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US GDP slightly lower than estimatesThe US economy displayed signs of a slowdown, as quarterly GDP readings and initial jobless claims were at 2.6% and 198,000 respectively, both underperforming against Mitrade's estimates. USD/CAD fell 35 pips to 1.3520, and USD/JPY slid 19 pips to 132.65. Meanwhile, German monthly inflation is just higher than its forecast at 0.8%, with EUR/USD climbing 59 pips to 1.0901. GBP/USD rose 72 pips to 1.2383. UK GDP is expected to improve over last month’s results. AUD/USD advanced 24 pips to 0.6707. Spot gold added $15.76 to $1,980.33 an ounce, and WTI oil futures moved up $1.4 to $74.37 a barrel. Bitcoin dropped to $28,156.0, and Ethereum traded higher at $1,791.54. Yesterday, the Nasdaq 100 led the rally as it closed 117 points higher at 12,963.14. The S&P 500 rose 23 points to 4,050.83, and the Dow Jones Industrial Average surged 141 points to 32,859.03.
by Mitrade_official
US quarterly GDP growth expected to remain at 2.7%The US quarterly GDP readings for 2022 will be announced tonight. Despite ongoing global supply disruption and the Russian invasion of Ukraine, Mitrade estimates a 2.7% growth, just like its previous result. Meanwhile, USD/CAD declined 43 pips to 1.3555, and USD/JPY rebounded 198 pips to 132.84. The greenback also strengthened against other currencies. EUR/USD slid 1 pip to 1.0842, GBP/USD fell 29 pips to 1.2311, and AUD/USD dropped 26 pips to 0.6683. Spot gold closed $9.13 lower at $1,964.57 an ounce. Although Crude Oil Inventories have depleted by almost 7.5 million barrels, WTI oil futures lost $0.23 and closed at $72.97 a barrel. Bitcoin and Ethereum climbed to $28,310.0 and $1,786.17 respectively. The Nasdaq 100 surged 235 points to 12,846. The S&P 500 added 56 points to 4,027, and the Dow Jones Industrial Average increased 323 points to 32,717.
by Mitrade_official
Australian inflation falls to an eight-month lowIn February, the Australian CPI inflation growth reading was 6.8%, lower than Mitrade's estimates of 7.1%, while also at its lowest level since July 2022. On the other hand, the Reserve Bank of Australia was less optimistic about the trajectory, claiming it would take years to cool down. AUD/USD closed 60 pips higher at 0.6709. EUR/USD climbed 47 pips to 1.0843, and GBP/USD rose 56 pips to 1.2340. USD/CAD declined 62 pips to 1.3598, and USD/JPY fell 70 pips to 130.86. Spot gold rose $17 to $1,973.70 an ounce. Oil supply from Iraq’s Kurdistan region has been disrupted by Turkey, which saw WTI oil futures trading $0.39 higher at $73.20 a barrel. Bitcoin and Ethereum advanced to $27,338.0 and $1,777.90 respectively. The Nasdaq 100 lost 62 points to 12,610. The Dow Jones Industrial Average dropped 37 points to 32,394, and the S&P 500 slid 6 points to 3,971.
by Mitrade_official
Australian retail sales grow slightlyIn February, Australian retail sales grew by 0.2%, just higher than the expected 0.1%, but well below the 1.9% recorded in January. Price levels remain high in the country, with Mitrade anticipating a 7.1% increase in tomorrow’s annual inflation data reading. AUD/USD edged up 4 pips to 0.6649. EUR/USD added 37 pips to 1.0796, and GBP/USD rose 54 pips to 1.2284. USD/CAD declined 84 pips to 1.3660, and USD/JPY advanced 87 pips to 131.56. Spot gold dropped $22 to $1,956.49 an ounce, and WTI oil futures increased $3.55 to $72.81 a barrel. Bitcoin and Ethereum slowed to $27,024.0 and $1,718.88 respectively. The Nasdaq 100 dropped 93 points to 12,673. On the other hand, the Dow Jones Industrial Average surged 194 points to 32,432, and the S&P 500 edged up 6 points to 3,977.
