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WTI crude oil prices continued their consolidative trend in the commodities market, hovering around $80.00 per barrel, amid anticipation of a rate cut by the Federal Reserve and higher crude oil imports by China in January and February.
Gold prices continued to rise, surpassing $2,160 per ounce to reach an all-time high. Silver did the same, flirting with three-month highs at $24.50 an ounce.
The US Dollar continued to face additional pressure due to the persistent positive attitude surrounding the risk-linked assets. Regarding central banks, President Lagarde had a disinterested press conference, while the European Central Bank maintained its policy rates. Next up, despite growing speculation that the Fed would lower rates in June, are the important US Non-Farm Payrolls.
With a 1% rally, the S&P 500 reached its 16th all-time high this year. It erased the last of its losses from Monday and Tuesday, and it’s been on a fantastic run, on track for its 17th winning week in the last 19.
For the first time since early February, the USD Index (DXY) broke below the 103.00 support level as the US dollar continued to weaken. The Unemployment Rate will take the stage on March 8 after the announcement of Non-farm Payrolls. J. Williams of the Fed is also scheduled to speak, one day after Fed Chair Powell’s testimony before the Congress.
After the ECB held steady on its monetary policy, the EUR/USD pair continued to rise and set new multi-week highs close to 1.0950. At the end of the week, there will likely be another update to the GDP Growth Rate for all of Europe.
Just around 1.2800, the GBP/USD pair achieved new 2024 highs amid further selling pressure on the US currency. The release of the labour market data on March 12 will be the next significant event on the other side of the English Channel.
Lower US rates and increased rumours of the BoJ’s possible lift-off as soon as at its meeting in March caused the USD/JPY to plunge to new five-week lows, falling below the 148.00 support level. March 8 will have a busy docket with preliminary prints, bank lending, and household spending.
AUD/USD added to Wednesday’s strong rebound and finally left behind the key 0.6600 hurdle in response to the sour sentiment around the US Dollar. The RBA’s S. Hunter is due to speak on March 11.
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