Search
EN Down
Language
Hi, user_no_name
Live Chat

Looks to be a pretty soggy morning for risk as sterling slipped to its weakest since the start of February, whilst the dollar is bid, shares slipped, oil fell and bond yields retreated ahead of the Congressional testimony of Fed chair Jay Powell and Treasury Secretary Janet Yellen. We kind of know where the Fed is at in terms of yields, inflation and accommodation. We will want to hear a lot more about what Yellen says on additional stimulus, with Biden’s mooted $3tn plan in the offing. FTSE 100 trades around 6,700 by 10am, down -0.3%, with the DAX -0.5% for the session. US futures still lower, Vix nudging up. US 10s are lower at 1.644% and copper is weaker by more than 1% and WTI futures dropped over 3% back under $60.

GBPUSD sank to a 6-week low as the 50-day simple moving average went at 1.382 and then the round number broke to see the cross test 1.3770. Looking at the 78.6% retracement around 1.3750 for support. I’d still be confident the pound will be retest 1.40 and break above that when it does.

GBPUSD has sunk to a 6-week low.

The dollar is finding bid across the board this morning, with EURUSD dropping 30pips or so in the last 3 hours to under 1.19, with a potential retest of yesterday’s lows around the 1.1875 area. Key 200-day SMA coming in around 1.1850.

EURUSD dropping 30pips or so in the last 3 hours to under 1.19.

WTI futures looking to the downside today as risk is offered and markets fret over the rise in cases in Europe and a shorter holiday summer season. As flagged in today’s morning call briefing the potential bearish wedge has already broken down, looking to the 50day SMA around $58.80.

WTI futures looking to the downside today.

Latest news

Japanese yen falls to 155 vs dollar, weakest since 1990

Wednesday, 24 April 2024

Indices

Japanese yen hits 155 per dollar, weakest level since 1990

Tesla stock jumped in after-hours trading despite a 48% drop in Q1 profits

Wednesday, 24 April 2024

Indices

Tesla stock pops after hours despite 48% drop in Q1 profits

Australia interest rate cut hopes for 2024 end as Q1 inflation hotter-than-expected

Tuesday, 23 April 2024

Indices

Q1 inflation ends Australia interest rate cut hopes for 2024

Tesla shares jump after earnings call provides “clarity” on Model 2

Tuesday, 23 April 2024

Indices

Stocks rally, Tesla shares jump on mass market “clarity”

Live Chat