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  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue https://t.co/m2WK4Q2Bs5
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace https://t.co/VYY5imk1yS
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY https://t.co/t5KRSYu0TP
  • EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels. Get your $EURUSD market update from @DavidJSong here:https://t.co/XWIah8irtj https://t.co/GIXPFZz2qQ
  • USD/MXN has continued to rip in 2021, flying in the face of the bearish trend from 2020. Get your $USDMXN market update from @JStanleyFX here:https://t.co/uePriXERH8 https://t.co/qRjLbgglov
  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/03/08/Mexican-Peso-Price-Forecast-MXN-USDMXN-USD-MXN-Breakout-to-Fibonacci-Resistance.html https://t.co/7TwqgZDXfH https://t.co/ocsiEw3IwC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.37%, while traders in Germany 30 are at opposite extremes with 81.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2V8w40M0zN
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: -0.10% Gold: -1.18% Oil - US Crude: -1.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/710wPcmn9S
  • Lord Frost accuses the EU of ‘ill will’ as Brexit row rumbles on. @bankofengland governor Andrew Bailey gives his latest thoughts on the economy. Get your market update from @nickcawley1 here:https://t.co/Z4gAzLjtjx https://t.co/MyIHkCORSH

Market sentiment ended on a somewhat cautious note Friday as the tech-heavy Nasdaq 100 fell about 0.9%. The Dow Jones and S&P 500 erased losses however. The sentiment-linked Australian and New Zealand Dollars came under selling pressure as the haven-linked US Dollar and Japanese Yen managed to rise. Even gold prices succumbed to selling pressure after pronounced gains.

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All eyes have lately been on technology companies for driving some of the most aggressive gains in global equities since late March. Last week, US-China tensions may have played a key role. The former moved to ban transactions with key Chinese tech companies WeChat and TikTok. Tencent, the owner of WeChat, saw its share price at one point decline as much as 10.5% on Friday.

Retaliation from China, the world’s second-largest economy, should be kept an eye out for as that could depress market mood further. Another key risk to watch for is developments around US fiscal stimulus. Last week, Democrats and Republicans failed to find an agreement on the size of the package, pushing the White House to consider executive action on certain stimulus provisions.

Markets are forward looking, hence the optimistic non-farm payrolls report being brushed aside last week. A lack or delay in US stimulus as well as escalating US-China tensions could derail prospects of a swift global economic recovery from the damage coronavirus has done. That could mute the impact of EU and UK GDP data ahead. More focus could be given to University of Michigan Sentiment on Friday as a relatively timely indicator of economic health.

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Fundamental Forecasts:

British Pound May Fall on Virus-Hit GDP Data, Brexit Stalemate

The British Pound may come under fire as uncertainty about Brexit continues to curb GBP’s enthusiasm ahead of the release of preliminary, Q2 UK GDP data.

Oil Price Outlook Hinges on OPEC Meeting as US Output Remains Stagnant

The price of oil clears the July high ($42.51) ahead of the OPEC meeting as US crude output sits at its lowest level since 2018.

S&P 500 and FTSE 100 Forecasts for the Week Ahead

Tech leading the S&P 500 towards record highs, however, China risks rise. FTSE 100 hovers in a lower range.

US Dollar Weekly Outlook - Short-Term Relief Rally or a Change of Heart?

The US dollar is trying to form a supportive base to rally-off but the fundamental backdrop remains gloomy for the greenback.

Yen May Rise as Nasdaq 100 Falls on US-China Tensions, Fiscal Woes

The anti-risk Japanese Yen may rise versus currencies like the AUD and NZDon US-China tensions and fiscal stimulus woes which sank the Nasdaq 100 at the end of last week.

Technical Forecasts:

US Dollar Outlook: USD Sell-off Halted at Trend Support– DXY Levels

The Dollar is down than 3% year-to-date with the index responding to trend support at multi-year lows. Here are the levels that matter on the DXY weekly technical chart.

S&P 500, DAX 30, FTSE 100 Forecasts for Week Ahead (Charts)

US stocks looking for new highs while the DAX and FTSE continue to demonstrate relative weakness.

USD/MXN Week Ahead: Sentiment Will Focus on Sino-US Tensions Ahead of Banxico Meeting

USD/MXN recovers some buyer support as escalating geopolitical tensions cause a shift towards havens

EUR/USD Price Forecast: Eyes a Test of the Neckline Support Level

Last week, EUR/USD rallied to an over two – year high then declined after. Will the price hit a new high in the coming days?

Australian Dollar Outlook: AUD/USD Rates Eyeing 2019 High

The Australian Dollar could be on the verge of a major breakout against the US Dollar as AUD/USD rates eye a close above pivotal chart resistance.

Gold Price Technical Forecast: Gold Rally Rolls, How Far Can it Go?

Gold prices put in a massive breakout in the first four days of this week, with a sizable pullback showing up on Friday. But will that deter Gold bulls?

US DOLLAR WEEKLY PERFORMANCE AGAINST CURRENCIES AND GOLD

FX vs Gold vs USD

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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