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HFMarkets (hfm.com): New market analysis services.
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[QUOTE="HFM, post: 218191, member: 32345"] [b]Date : 3rd March 2023. Market Update – USD & Yields Dip from Highs & Stocks Recover.[/b] [URL='https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG][/URL] The [B]USD[/B] slipped from recent highs but holds at 104.75. [B]Yields[/B] cooled, but the 2/10 yr [B]yield curve[/B] remains inverted by 83 bp as the 2-year yield eyed 5% yesterday. US [B]Stocks[/B] closed positive [B](DOW[/B] +1.05%) which has helped lift Asian markets ([B]Nikke[/B]i +1.56%) along with a positive spin on the [B]new Chinese economic targets[/B] that are due to be announced on Sunday. Sentiment also got a lift from “Dovish” Fedspeak from [B]Bostic [/B]who prefers[B] “slow & steady” [/B]25 bp rate hikes to limit recession risks. Overnight: NAB CEO says 3 more [B]RBA[/B] rate hikes are possible and [B]Kashkari [/B]& [B]Waller[/B] continued to press the Hawkish stance. Japanese [B]Unemployment [/B]declined to 2.4% and Tokyo area CPI slipped to 3.3% from 3.4%. Chinese Services PMI beat significantly at 55.00 from 52.9 last time. [LIST] [*][B]FX[/B] – [B]USDIndex [/B]rallied to over [B]105.00 [/B]to 105.13, but has cooled to 104.70 now. [B]EUR [/B]holds over [B]1.0600, [/B]but declined yesterday to 1.0575 following a hot EZ CPI reading and US Claims. [B]JPY [/B]breached [B]137.00[/B] but has declined to 136.40 now and flat for the week so far. [B]Sterling [/B]was a weak performer yesterday declining into Monday’s low at 1.1925 and remains below the key [B]1.2000[/B] trading at 1.1980 now. [*][B]Stocks –[/B] The US markets rallied yesterday (+0.73% to +1.05%). Movers – [B]#SI [/B]-57.72%, [B]TSLA [/B]–5.85% & [B]CRM [/B]+11.50%. [B]US500[/B] +0.76% (+29.96) [B]3981,[/B] [B]US500[/B] FUTS lower at [B]3975 [/B]now[B]. [/B] [/LIST] [URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-16-50.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-16-50.jpg[/IMG][/URL] [LIST] [*][B]Commodities – USOil – [/B]Futures tested to $78.50 yesterday and holds at [B]$78.00[/B] now, and up over 3.00 for the week. [B]Gold –[/B] rallied again yesterday from $1830 support and trades at $1843 now. [*][B]Cryptocurrencies – BTC [/B]– tanked overnight by as much as -6% as [B]Coinbase [/B](-1.5%) declined payments to or from [B]Silvergate Capital [/B](-57.72%). Tested under $[B]22k [/B]today to $21.85k before recovering to $22.3k now. [/LIST] [B]Today – [/B] [B]EZ/UK/US Composite & Services PMIs[/B], [B]US ISM Services[/B], Speeches from Fed’s Logan, Bostic, Bowman, Barkin & ECB’s de Guindos. [URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-21-01.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-21-01.jpg[/IMG][/URL][B][URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-21-37.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-21-37.jpg[/IMG][/URL] Biggest FX Mover[/B] @ (07:30 GMT) [B]AUDUSD [/B](+0.36%). Rallied from a test into the 0.6700 zone yesterday to 0.6760 now. Wednesday’s 0.6780 high is next key resistance. MA’s aligned higher, MACD histogram & signal line positive & rising, RSI 59.30 & rising, H1 ATR 0.00112, Daily ATR 0.00752. [URL='https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-19-24.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/03/2023-03-03_09-19-24.jpg[/IMG][/URL] [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hfm.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hfm.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hfm.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Stuart Cowell Head Market Analyst HFMarkets Disclaimer:[/b] 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 FX and CFDs 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. [/QUOTE]
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