It’s a brand new month and with February month-end out of the way, hopefully we might get a more consistent read across markets moving forward. But so far, it is looking a fair bit tricky. The aussie and kiwi looked like they were poised for a downside break earlier in the week but have now turned things around when you look at the hourly charts instead.
The dollar had been more upbeat upon the handover from last Friday but the bullish momentum appears to be waning. That said, a lot will still depend on the risk mood and the bond market. The latter in particular will be a key spot to watch, in seeing if markets will look towards pricing in any further Fed hawkishness. The key barrier remains at 4% for 10-year Treasury yields now.
With the turnaround in the antipodeans, gold is also hoping for a reversal move. We are seeing price up 0.4% to near $1,835 now as buyers look to come up for some air after the run lower from $1,959 to yesterday’s low of $1,804.
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