- European bourses near 1-month highs
- Upbeat moods on Wall Street
- Ethereum price hit $3000
European indices finished today's session higher, near levels not seen since the end of February boosted by the banking sector which digested yesterday's Powell's hawkish comments. Fed Chair said the US central bank could raise rates more than its usual 25bps in May to tame inflation if necessary. Meanwhile traders continue to monitor the war situation as Russian ships have started to shoot into the port city of Mariupol after Moscow and Kiev failed to make any progress in their peace talks and the European Union considers new trade sanctions on Russia.
US indices are also moving higher during today's session despite the strengthening of US Treasury yields. US 10-year Treasury yields jumped to 2.36%, while S&P 500 rose over 1.0% and is trying to erase January losses. Stocks are gaining in spite of continued uncertainty regarding the geopolitical situation and FED hawkish rhetoric.
Downbeat moods prevail on the commodity market as many investors moved their capital to equity markets. Meanwhile Chinese authorities introduced a lockdown in Tangshan city, in the Chinese province of Hebei, which is an important region of steel production. Oil prices took a hit, but managed to stay above the support at $110.00. Also some pressure can be spotted on the precious metals market, where gold again tested $1910 level, while silver dropped below $25.00.
Upbeat moods prevail on the cryptocurrency market. Bitcoin price sharply and reached its highest level since March 3, however buyers struggled to break above major resistance at $43000. Ethereum also recorded solid gains, however the price failed to stay above the psychological $3000 level.
GBPUSD pair broke above the local resistance at 1.3200, which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Next resistance level to watch can be found near 1.3350 and is marked with the upper limit of the 1:1 structure. On the other hand, if sellers regain control over the market, a drop towards psychological support at1.3000 may be on the cards. Source: xStation5
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