· Dollar stands tall as U.S. yields resume climb
The U.S. dollar gained on Monday, climbing towards a 3-1/2-month high, as a broad rise in Treasury yields spooked investor sentiment in stock markets.
Having fallen 4% in the last quarter of 2020, the dollar has strengthened more than 2.4% year-to-date against rivals as investors expect the broad rise in U.S. bond yields to weigh on stretched equity valuations and boost the greenback’s appeal.
Yield trends have diverged across major markets.
While U.S. yields increased a hefty 10 basis points last week, German yields dipped nearly 5 basis points, pulling the euro to a near four-month low below the $1.19 level.
BofA analyst Athanasios Vamvakidis argued the potent mix of U.S. stimulus, faster reopening and greater consumer firepower was a clear positive for the dollar.
The Senate passed a $1.9 trillion COVID-19 relief plan, a day after a stunning U.S. jobs report sent the greenback to its highest level since November 2020.
The dollar index stood at 92.186 against a basket of six major currencies, up 0.3% and just shy of a late-November high of 92.201 set on Friday.
The Australian dollar rose 0.2% to $0.7696, but was well off its session high of $0.77230. The New Zealand dollar was down about 0.1% after earlier rising 0.4% to $0.719.
The antipodean currencies have been in demand because of their links to the global commodities trade.
The dollar held near a one-month high against the British pound, at $1.3819. Against the low-yielding yen JPY=EBS, the greenback held steady at 108.46 yen, having hit a nine-month high of 108.645 on Friday.
· BTC/USD Pushes Back From 52000: Sally Ho's Technical Analysis 8 March 2021 BTC
Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair depreciated to the 50268.66 area after trading as high as the 51846.50 area in the North American session, representing the strongest print since recently trading around the 52666 area. Stops were elected above the 51286.41 area, representing the 78.6% retracement of the depreciating range from 52666 to 46219.32. Traders observe that BTC/USD continues to regain lost ground following its recent depreciation from its all-time high around 58367 to a recent relative low around the 43016 area. The pair recently moved above the 50691.50 level, representing the 50% retracement of the depreciating range, and additional upside retracement levels include 52502.92, 54744.16, and 55081.99. If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 58896.80, 59724.81, 59792.54, 60,069.04, 60368.14, 60522.13, and 61064.65 levels.
Stops were recently elected above many significant technical levels during the latest move to a new all-time high, including the 51732.54, 52505.24, 53194.95, 53276.47, 54400, 55266.17, 55715.92, 56761.65, and 57427.73 levels. Some areas of potential technical support during pullbacks include 48661.95, 47841, 47740.74, 46702.30, 46219.32, 45293.40, and 45081.10. Stronger technical support is likely in place around the 43549.50, 42259.21, and 40052.57 areas, with Stops likely in place below. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 50012.74 and the 50-bar MA (Hourly) at 49459.25.
Technical Support is expected around 42786.36/ 41398.14/ 40314.60 with Stops expected below.
Technical Resistance is expected around 58896.80/ 59724.81/ 59792.54 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
· Bitcoin (BTC) Price Prediction: BTC/USD Is Stuck Below the $52,000 Resistance as Bulls Fail to Break Resistance
Bitcoin (BTC) Price Prediction – March 8, 2021
Buyers have consistently pushed BTC/USD price to the $52,000 resistance. This is an attempt to break the resistance level. If the bulls break the $52,000 resistance level, the BTC price will rally to $58,000 high. Unfortunately, the bulls are yet to break the recent high. Bitcoin price is presently retracing from the $52,000 resistance.
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000
· BofA analyst Athanasios Vamvakidis argued the potent mix of U.S. stimulus, faster reopening and greater consumer firepower was a clear positive for the dollar.
· WHO says pandemic has caused more ‘mass trauma’ than WWII
· Total number of COVID-19 vaccinations administered
The following chart shows the total number of COVID-19 vaccination doses administered. Note that this is counted as a single dose, and may not equal the total number of people vaccinated, depending on the specific dose regime (e.g. people receive multiple doses).
