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Stocks Dip, Bitcoin Surges, Euro Weakens | Daily Market Update

Taurex | 2024-02-29 12:26

Abstract:Tech Stocks Under Pressure, Inflation Data Looms

DAILY MARKET NEWSLETTER | February 29, 2024

Market Overview

  • US stocks edge lower ahead of inflation data release.

  • Tech and healthcare stocks drag markets down.

  • Euro weakens against the dollar (EUR/USD down to 1.0835).

  • Bitcoin breaks $60,000 mark, fuels Microstrategy surge.

Key Market Movements

  • Dow Jones: -0.06%

  • S&P 500: -0.17%

  • Nasdaq 100: -0.54%

  • WTI Crude Oil: -0.61%

  • Gold: + $3

  • Bitcoin: +9% (briefly hit $64,000)

Directional Views from Trading Central

Here are key currency pairs and the Dow Jones index to watch, with analysis and potential strategies from Trading Central's research team:

  • GBP/USD: Rebound continues. Look to buy above 1.2640, target 1.2680 & 1.2695.

76_20240229050141.gif
  • USD/JPY: Watch for break below 150.35, could trigger drop. Short below 150.70

75_20240229023332.gif
  • EUR/USD: Upside trend. Consider buying above 1.0815, target 1.0850 & 1.0865

74_20240229050141.gif
  • Dow Jones (CME): Resistance at 39030.00. Potential short positions below 39030

23357_20240229043825.gif

Important Notes:

  • Market Volatility: Prices and key levels are subject to change. Use these views as a starting point for your own research.

  • Explore More: The provided links offer deeper analysis and charts from Trading Central.

Trading Central GBPUSD USDJPY EURUSD Dow Jones technical analysis forex

Related broker

Regulated
Taurex
Company name:Taurex Limited
Score
8.42
Website:https://taurex.asia/
5-10 years | Regulated in United Kingdom | Regulated in Seychelles | Market Maker (MM)
Score
8.42

Read more

KVB Market Analysis | 27 August: AUD/USD Holds Below Seven-Month High Amid Divergent Central Bank Policies

The Australian Dollar (AUD) traded sideways against the US Dollar (USD) on Tuesday, staying just below the seven-month high of 0.6798 reached on Monday. The downside for the AUD/USD pair is expected to be limited due to differing policy outlooks between the Reserve Bank of Australia (RBA) and the US Federal Reserve. The RBA Minutes indicated that a rate cut is unlikely soon, and Governor Michele Bullock affirmed the central bank's readiness to raise rates again if necessary to combat inflation.

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Bitcoin traded above $60,000 on Friday, gaining over 4% this week but staying within a $57,000 to $62,000 range for the past 15 days. On-chain data reveals mixed signals, with institutions accumulating while some large holders are selling. Inflows into US spot Bitcoin ETFs and potential volatility from ongoing Mt.Gox fund movements could impact Bitcoin's price in the coming days.

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FBS Joins Two Prestigious Financial Events by the End of 2024

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KVB Market Analysis | 23 August: JPY Gains Ground Against USD as BoJ Signals Possible Rate Hike

JPY strengthened against the USD, pushing USD/JPY near 145.00, driven by strong inflation data and BoJ rate hike expectations. Japan's strong Q2 GDP growth added support. However, USD gains may be limited by expectations of a Fed rate cut in September.

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