Bitcoin back over $60,000

TAKEAWAYS

•    USD/CAD drops after blowout Canadian jobs report 
•    GBP/USD has a rough week, drops to 1.37 handle
•    Swiss franc was top weekly FX riser (USD/CHF decline)
•    Bitcoin pops back above $60,000 over weekend before dropping back
•    Dow and S&P 500 hit record highs on Friday
•    CFTC COT data shows speculators net long position in euro decline further
•    Gold drops back from double bottom neckline
•    WTI crude stuck in trading range around $60 per barrel
•    Part of Polish coalition government considers voting down ‘EU Recovery Fund’
•    WEEK AHEAD: Start of US corporate earnings season, RBNZ meeting

Sources: Bloomberg / FT / CNBC / ForexLive / Marketwatch

BEST CHART
GBP/USD– Daily Candlesticks

 
Source: GKFX Prime / Metatrader 4 

GBP/USD has found support at the March low, which is a confluence of Fibonacci support levels. Should the price drop further it will find another confluence of possible support around the February low.

GURU WISDOM

“In the short run, the market is a voting machine. But in the long run, it is a weighing machine.” – Benjamin Graham

MARKETS

*Daily closing price
↘ EUR/USD    1.1896        (-0.13%)
↘ GBP/USD    1.3708        (-0.18%)
↗ USD/JPY    109.65        (+0.38%)
↗ S&P 500    4128.80    (+0.77%)
↘ Hang Seng    28,833.76    (-1.17%)
↘ Gold        1743.10    (-0.73%)
↘ Oil (Brent)    63.01        (-0.30%)
↗ Bitcoin    59,823        (+2.94%)

Source: Investing.com

NEWS

The dollar was stronger again on Friday after a softer week, helped by rising Treasury yields after US PPI data came in hotter than expected. It was the biggest gain in annual producer inflation in the US for 9 ½ years. The stronger US inflation came on the same day as some of the highest Chinese inflation figures in recent years. 

GBP/USD seemed to come off worse after a bad week not helped by the UK changing its guidance on the use of the AstraZeneca vaccine. Strong Canadian jobs figures helped the Loonie but gains were limited because of the broader dollar strength. For the week it was the haven trade into the Swiss franc that worked best. Gold is another haven that did well across the week, although it gave up some gains on Friday in a failed break above the high from March.

While FX markets were consolidating, stock markets pushed higher. The Dow and S&P 500 finished the week strongly with fresh record highs. Stocks in Asia backed off from recent gains amid the higher China inflation data. In European stock markets the results were more mixed amid reports of a step-up in the vaccination program that were matched with talk of extended lockdowns that delay the economic rebound. 

Source: TradingWriters.com

DAY AHEAD 

*Times in GMT
09:00 - Eurozone Retail Sales (MoM) (Feb) [1.5% Exp vs. -5.9% Prev]
12:00 - India CPI (YoY) (Mar) [5.40% Exp vs. 5.03% Prev]

Source: GKFXPrime.com/trading-tools/economic-calendar