
Market sentiment remains relatively upbeat at the start of the European session, with US stock index futures up 0.2%. Earlier in the day, the Chinese city of Shanghai has announced that it will implement economic policies to help businesses during the new coronavirus lockdown.. Additionally, the China Securities Times has said that the People’s Bank of China was expected to lower the reserve requirement ratio (RRR) soon. Meanwhile, the Financial Times has reported that Russia was no longer going to demand that Ukraine be “denazified” in the next negotiations.
The EUR/USD fell below 1.1000 on Monday, but closed the day largely unchanged slightly below that level. The pair is moving sideways on Tuesday.
The GBP/USD lost over 100 pips on Monday and is now trading in a tight range near 1.3100. The Governor of the Bank of England (BoE), Andrew Bailey, noted that they were beginning to see evidence of a slowdown of growth. Commenting on the May rate decision, “the situation is very volatile,” Bailey said.
The USD/JPY rose to a multi-year high at 125.11 on Monday following the Bank of Japan’s (BoJ) decision to hold unlimited purchase operations at a fixed rate for 10-year Japanese government bonds. During today’s Asian session, Japan’s Finance Minister Shunichi Suzuki has said that they are closely watching market risk sentiment for avoid negative yen weakness. USD/JPY is moving into negative territory around 123.50 at the start of the European session.
The gold fell sharply on Monday amid rising US Treasury yields, but appears to have stabilized above $1,920 early Tuesday.
The Bitcoin managed to build on the previous week’s rally and posted gains for the seventh day in a row on Monday. At time of writing, BTC/USD is up nearly 1% around $47,500. The ethereum It retains its bullish momentum and is trading at its highest level in more than two months near $3,400.
Source: Fx Street
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