MHMarkets：2024.03.08 MHM European Time Analysis

Date: 2024.03.08 MHM European Time Analysis

In the realm of foreign exchange markets, the U.S. dollar exhibited a decline against a basket of major currencies, influenced by Federal Reserve Chairman Jerome Powell's dovish remarks on potential rate cuts. This sentiment led the dollar index to drop to 102.81. Notably, the EUR/USD pair saw a rise following the European Central Bank's decision to maintain its key interest rate at 4.00%, coupled with a reduction in its inflation forecast and a hint at possible rate cuts by June. Meanwhile, currencies like the GBP/USD and AUD/USD experienced gains, and the USD/JPY pair declined. Additionally, Bitcoin showed resilience, maintaining a position above $67,000 amidst these fluctuations.

The U.S. stock market continued its upward trajectory, marking its third consecutive session of gains, with the S&P 500 reaching a new high. This rally was supported by Federal Reserve Chairman Jerome Powell's comments to the U.S. Senate about nearing rate cuts, which also led to a slight decrease in the U.S. 10-year Treasury yield. Sector-wise, communications, technology, and materials led the gains, with notable performances from companies like Nvidia and Meta Platforms. However, Victoria's Secret faced a steep decline after being downgraded. The anticipation of the U.S. official jobs report and data showing steady initial jobless claims underscored ongoing labor market strength, alongside gains in European stocks and a slight drop in U.S. WTI crude oil prices, with gold prices slightly increasing.

In Asia, the market responded to various economic indicators with USD/JPY showing little change, while household spending in Japan indicated a sharper decline than expected. The stability in major currency pairs such as EUR/USD and GBP/USD was evident, with gold prices experiencing a minor adjustment. Looking ahead, expectations are set for economic data releases across major economies, including GDP figures from the eurozone, industrial production and producer prices index from Germany, and France's trade deficit. In North America, attention is geared towards the U.S. nonfarm payrolls and unemployment rate, alongside Canada's employment figures and anticipated changes in the jobless rate, highlighting a global focus on economic health and monetary policy directions.

Gold (XAUUSD) Technical Analysis
Resistance levels:	2171.07; 2185.34
Support levels:	2142.36; 2128.03
The 4-hour chart for gold shows recent resistance near 2171.07; 2185.34 and support near 2142.36; 2128.03. The breakthrough or failure to break through these support and resistance levels will be used as a basis for future market analysis.Note: The above strategy update was provided on March 8th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.

Crude Oil (USOUSD) Technical Analysis:
Resistance levels:	80.46; 82.03
Support levels:	79.50; 77.92
The 4-hour chart for US crude oil indicates resistance levels near 80.46; 82.03 and support levels near 79.50; 77.92. Future market analysis will depend on the breakthrough or failure to break through these support and resistance levels.Note: The above strategy update was provided on March 8th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.

EUR/USD Technical Analysis:
Resistance levels:	1.0947; 1.0985
Support levels:	1.0884; 1.0822
The 4-hour chart for the Euro against the US Dollar shows resistance levels near  1.0947; 1.0985 and support levels near 1.0916; 1.0884. The breakthrough or failure to break through these support and resistance levels will be used as a basis for future market analysis.Note: The above strategy update was provided on March 8th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.

GBP/USD Technical Analysis:
Resistance levels:	1.2850; 1.2908
Support levels:	1.2800; 1.2747
The 4-hour chart for the British Pound against the US Dollar indicates resistance levels near 1.2850; 1.2908 and support levels near 1.2800; 1.2747. Future market analysis will depend on the breakthrough or failure to break through these support and resistance levels.Note: The above strategy update was provided on March 8th at 16:00. This strategy is for intraday purposes; please consider the strategy release time.