Forex Forecast And Cryptocurrencies Forecast For March 4 - 8

First, a review of last week’s events:

  • EUR/USD. For the first half of the week, the euro was growing due to expectations that the UK’s exit from the EU will be postponed indefinitely. The pair rose above the center line of the medium-term corridor 1.1300-1.1500. However, the last day of winter, February 28, made its own adjustments, inspiring fans of the dollar. The estimate of US GDP for 2018 turned out to be much higher than the forecast. A very strong index of business activity in Chicago played in favor of the dollar. As a result, the pair went down, but the joy of the bears was short-lived. The impulse was so weak that it could not even come close to the support of 1.1300. And after the publication of the ISM Business Activity Index on March 1, which turned out to be worse than the previous value, and worse than the forecast, the pair went up again. This was followed by another unsuccessful attempt to break through the defenses of the bulls, after which the pair completed the week at 1.1365;
  • GBP/USD. So, the British Parliament has agreed to the proposal of Prime Minister Theresa May to vote on the impossibility of Brexit without a deal with the EU, as well as the need to postpone the withdrawal of the country from the European Union. Please note: this is not a postponement of the Brexit date, but only the consent of the Parliament to put this issue to a vote. But this was enough for the pound to grow by 300 points and reach the height of 1.3350 by the middle of the week. And then everything was, as in the case of the euro: some restoration of the dollar's position, then sad statistics from the US on Friday, and as a result, the final chord of the pair is at the level of 1.3200;
  • USD/JPY. The quotes of the Japanese currency last week were influenced by two unpleasant factors. Firstly, it is the continuing growth of the risk appetites of investors and the capital outflow to countries with developing economies. The second blow was the growing, due to the positive statistics released on Thursday, yield of US Treasury bonds.
    Recall that last week 70% of experts voted for a further fall of the yen and the rise of the pair to the level 111.50-112.50. Due to these factors, this forecast turned out to be accurate, and the pair recorded the week high at the height of 112.07, after which it completed the five-day week at 111.90;
  • Cryptocurrencies. As is often the case in this market, the biggest jumps in quotations happen during the weekend, after which the market falls into hibernation on working days. It so happened this time as well. On Saturday, February 23, Bitcoin took off to the height of $4,280, after which, no less quickly, crashed to $3,810, after which it moved to lateral movement, one approaching, one moving away from the key horizon of $4,000. Other top coins, Ethereum, Litecoin, Ripple and others, showed similar dynamics. At the same time, the pairs LTC/USD and XRP/USD completed the seven-day period almost at the same place where they started, once again confirming the opinion that there are no really serious drivers capable of forming a really powerful trend for the entire market.
    The total market capitalization for the week fell by 7.8%, from $141 billion to $130 billion. 
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