· Dr. Scott Gottlieb says Covid mask mandates should be last virus mitigation measures lifted
· New Zealand to buy enough Pfizer COVID-19 vaccines for entire population
The government has signed an agreement to buy an extra 8.5 million doses, enough to vaccinate over 4 million people, Ardern said, adding the vaccines were expected to reach the country in the second half of the year.
· Japan COVID-19 inoculations off to snail pace start due to vaccine, syringe shortages
Japan’s COVID-19 inoculation campaign is moving at a glacial pace, hampered by a lack of supply and a shortage of specialty syringes that underscore the enormous challenge it faces in its aim to vaccinate every adult by the year’s end.
· India’s massive vaccine campaign boosted by PM Modi receiving shot
· Vietnam begins COVID-19 vaccinations after successful virus containment
· COVID-19 travel insurance becoming a vacation staple
COVID-19 insurance policies are increasingly joining passports and sunscreen as vacation staples, creating opportunities for insurers as more countries require mandatory coverage in case visitors fall ill from the coronavirus.
· China's focus on annual GDP targets gives greater policy flexibility - official
In its 2021-2025 economic plan delivered to the nation’s legislature on Friday, China did not include any average annual growth targets, pledging to keep growth in a “reasonable” range”, unlike a previous five-year plan issued in 2016.
It did, however, set an annual gross domestic product target of above 6% for the current year, having dropped the 2020 target last year amid global uncertainties caused by the pandemic.
· Hong Kong's Lam says China's planned electoral changes could prompt vote delay
· Japan government spokesman says timing of Biden-Suga meeting undecided
· BOJ's Amamiya says must keep yield curve 'stably low'
Bank of Japan Deputy Governor Masayoshi Amamiya said on Monday the central bank must focus on keeping the entire yield curve “stably low” for the time being, as the economy continues to suffer from the coronavirus pandemic.
· First Quad summit meeting likely this week: Japan government sources
The United States, Japan, Australia and India plan to hold the first meeting of their leaders this week under the so-called Quad framework, three government sources in Japan said.
The Quadrilateral Security Dialogue or Quad is considering holding its first summit in a virtual format on Friday or during the upcoming weekend, one of the sources told Reuters on Monday.
· U.S. says all options on table for a decision on Afghanistan
The U.S. government said on Sunday all options remain on the table for its remaining 2,500 troops in Afghanistan, saying it has made no decisions about its military commitment after May 1.
· Australia halts defence ties with Myanmar, redirects aid
· Three Gaza fishermen killed by apparent Palestinian rocket, rights group says
· Taiwan’s leader tells residents to conserve water as the island faces worst drought in 56 years
· Lebanon's deadlock fuels seventh day of street protests
Demonstrators burnt tyres to block main roads all over Lebanon for the seventh straight day on Monday in anger at more than a year of economic crisis and six months of political paralysis.
Protests at the start of Lebanon’s financial crisis in 2019 brought hundreds of thousands onto the streets to bring down the government.
· Thai prosecutor indicts 18 over anti-government protests
· Two protesters killed in Myanmar, shops and factories closed
Two protesters were killed by gunshot wounds to the head in Myanmar on Monday, witnesses said, while shops, factories and banks were closed in the main city Yangon as part of the uprising against the country’s military rulers.
· Yemen's Houthis attack Saudi oil heartland with drones, missiles
Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security.
Announcing the attacks, the Houthis, who have been battling a Saudi-led coalition for six years, also said they attacked military targets in the Saudi cities of Dammam, Asir and Jazan.
· Iran slips record volume of oil into China, reaches out to Asian clients for trade resumption
Unlike India, China never completely halted Iranian oil imports.
Iran moved about 17.8 million tonnes (306,000 barrels per day) of crude into China during the past 14 months, with volumes reaching record levels in January and February, according to Refinitiv Oil Research.
Of these, about 75% were “indirect” imports identified as oil from Oman, the United Arab Emirates or Malaysia, which entered China mainly via ports in eastern Shandong province, home to most of China’s independent refiners, or Yingkou port in northeastern Liaoning province.
The remaining 25% of imports were marked as official purchases for China’s Strategic Petroleum Reserves, Refinitiv said, as Beijing maintains a small purchase volume despite U.S. sanctions.
Reference: CNBC, Reuters, Cryptodaily, Ourwoldindata
Thai
Eng