by Mitrade_official
Investors worry over Russian nuclear weapons in BelarusRussia has initiated plans to deploy tactical nuclear weapons in Belarus - a country sharing a long border with Ukraine. While the Russian invasion of Ukraine has been carried on for more than a year, the news still led to considerable fears on the market. The negative sentiment strengthened the greenback, with USD/CAD adding 31 pips to 1.3744, though USD/JPY declined 22 pips to 130.69. Meanwhile, EUR/USD dropped 71 pips to 1.0759, and GBP/USD fell 56 pips to 1.2230. AUD/USD closed 38 pips lower at 0.6645, Mitrade expects Australia Retail Sales growth to slow to 0.4% on the month. Spot gold prices climbed $15.35 to $1,978.61 an ounce, and WTI oil futures slid $0.70 to $69.26. Bitcoin and Ethereum slowed to $27,847.0 and $1,765.87 respectively. The S&P 500 increased 22 points to 3,970, the Dow Jones Industrial Average rose 132 points to 32,237, and the Nasdaq 100 advanced 37.81 points to 12,767.
by Mitrade_official
The Bank of England raises rates to 4.25%Despite previous hints at stopping ongoing rate hikes, the Bank of England raised interest rates by 25 basis points to 4.25% - a 15-year high. Meanwhile, the central bank is optimistic that inflation will fall sharply in 2023, and the GBP/USD closed 21 pips higher at 1.2286. EUR/USD declined 25 pips to 1.0830, and AUD/USD moved up 1 pip to 0.6683. USD/CAD slid 14 pips to 1.3713, and USD/JPY fell 63 pips to 130.91. Spot gold briefly crossed the $2,000 level to $2,002.97 an ounce, and retreated to $1,993.96. WTI oil futures slipped $0.94 to $69.96 a barrel. Bitcoin and Ethereum are currently trading higher at $28,320.0 and $1,815.68 respectively. The Nasdaq 100 climbed 162 points to 12,729. The S&P 500 edged up 11 points to 3,948, and the Dow Jones Industrial Average increased 75 points to 32,105.
by Mitrade_official
Fed raises rates by 25 bps as expectedAs expected, the Federal Reserve has raised rates by 25 basis points to 5.00%, with the official statement indicating further rate hikes by the end of 2023. The greenback then weakens towards its peers, with USD/CAD edging up 14 pips to 1.3727, and USD/JPY dropping 102 pips to 131.44. GBP/USD climbed 50 pips to 1.2264, as its year-on-year inflation rate jumped to 10.4% in February, higher than Mitrade's estimates. Later tonight, the Bank of England is expected to increase interest rates by 25 basis points. EUR/USD advanced 88 pips to 1.0855, and AUD/USD moved up 14 pips to 0.6682. Spot gold surged $29.02 to $1,969.66 an ounce, and WTI oil futures added $1.23 to $70.90 a barrel. Bitcoin and Ethereum slid to $27,235.0 and $1,733.95 respectively. The Nasdaq 100 fell 174 points to 12,567. The Dow Jones Industrial Average plunged 530 points to 32,030, and the S&P 500 declined 65 points to 3,936.
by Mitrade_official
UK budget deficit in February exceeds $20 billionPublic spending in the UK has exceeded government revenue by 16.7 billion pounds ($20 billion), aggravating the financial woes of the British government. Later today, Mitrade expects the UK year-on-year inflation rate to increase by 9.9%, slightly lower than 10.1% last month. GBP/USD then declined 62 pips to 1.2214, and AUD/USD fell 50 pips to 0.6668. EUR/USD increased 48 pips to 1.0767. USD/JPY climbed 118 pips to 132.49, and USD/CAD added 49 pips to 1.3713. Canada's month-on-month core inflation rate slowed to 0.5% in February, lower than market estimates. Spot gold dropped $38.31 to $1,940.64 an ounce, and US WTI crude futures traded $1.85 higher to $69.67 a barrel. Bitcoin and Ethereum rose to $28,009.0 and $1,790.96 respectively. The Nasdaq 100 advanced 178 points to 12,741. The S&P 500 added 51 points to 4,002, and the Dow Jones Industrial Average surged 316 points to 32,560.
