NAS 100(Nasdaq) retraces to fresh low
The NAS 100(Nasdaq) hit a fresh low as the sell-off in the stock market continues. Equities, in general, were unable to shake a multi-week market rout under the weight of new tariff threats from Donald Trump. He also stated that he wouldn’t be changing his mind about a broader set of tariffs to be implemented next month. Until then, the slide is expected to continue as the index heads towards 18800, with 19600 as the closest resistance.
EURUSD enters consolidation phase
The major currency pair weakens after outperforming for the majority of March, adding over 400 pips. Fresh escalation in the potential tariff war between the European Union and the US has seen sentiment shift dramatically. President Trump reiterated that he would respond to counter-tariffs proposed by the EU by adding over 200% tariffs on imported goods. The Fed is expected to hold its rate this week as any changes could shake up the market even further. The pair is testing the 1.09 level, with 1.0740 being a fresh support.
UKOIL sinking lower
Brent oil found some support last week as data signalled strong demand and slowing inflation. However, the markets cannot escape the escalating global trade tensions which seem to be driving the market. Ongoing tariff concerns, weak Chinese demand, and OPEC plans to increase output continue to pressure the energy market. The price is testing multi-year lows at 68.00, with 71.60 being the first test for a recovery higher.