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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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7 March

MARKET NEWS SUMMARY

European stocks ended the trading session on Monday, March 6, on a mixed note, amid a follow-up to economic data. At the end of the session, the STOXX600 index settled, recording 464 points, with a decline in shares of mining companies by 2.6%. The British FTSE declined by 0.2%, recording 7929 points, while the DAX rose. The German CAC increased by 0.48% to 15,653 points, and the French CAC rose by 0.34% to 7,373 points.

China revealed its growth target at 5% levels this year, which is less than last year’s target of about 0.5%.

Markets now await Federal Reserve Chairman Jerome Powell’s testimony before Congress on Tuesday and Wednesday. He is set to give investors a better idea of the Fed’s view of inflation and its plan to raise rates.

Dollar index (USDX)

US Dollar Index chart on 7 March 2023

The dollar fell broadly on Monday, March 6, as investors await US Federal President Jerome Powell’s testimony before Congress. The February jobs report will be also be released at the end of the week and is likely to influence the Fed’s interest rate decision.         

The dollar index fell 0.182% to 104.420. Last week, the index incurred its first weekly loss since January.

Pivot Point: 104.30

Resistance levelSupport level
104.55104.00
104.85103.80
105.30103.25

Euro (EURUSD)

EURO Chart on 7 March 2023

European Central Bank President Christine Lagarde said core inflation in the eurozone would remain high in the near term, and therefore, a 50 basis point rate hike by the bank later this month is becoming increasingly likely.

The ECB has already raised rates by 3 percentage points since July and has pledged to approve another half-percentage point increase on March 16.

Pivot Point: 1.0665

Resistance levelSupport level
1.07101.0635
1.07351.0590
1.07701.0565

Spot Gold (XAUUSD)

Spot Gold chart on 7 March 2023

Gold prices stabilized at the settlement of trading on Monday, March 6th, after recording the first weekly gains in more than a month last week.

Upon settlement, gold futures contracts settled at $1854.6 an ounce.

Pivot Point: 1,850

Resistance levelSupport level
1,8551,842
1,8601,836
18651,830

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 7 March 2023

US indices recorded limited gains in Monday’s session after US Treasury bond yields rose, amid anticipation of Federal Reserve Chairman Jerome Powell’s testimony, in addition to the February jobs report.

The Dow Jones index rose by 0.1%, or 40 points, recording the fourth daily increase in a row, to close at 33,431 points.

The Dow Jones touched the 50-day moving average of 33,540 points before trimming its gains and closing below it.

Pivot Point: 33465

Resistance levelSupport level
3357533340
3369033230
3393032990

US Crude oil (USOUSD)

US Crude Oil chart on 7 March 2023

Oil prices rose at the settlement of trading on Monday, March 6th, after recording losses at the beginning of the session due to concerns about economic growth in China.

Upon settlement, Brent crude futures rose by 0.4% to $86.18 a barrel, and US oil futures rose by 1%, recording $80.46 a barrel.

Pivot Point: 79.80

Resistance levelSupport level
81.2578.95
82.0077.55
83.5076.00

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