by Mitrade_official
Fed rate estimates falling weaken the greenbackRecent banking crises were partly caused by aggressive rate hikes, which lowered the value of long-term Treasury bonds. As a result, Mitrade expects the Federal Reserve to scale back on future rate hikes, with current market consensus aiming for a 25 basis point increase on Thursday. The news slowed the dollar, with EUR/USD advancing 53 pips to 1.0719. GBP/USD surged 101 pips to 1.2276 and AUD/USD added 23 pips to 0.6718. USD/CAD declined 63 pips to 1.3664, and USD/JPY dropped 48 pips to 131.31. The stock market continues to recover, as the Dow Jones Industrial Average increased 382 points to 32,244. The S&P 500 rose 34 points to 3,951, and the Nasdaq 100 edged up 42 points to 12,562. Spot gold fell $10.39 to $1,978.95 an ounce, and WTI oil futures closed $1.20 higher at $67.82 a barrel. Bitcoin climbed to $27,883.0, while Ethereum slipped to $1,750.83.
by Mitrade_official
Natural Gas - Bigger correction in this area?Hello traders, Today we will do an analysis for NATGAS. This commodity is in a big downtrend on the daily and weekly timeframe that started in August 2022. For now the higher probability move is a bigger correction in this area. On the 4h timeframe we expect the price to move to the upside and break the previous local high that it made on the 3rd of March. Once it reaches the area of the magenta rectangle marked on the chart we must see if we will have a continuation to the downside or it will continue making a bigger correction (upside). Another possible scenario is a move to the downside that coincides with the 70,5% Fibonacci retracement and then a move to the upside to break the local high. Please don't jump in, wait for your setups, no matter what, and don't risk more than 1% of your capital.
NLong
by financialflagship
UBS bails out Credit SuisseOn Sunday, the market was relieved as Swiss bank UBS agreed to acquire Credit Suisse for over $3 billion, backed by the Swiss central bank. Last Friday, the Eurozone's year-on-year inflation rate increased by 8.5% as expected by Mitrade, and EUR/USD increased 61 pips to 1.0666. Before the bailout announcement Sunday, the Dow Jones Industrial Average plunged 384 points to 31,861, the S&P 500 fell 43 points to 3,916, and the Nasdaq 100 dropped 61 points to 12,519. GBP/USD rose 68 pips to 1.2175, and AUD/USD advanced 41 pips to 0.6695. USD/CAD edged up 9 pips to 1.3727 but USD/JPY declined 193 pips to 131.79. Spot gold prices surged almost $70 to $1,989.34 an ounce, reaching their strongest level in 11 months. WTI crude futures slid $2.10 to $66.22 a barrel. Bitcoin climbed to $27,786.0, after climbing to $28,300, the highest level since June 2022. Ethereum rose more than $100 to $1,776.59.
by Mitrade_official
European Central Bank raises rates by 50 basis pointsThe European Central Bank has decided to raise its interest rate by 50 basis points to 3.00% - the highest level since 2008. The ECB President remained confident in the continent's banking sector despite recent doubts raised within Credit Suisse. As a result, EUR/USD added 30 pips to 1.0605. Later tonight, Mitrade expects the Eurozone's year-on-year inflation rate to remain at 8.5%. GBP/USD increased 42 pips to 1.2107, and AUD/USD added 39 pips to 0.6654. USD/CAD declined 49 pips to 1.3718, as USD/JPY advanced 32 pips to 133.72. Yesterday, the US stock market closed higher, with the Nasdaq 100 climbing 330 points to 12,581. The S&P 500 also gained 68 points to 3,960, while the Dow Jones Industrial Average rose 371 points to 32,246. Spot gold increased $1.55 to $1,919.55 an ounce, and WTI crude futures edged up $0.10 to $68.35 a barrel. Bitcoin surged past the key level of $25,000 to $25,114.0, and Ethereum recovered to $1,671.99.
