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Date : 4th March 2022.
Market Update – March 4 – Markets slump after nuclear power station strike.
Risk Off mood swirled as Europe’s largest nuclear power complex was targeted in Russian/Ukrainian fighting, 5 of the 6 reactors have been safely shutdown. Safe havens from USD to US Treasuries continue to rally and Oil & GOLD markets hold their gains, lifting commodity currencies. Asian stock markets crashed (Nikkei -2.5%) EUR is testing 24-month lows. US markets closed lower on mixed US data (PMI’s disappointed but Initial Claims were better than expected), despite some big gains from retailers. Fed Chair Powell was a tad more Hawkish in his second day of testimony. US sanctioned more Russian oligarchs. Ukraine and Russia reached an understanding on a joint provision of humanitarian corridors for evacuating civilians.
Today – EZ Retail Sales & Construction PMI, US Labour Market Report.
Biggest FX Mover @ (07:30 GMT) EURAUD (-0.72%) Collapse from 1.6200 in mid February continues down to 1.4975 now. MAs aligned lower, MACD signal line & histogram below 0 line, RSI 14 OS but still falling, OB zone, H1 ATR 0.0020, Daily ATR 0.0100.
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.
Click HERE to access the full HotForex 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 HERE to register for FREE!
Click HERE to READ more Market news.
Stuart Cowell
Head Market Analyst
HotForex
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 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.
Market Update – March 4 – Markets slump after nuclear power station strike.
Risk Off mood swirled as Europe’s largest nuclear power complex was targeted in Russian/Ukrainian fighting, 5 of the 6 reactors have been safely shutdown. Safe havens from USD to US Treasuries continue to rally and Oil & GOLD markets hold their gains, lifting commodity currencies. Asian stock markets crashed (Nikkei -2.5%) EUR is testing 24-month lows. US markets closed lower on mixed US data (PMI’s disappointed but Initial Claims were better than expected), despite some big gains from retailers. Fed Chair Powell was a tad more Hawkish in his second day of testimony. US sanctioned more Russian oligarchs. Ukraine and Russia reached an understanding on a joint provision of humanitarian corridors for evacuating civilians.
- USD (USDIndex 98.02). Cooled from 98.08 (May 2020 high) earlier as nuclear power plant fire is contained. Rallied through 97.00 most of yesterday. 97.75 next resistance.
- US Yields 10-yr up to 1.844 on close – off 6 ticks lower to 1.785% now.
- Equities – USA500 -23pts (-0.53%) 4363. US500 FUTS down at 4341 now.
- USOil – Rallied to $112.56, yesterday, $106.10 now.
- Gold – Rallied to $1950 earlier, $1936 now.
- Bitcoin under 42K levels to trade at $43,300.
- FX markets – EURUSD back under 1.1010, USDJPY holds 115.40 and Cable down to 1.3320 now.
Today – EZ Retail Sales & Construction PMI, US Labour Market Report.
Biggest FX Mover @ (07:30 GMT) EURAUD (-0.72%) Collapse from 1.6200 in mid February continues down to 1.4975 now. MAs aligned lower, MACD signal line & histogram below 0 line, RSI 14 OS but still falling, OB zone, H1 ATR 0.0020, Daily ATR 0.0100.
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.
Click HERE to access the full HotForex 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 HERE to register for FREE!
Click HERE to READ more Market news.
Stuart Cowell
Head Market Analyst
HotForex
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 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.