US Wrap

US equity markets closed the week on a bullish note, while the USD is also holding up strongly.

The main themes continue to be at play at the moment, with a resurgent USD coming on the back of strong US bond yields. While stocks have been trading at or near record-high levels, there is a growing concern that we could be in a correction at some point.

The majors have been under pressure as a result of the strong Greenback and that will be a clear focus in the Easter shortened trading week.

Meanwhile, all the attention continues to be on the Ever Given, which is stuck in the Suez Canal. The odds of rising oil prices are getting stronger by the day now and the belief is that the containers will need to be offloaded. Keep a close eye on this one.

The Data Agenda

The main data point this week will the US jobs data coming out on Friday. 

Only last week we saw a sharp drop in US jobless claims and that should bode well for this months release. The jobless rate could well fall from the current levels as well.

Interestingly, this number falls on a Friday and most markets will be closed, so we could see some sharp moves thanks to the reduced liquidity.

Forex Signal Update

The FX Leaders Team hit 8 winners from 12 trades last week for a 66% strike rate where we saw some volatility in the USD.

We have four open signals so look to the forex signals page for all the latest developments.

USD – Watching

The Greenback is holding higher and this will be the one to be watching this week.

Oil – Active Signal

WTI is going to be in focus all week as the circus in the Suez continues. This will drive up the price of oil in the short-term, so keep watching this one closely.

Cryptocurrency Update

BTC has been quite strong over the weekend and we’ve seen price reclaim the $54,000 level.

We did see price come close to testing $50,000 before the buyers came back in. We did hear some bearish commentary from Ray Dalio over the weekend regarding Bitcoin, suggesting the Government is likely to outlaw BTC, but that hasn’t slowed down the buyers.