by Mitrade_official
Credit Suisse jitters worries investorsCredit Suisse just announced borrowing plans from the Swiss Central Bank, once again raising concerns in the banking sector. As previous issues remain unresolved in the investment bank, its share price plunged over 10%, currently at $2.16. As for the major US indices, the Nasdaq 100 managed to add 51 points to 12,251. On the other hand, the Dow Jones Industrial Average fell 280 points to 31,874, and the S&P 500 declined 27 points to 3,891. In February, US retail sales contracted by 0.4% on the month, higher than Mitrade's estimates. USD/CAD then advanced 83 pips to 1.3767, but USD/JPY dropped 82 pips to 133.40. The greenback strengthened against other major currencies, with EUR/USD plunging 157 pips to 1.0575. GBP/USD decreased 93 pips to 1.2065, and AUD/USD slid 64 pips to 0.6615. Spot gold rose $14.22 to $1,918 an ounce, and WTI oil futures closed $3.08 higher to $68.25. Bitcoin and Ethereum slowed to $24,292.0 and $1,642.61 respectively.
by Mitrade_official
Gold - Bearish Sentiment1900 has been broken successfully. Remember, EVERY BREAK EXPERIENCES A RETEST!! Now price will be breaking the second 1m BA zone for the second time at 1896.43. Market-makers are done taking out liquidity and have mitigated the 1912.00 order block. All we need now is HOLD our positions all the way down to 1821!! Gold is FALLING! ---------------------------------------------------------------------------------------------------------------------------------- Proper risk management, trading psychology and patience PAY in the markets.
FOREXCOM:XAUUSDShort
by SMCSmartSniper1
US dollar and stocks recover as inflation coolsThe market rebounded as most US inflation readings met estimates, with a 6.0% year-on-year increase, though monthly core inflation was slightly higher at 0.5%. US stocks also closed higher as the aftershock of Silicon Valley Bank’s collapse subsided, with the Nasdaq 100 surging 276 points (+2.32%) to 12,199. The S&P 500 added 64 points (+1.68%) to 3,920, and the Dow Jones Industrial Average climbed 336 points (+1.06%) to 32,155. The EUR/USD rate edged up 3 pips to 1.0732. Mitrade expects the European Central Bank to raise rates by 50 basis points early Friday morning. AUD/USD increased 15 pips to 0.6679. A slow drop in the UK Claimant Count Change saw GBP/USD falling 23 pips to 1.2158. USD/CAD slipped 40 pips to 1.3684, and USD/JPY rebounded 104 pips to 134.22. Spot gold declined $9 to $1,904.01 an ounce, and WTI oil futures slid $3.47 to $71.33 a barrel. Bitcoin and Ethereum extended their rally to $24,947.0 and $1,706.92 respectively.
by Mitrade_official
Market expects US inflation to drop furtherLater today, the US inflation data for February will be released, with Mitrade anticipating the annual reading to slow from 6.4% to 6.0%. With the SVB collapse in mind, the projection for next week’s Fed interest rate decision is swaying towards a more moderate target. USD/CAD then fell 41 pips to 1.3724, and USD/JPY plunged 180 pips to 133.18. GBP/USD surged 153 pips to 1.2181. EUR/USD climbed 86 pips to 1.0729, and AUD/USD increased 23 pips to 0.6664. As the market favors traditional safe-haven assets, spot gold gained $46.3 to $1,913.54 an ounce. WTI oil futures dropped $1.88 to $74.80 a barrel. Bitcoin and Ethereum continue to climb to $24,344.0 and $1,671.19 respectively. The Nasdaq 100 rose 92 points (+0.79%) to 11,923. The Dow Jones Industrial Average declined 90 points (-0.28%) to 31,819, and the S&P 500 slid 5 points (-0.15%) to 3,855.
by Mitrade_official