It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
Tesla invested $1.5 billion in bitcoin
- US stocks have been climbing up for six days in a row. Notably, it’s the longest rally since August!
- S&P 500 surged above $3 900 for the first time, driven by hopes for an upcoming Biden’s relief package.
- Crude oil is coming back to pre-pandemic levels. WTI has just crossed $58.50, while Brent oil has jumped above $61.00.
- The market sentiment improved due to vaccine rollouts and signs of progress on US stimulus. However, investors start discussing how soon reflation trade could threaten stocks.
- Apple may soon offer a platform for buying and selling cryptocurrencies. If the tech giant enters the crypto market, Apple will skyrocket.
- Tesla invested $1.5 billion in bitcoin, sending the cryptocurrency above $47 000.
EUR/USD has approached the 100-period moving average of 1.2090. The move above it will drive the pair to the high of January 29 at 1.2150. However, it’s the least possible scenario, since the upside is limited by both the upper trendline and the 100-period moving average. Therefore, the pullback to the downside is expected. Support levels are 1.2050 and 1.2000.
GBP/USD is edging higher to the key psychological mark of 1.3800. The move above this level will drive the pair up to the next round number of 1.3850. Support levels are at yesterday’s low of 1.3730 and at the 50-period MA of 1.3690.
USD/JPY has bounced off the 200-day MA of 105.60 and broken through the key psychological mark of 105.00. The move down to the 100-day MA of 104.50 is clear now. If it manages to cross 104.50, it may fall to the 50-day MA at 104.00.
Finally, let’s discuss Brent oil. The current CFD is BRN-21J, which expires on February 26. The move above the high of January 22, 2020 at $64.50 will drive the price to the next resistance of $66.50. Support levels are the key psychological mark of $60.00 and the chain of recent lows at $55.00.
Lagarde says difficult times have come, and the ECB raised the rate not to cause a recession but to stabilize prices. Read the report to learn the freshest news of the day!
ECB is ready to take the decision about the key rate. What to expect from officials? Oil prices are high, and economy indicators demonstrate the slowing down in the strongest European economies.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.