MHMarkets：2024.03.04 MHM European Time Analysis

Date: 2024.03.04 MHM European Time Analysis

In the realm of foreign exchange, the U.S. dollar index experienced a decline, settling at 103.91. Notably, the Euro gained strength against the dollar, with the EUR/USD pair ascending by 31 pips to 1.0834, buoyed by Eurozone data indicating a slight easing in inflation to 2.6% year-on-year for February, slightly above expectations, and a dip in unemployment to 6.4% for January. Other currencies also saw movements against the dollar; the GBP/USD pair rose by 30 pips to 1.2653 following a positive report on the U.K.'s housing market, while the AUD/USD pair increased by 29 pips to 0.6524. Additionally, Bitcoin showcased remarkable resilience over the weekend, maintaining a level around $62,700 after a substantial gain in February.

The stock and commodities markets witnessed positive momentum as U.S. stocks advanced for a second consecutive session. The S&P 500 and Nasdaq 100 reached new record closing levels, thanks in part to gains across technology, energy, healthcare, and real estate sectors. Notably, Nvidia and Meta Platforms saw significant jumps to record closes, while Dell Technologies surged after providing an optimistic full-year outlook. In contrast, Apple experienced a slight decline. The anticipation builds for the Federal Reserve Chairman Jerome Powell's upcoming monetary policy report, with investors keen to discern any shifts in policy direction. Meanwhile, U.S. Treasury yields fell, and both U.S. WTI crude oil and gold prices saw notable increases, with gold reaching its highest level since late December.

During the Asian trading session, the EUR/USD and GBP/USD pairs saw further advancements, while the USD/JPY remained relatively stable. Gold prices held steady, reflecting a continuation of the positive trend observed in the commodities market. Bitcoin, too, experienced an uptick, reaching $63,566, signaling sustained interest and optimism in the cryptocurrency market. As the day unfolds, no significant economic data releases are anticipated, suggesting that market movements will likely be influenced by ongoing trends and investor sentiment rather than fresh economic indicators.