Morning Briefing 24 Mar 2023: Euro Drops on Bank Failure Issues

DCFX · 24 Mar 2023 24K Views

Asia-Pacific mostly down, as investors weighed remarks from US Treasury Secretary Janet Yellen, who said emergency federal action to support failing regional banks could be used again if needed.

US index futures were flat, with investors' attention turning from the Federal Reserve meeting back to the US banking system.

Calendar:


EURUSD

Euro fell as worries over bank failures in the US prompted investors to dump risky assets and currencies.

Trend  ↑ 

Support : 1.0750

Resistance : 1.0930

GBPUSD

Sterling fell after being buoyed by the BoE decision to raise interest rates, but the risk-off sentiment in the market reversed all of the initial gains.

Trend   ↑ 

Support 1.2200

Resistance 1.2350


AUDUSD

Aussie dollar fell on the strengthening of the US dollar amid the risk off sentiment in the market due to concerns about the collapse of US banks.

Trend ↓

Support : 0.6570

Resistance : 0.6780

USDJPY

Yen strengthened on demand for a safe haven amid uncertainty over the failure of US banks.

Trend  ↓

Support 129.50

Resistance 131.60



XAUUSD

Gold rose due to demand for a safe haven due to investors' concerns about developments in the banking crisis in the US after the inconsistent statement by the US Minister of Finance Yellen.

Trend ↑ 

Support : 1970.00

Resistance : 2010.00



Crude Oil (WTI)

Oil prices fell under pressure from the strengthening US dollar and the US government's plans to not rush to replenish their Strategic Oil Reserves (SPR).

Trend  ↓

Support 65.00

Resistance 75.00



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