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Treasuries were more unidirectional while Yields have crept higher led by the long end. The curve has bear steepened to -65.6 bps from -68 bps Monday and -74 bps before Friday’s data. Wall Street was very choppy, trading either side of unchanged, after a positive opening. Chair Powell did not comment on policy matters in his Riksbank remarks. But Governor Bowman echoed hawkish comments from others of late. Gains had been shed as the market is pushed and pulled by crosscurrents of Fed policy dynamics, recession uncertainties, and upcoming earnings reports. Stock markets moved higher in Japan and Australia, the latter helped by stronger than expected retail sales numbers, which helped to balance the uptick in inflation that sparked fresh rate hike bets.

  • The USDIndex bounced to 103.35 from a low of 103.03, adding to some of the volatility in stocks.
  • EUR – ranging between 1.0700 – 1.0760.
  • JPY – neutral, hovering around 132.30
  • GBP – holds Friday’s gains. Range at 1.2110 – 1.2210.
  • Stocks – The US100, US30 and US500 are fractionally higher with +1.01%, +0.56% and +0.7% respectively. US100 remains stuck in the 10800-11400 range. Note the fact we are getting tighter and tighter inside the triangle like formation. The 100-day SMA and the negative trend line are the big resistance levels to watch, while 10800 is the “must hold” level.

NASDAQ's range mania

  • USOil – fell by -0.48% to $74.66 per barrel and down from the $80.26 to end 2022. 
  • Gold – up at $1884.60.

Today Crude Oil Inventories & New Zealand Building Permits.

Biggest FX Mover @ (07:30 GMT) XAGUSD (+1.46%). Spiked to R2: 23.93. MAs slightly higher, MACD histogram & signal line are close to zero. RSI 63 but flattened, H1 ATR 0.094, Daily ATR 0.589.

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Andria Pichidi

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.






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Having completed her five-year-long studies in the UK, Andria Pichidi has been awarded a BSc in Mathematics and Physics from the University of Bath and a MSc degree in Mathematics, while she holds a postgraduate diploma (PGdip) in Actuarial Science from the University of Leicester.


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