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Abstract:Tech Stocks Under Pressure, Inflation Data Looms
DAILY MARKET NEWSLETTER | February 29, 2024
Market Overview
US stocks edge lower ahead of inflation data release.
Tech and healthcare stocks drag markets down.
Euro weakens against the dollar (EUR/USD down to 1.0835).
Bitcoin breaks $60,000 mark, fuels Microstrategy surge.
Key Market Movements
Dow Jones: -0.06%
S&P 500: -0.17%
Nasdaq 100: -0.54%
WTI Crude Oil: -0.61%
Gold: + $3
Bitcoin: +9% (briefly hit $64,000)
Directional Views from Trading Central
Here are key currency pairs and the Dow Jones index to watch, with analysis and potential strategies from Trading Central's research team:
GBP/USD: Rebound continues. Look to buy above 1.2640, target 1.2680 & 1.2695.
USD/JPY: Watch for break below 150.35, could trigger drop. Short below 150.70
EUR/USD: Upside trend. Consider buying above 1.0815, target 1.0850 & 1.0865
Dow Jones (CME): Resistance at 39030.00. Potential short positions below 39030
Important Notes:
Market Volatility: Prices and key levels are subject to change. Use these views as a starting point for your own research.
Explore More: The provided links offer deeper analysis and charts from Trading Central.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The Australian Dollar (AUD) traded sideways against the US Dollar (USD) on Tuesday, staying just below the seven-month high of 0.6798 reached on Monday. The downside for the AUD/USD pair is expected to be limited due to differing policy outlooks between the Reserve Bank of Australia (RBA) and the US Federal Reserve. The RBA Minutes indicated that a rate cut is unlikely soon, and Governor Michele Bullock affirmed the central bank's readiness to raise rates again if necessary to combat inflation.
Bitcoin traded above $60,000 on Friday, gaining over 4% this week but staying within a $57,000 to $62,000 range for the past 15 days. On-chain data reveals mixed signals, with institutions accumulating while some large holders are selling. Inflows into US spot Bitcoin ETFs and potential volatility from ongoing Mt.Gox fund movements could impact Bitcoin's price in the coming days.
FBS is thrilled to announce our participation in two major financial events in Asia – iFX Expo Asia 2024 and Traders Fair Davao!
JPY strengthened against the USD, pushing USD/JPY near 145.00, driven by strong inflation data and BoJ rate hike expectations. Japan's strong Q2 GDP growth added support. However, USD gains may be limited by expectations of a Fed rate cut in September.