S&P 500 up since invasion of Ukraine

“Time in the markets beat timing the markets.” - Ken Fisher

 

 

HEADLINES

 

 

• Dollar is flat on Friday to end winning week
• Gold dips as yields rise
• Yemen’s Houthis claim attack on Aramco facility after reports of a huge fire in Saudi city of Jeddah
• S&P 500 rises Friday, posts second winning week in a row
• EUR/USD: Close below 1.10 to stand out as a clear bearish signal – Scotiabank
• DOW JONES Short Term: Upside favored

 

 

FOREX

 

 

Dollar is flat on Friday to end winning week

 

 

The dollar was flat Friday after back-to-back gains, as traders weighed the latest moves in the commodities space.

The U.S. dollar index, which measures the greenback against six peers, hit 98.79, while the euro fell 0.10% to $1.0985. The war in Ukraine and resulting rise in commodity prices has added to already rising inflation.

 

 

COMMODITIES

 

 

Gold dips as yields rise

 

 

Gold was on course to gain for the week as concerns over the war in Ukraine and rising prices boosted its appeal as a safe haven and an inflation hedge, but prices eased on Friday as U.S. Treasury yields firmed. 

The metal hovered near a one-week high scaled in the previous session and jumped nearly 2% so far this week.

 

 

Yemen’s Houthis claim attack on Aramco facility after reports of a huge fire in Saudi city of Jeddah

 

 

A huge plume of smoke could be seen above an oil facility in the Saudi city of Jeddah on Friday, according to multiple media reports, with Yemen’s Houthi group claiming they had attacked a Saudi Aramco site with missiles.

Brent crude settled 1.36% higher at $120.65 per barrel, while U.S. West Texas Intermediate crude added 1.39% to end the day at $113.90. Both had traded in negative territory earlier in the session.

 

 

STOCKS

 

 

S&P 500 rises Friday, posts second winning week in a row

 

 

The S&P 500 rose Friday to close out a winning week even as investors weighed interest rate hikes and war in Ukraine. All three major averages notched second consecutive winning weeks. The Dow ticked up 0.3%. The S&P 500 gained 1.8%, and the Nasdaq rallied nearly 2% week to date.

 

 

The S&P 500 is now up about 3.9% higher in March, more than erasing its losses since Russia invaded Ukraine late last month.

 

 

ANALYSIS

 

 

EUR/USD: Close below 1.10 to stand out as a clear bearish signal – Scotiabank

 

 

“A close below 1.10 for the week would stand out as a clear bearish signal for the EUR.” 

“The EUR’s bearish trendline from mid-Feb comes in as resistance at ~1.1050, with the mid-figure area broadly set to limit upside followed by 1.1070 and the 1.11 zone.” “Support is around the 1.10 figure area followed by ~1.0960/65 that has held up the EUR in three consecutive sessions; ~1.0950 and ~1.0925 follow.”

 

 

CHART

 

 

DOW JONES Short Term: Upside favored

 

 

Technical View: Long position above 33800. Target 35100. Conversely, break below 33800, to open 33300.

Comments: The pair is expected to resume advance after correction.

Source: Trading Central
 

 

 

CALENDAR

 

 

*Times in GMT

 

 

Source: FX Street Economic Calendar

Footnotes
https://www.fxstreet.com/economic-calendar
https://www.cnbc.com/2022/03/24/stock-futures-are-little-changed-as-sp-500-looks-for-second-straight-positive-week.html
https://www.cnbc.com/2022/03/25/forex-markets-japanese-yen-import-cost-interest-rate-export-price.html
https://www.cnbc.com/2022/03/25/gold-markets-russia-ukraine-war-oil-price-inflation.html
https://www.cnbc.com/2022/03/25/reports-of-huge-fire-at-aramco-oil-facility-in-saudi-arabia.html
https://www.fxstreet.com/news/eur-usd-close-below-110-to-stand-out-as-a-clear-bearish-signal-scotiabank-202203251408