USD/JPY holds steady above 149.00 mark ahead of the crucial BoJ policy decision
USD/JPY oscillates in a range during the Asian session on Tuesday as traders keenly await the highly-anticipated Bank of Japan policy decision. The Japanese central bank's outlook on the negative interest rate policy and the Yield Curve Control (YCC) will play a key role in influencing the domestic currency.
AUD/USD creeps lower ahead of RBA’s decision, Fed meeting in focus
The Australian Dollar begins the Asian session, clocking minuscule losses of 0.02% against the US Dollar as market participants prepare for the Reserve Bank of Australia monetary policy decision. The RBA is expected to hold rates unchanged amid mixed opinions among economists on the central bank's first rate cut.
Gold stays afloat despite high US yields as traders focus on Fed policy
Gold sees a modest increase, as investors watch this week's central bank meetings. Focus remains on the Federal Reserve, where a hawkish stance could potentially impact XAU/USD price while bolstering the US Dollar.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market is crashing. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late.
Australia Interest Rate Decision Preview: RBA set to stand pat after discussing rate hikes in February
The Reserve Bank of Australia is widely expected to hold the Official Cash Rate steady at a 12-year high of 4.35% following the conclusion of its March monetary policy meeting on Tuesday. The decision will be announced at 03:30 GMT.
DEEPER DIVE
Do elections affect economic activity?
We wrote reports in 2016 and again in 2019 to determine if election periods had a significant impact on U.S. economic activity. With the 2024 presidential election right around the corner, we revisit that analysis.
Eurozone – Still caught between stagnation, transition and geopolitics
The eurozone as a whole is still struggling to break free from sluggish growth. And with numerous elections this year, efficient decision-making is becoming increasingly difficult.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
FXS Signals
Technical Confluences Detector
XAU/USD consolidates ahead of central banks’ decisions Premium
Gold price started the day with a soft tone, falling to $2,163.58 during Asian trading hours, although grinding higher. XAU/USD trades around $2,158.00 in the American session, barely up on a daily basis. The US Dollar seesawed between gains and losses, but overall financial activity was limited amid upcoming central banks’ announcements. The Reserve Bank of Australia (RBA) and the Bank of Japan (BoJ) will be the first to unveil their decisions early on Tuesday, focusing on the BoJ, as the central bank is expected to end its ultra-loose monetary policy.
However, the weekly macroeconomic calendar also includes the United States (US) Federal Reserve (Fed) and the Bank of England (BoE) monetary policy decisions. Also, Canada and the United Kingdom will release updates of their respective Consumer Price Index (CPI).
CRYPTOCURRENCIES
WIF price rallies 60% as Dogwifhat’s photo sells as NFT for $4.3 million
Solana meme coin Dogwifhat’s photo was purchased by web3 pioneer Global Coin Research as an NFT. GCR’s purchase likely catalyzed a rally in WIF, with prices increasing 60% on Monday.
Solana-based meme coin SLERF surges more than 3,700% as developer burns $10 million presale tokens
Solana-based tokens have dominated the meme coin narrative with nearly double-digit gains in the past week. A recently launched meme coin project called SLERF is making headlines for the “accidental” burn of nearly 50% of the token’s supply.
XRP price recovery likely catalyzed by upcoming lawsuit deadline and key events for XRP holders
XRP price wiped out its weekly gains over the weekend but managed to stay above $0.62 early on Monday. XRP price begins recovery on Monday as traders anticipate activity in the altcoin with upcoming events.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
THE STOCK OF THE DAY
TSLA sinks to lowest level in 10 months following price target cut to $125
TSLA stock throttled 4.5% lower to $169.48 after the bank cut its price tag from $200 all the way to $125, citing lower demand and growth. Tesla is now trading at its lowest level in ten months, falling below $169 afterhours.
ECONOMIC CALENDAR
WEEKLY FORECAST
EUR/USD: Can the Federal Reserve save the US Dollar? Premium
EUR/USD buyers took a break last week, leaving the weakened US Dollar some room to marginally advance. The EUR/USD pair was down from its Monday opening at 1.0938 and settled at around 1.0890.
GBP/USD: Pound Sterling loses shine after hitting seven-month highs Premium
The Pound Sterling (GBP) gave into the US Dollar (USD) resurgence, as GBP/USD registered a sharp correction from seven-month highs of 1.2894 reached a week ago.
US Dollar: Inflation risks give some strength as Federal Reserve decision looms Premium
During a very constructive week, the US Dollar (USD) managed to regain some composure and end its first week in positive territory after three consecutive declines, motivating the USD Index (DXY) to reclaim the area beyond 103.00 in the latter part of the week.
Gold: XAU/USD backs off from record highs amid still-hot US inflation pressures Premium
Gold retreated marginally from all-time highs as US T-bond yields edged higher. Near-term technical outlook shows XAU/USD is still overbought. The Fed will announce policy decisions and publish the dot plot next week.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.
Week ahead – Five central banks: Who will hike, who will not cut?
The upcoming week will undoubtedly be one of the busiest, not to mention the most important, of the year for investors with five major central bank decisions on the way, along with a plethora of economic data.