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09 March 21

Dollar and yields ease, Chinese stock intervention provides limited calm

Markets are mixed on Tuesday after Chinese authorities intervened to shore up stock markets. The dollar is edging lower as bond yields are off their highs while Bitcoin is extending its gains.
US ten-year bond yields are hovering around 1.56%, off the highs above 1.60% recorded on Monday and allowing the dollar to edge lower. Gold is also licking its wounds but remains below $1,700. Wednesday’s bond auction and inflation figures are awaited.
Intervention: A sell-off in Chinese stocks prompted authorities to jump into markets to scoop up shares and help stabilize markets. The downfall came after tech equities suffered all over the world. NASDAQ futures are higher after suffering significantly on Monday.
EUR/USD has been extending its climbdown as Europe’s vaccination campaign remains sluggish and after data from the European Central Bank showed that the pace of bond-buys remains slow. The ECB convenes on Thursday. Updated growth figures for the eurozone are awaited on Tuesday.
GBP/USD is changing hands at above 1.3830 after Bank of England Governor Andrew Bailey reiterated that negative rates are off the cards.
Virus: Italy has surpassed the grim milestone of 100,000 COVID-19 deaths as cases are rising once again. The US Center for Disease Control and Prevention said that vaccinated people can gather unmasked in small groups.
Bitcoin has been extending its climb, changing hands above $53,000. Ethereum is above $1,800 and XRP near $0.50.

USD/JPY to slide towards the 107.60/106.85 zone – Commerzbank

“USD/JPY has reached the 200-week ma at 109.01, we also have a 55-month ma at 109.25 and the 2016-2021 resistance line at 110.00. If that is not enough we have a 13 count on the daily chart and TD resistance at 109.47. All suggest that we are likely to see some profit-taking imminently and we would continue to tighten stops and lighten up long positions.”
“Intraday Elliott wave counts are implying a small retracement to 107.60/106.85 ahead of further strength.”
“Initial support lies at 106.22, the mid-February high. Key support remains the uptrend at 105.53.”

Crude Oil Futures: Downside appears capped

WTI faces resistance near $68.00
Prices of the WTI clinched fresh tops in the $68.00 neighbourhood before closing the day with modest losses at the beginning of the week. The negative price action, however, was in tandem with shrinking open interest and volume, indicative that further decline is not favoured in the very near-term.

Nasdaq 100 falls further as US bond yields soar

The ongoing sell-off of technology stocks continued today. The tech-heavy index is trading at $12,458, which is significantly lower than the all-time high of $13,909. On the four-hour chart, the price is significantly below the 25-day and 15-day exponential moving averages (EMA). The Average True Range (ATR) has also continued to rise, which is a sign of high volatility. Therefore, the index may continue falling today as bears attempt to retest last week’s low of $12,210.

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