Search LOGIN

Oil jumps, tanker stuck in Suez Canal






•    Dollar brushes off soft durable goods data, keeps moving higher
•    Gold holds steady after Powell testimony, despite strong USD
•    EUR/USD has second daily close under 200 day moving average
•    AUD/USD tests 2021 lows near 0.76
•    GBP/USD falls under 1.37 
•    Tesla founder Elon Musk announced you can now by a Tesla car with Bitcoin
•    WTI crude oil rebounds over $60 per barrel amid tanker blockage in Suez Canal
•    Hang Seng index of Hong Kong stocks falls into correction, down 10% from high
•    Ride sharing company Didi could list for $100 billion in biggest ever China IPO in US
•    Merkel cancels Germany Easter lockdown after backlash


EUR/USD – Daily Candlesticks



Source: GKFX / MT4 (March 24, 2021)



EUR/USD has broken down to fresh 2021 lows and has now closed below its 200-day simple moving average for a second day running. The fall below the MA is one sign the forex pair has shifted into a longer-term downtrend.




Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment. - Joe Vidich




*Daily closing price
↘ EUR/USD    1.1811        (-0.32%)
↘ GBP/USD    1.3685        (-0.48%)
↗ USD/JPY    108.74        (+0.16%)
↘ S&P 500    3889.14    (-0.55%)
↘ Hang Seng    28,833.76    (-2.03%)
↗ Gold        1734.31    (+0.43%)
↗ Oil (Brent)    64.16        (+5.54%)
↘ Bitcoin    52,488        (-3.72%)




Ongoing strength in the dollar is being supported by haven flows as traders questioned the economic rebound amid more lockdowns in Europe. Those same fears saw weakness in stock markets, with the Hang Seng entering correction territory. Although one bit of good news that Germany has reversed its decision to tighten restrictions over Easter helped European indices outperform. 


The dollar strength came despite soft durable goods data, which might have been another contributor to haven flows and concerns over the economy. On the flipside, most major currencies turned lower with some hitting fresh 2021 lows and EUR/USD below its 200-day moving average.


Repeated calls from Fed Chair Jerome Powell that the Fed will keep rates lower for longer were enough to help gold finish higher despite a strong dollar and rising yields.


Crude oil was a beneficiary of a freak accident in the Suez Canal where a large tanker ship turned sideways and blocked the route for hundreds of other tankers trying to deliver oil around the world.


Bitcoin was up on the day on news that EV car company Tesla will accept bitcoin from its customers, but it remains to be seen if other big companies will follow suit given the volatility in the Bitcoin price and the risk that poses to profit margins. Moreover, it is probably just more clever marketing from Musk.




*Times in GMT
08:30 - SNB Interest Rate Decision [-0.75 % Exp vs. -0.75 % Prev]
09:30 - BoE's Governor Bailey speech     
09:30 - ECB's President Lagarde speech     
11:20 - BoJ's Governor Kuroda speech 
12:30 – US Initial Jobless Claims (Mar 19) [730 K Exp vs. 770 K Prev]


The best way to keep track of your accounts. Get notifications
and access your dashboard anytime!

Open a live or demo account, make secure deposits, or get the latest
market updates for free!