In a historic deal that shocked the financial world, UBS Group AG announced on Sunday that it has agreed to buy Credit Suisse Group AG for 3 billion Swiss francs ($3.24 billion USD), creating a banking behemoth that would rival some of the largest global players. The deal was brokered by the Swiss authorities, who intervened to prevent a collapse of Credit Suisse...
Bitcoin displayed a substantial strength recently driven by fear of surrounding a banking crisis and the collapse of several banks in the US, along with a situation with Credit Suisse. BTCUSD has gained as much as +25% in the week, rising to almost $25000 from 20000. Such a bullish rally usually has a high chance of continuation, at least in the short-term...
The British pound had developed a sharp momentum vs the US Dollar recently, amid a banking crisis in the US and the situation around Silicon Valley Bank. After that, the greenback had regained some strength against European currencies, as the banking crisis started to spread to Europe too with a spectacular drop of shares of Credit Suisse bank and surrounding...
EURGBP has been more consistently negative than EURUSD over the last few weeks for a number of reasons. The most important of these this week are significantly strong British job data than expected and the troubles plaguing Credit Suisse. Claimant count change for January was unexpectedly revised down to negative 30,300 on Tuesday while the rate of unemployment in...
The Nasdaq Index seems relatively unhampered by the sluggish news coming from the banking sector. Also, yearly CPI data came as expected, and core CPI rose by 0.5% above January. The index has stood its ground and is up by 1.84%. After the CPI data, there is an approximate 88% likelihood of the Fed hiking interest rates by a quarter-point in the next week's...
Shares in the banking sector have taken a hit amidst Silicon and Signature banking fiasco. In an attempt to recoup investors' confidence, the treasury secretary has ruled out any bailout plans. The fed chairman has also ensured that depositors would have access to their funds. Despite all the efforts, the market seems skeptical, and the regional banking crisis is...
Silicon Valley Bank (SVB), Signature Bank (SBNY), and Silvergate Bank (SI) had been providing banking services to many crypto companies and investors, especially after many traditional banks shunned them due to regulatory uncertainty and compliance issues. According to CNBC, SVB collapsed on Friday after depositors withdrew more than $42 billion following the...
Gold has been traditionally considered a safe haven asset in times of uncertainty and this is what is currently happening on the market following the failure of three banks last week. After recent events of banks stopping their operations the price of gold made gains as its an attractive addition to investor’s portfolios because of its relative “stability” to...
Crude oil prices took a hit on Monday the 13th as fears of a new financial crisis hit following the recent data of the Silicon Valley Bank(SVB) collapse. This is not the only bank that failed since Silvergate announced plans to wind down operations and voluntarily liquidate as well as state regulators closed New York-based Signature Bank(SBNY.O) on Sunday. U.S....
The first retrace after the March 11th spike bounced at the 0.236 level of the Fibonacci, followed by a second retract at the 0.382 level, supporting signs of a continuing uptrend, although it did not intersect with the moving average yet. The stochastic shows a significant oversold period throughout, again supporting a bullish forecast.
As investors make a cash run on failing US banks, the overall sentiment for USD is looking more and more gloomy with every passing day. Is this good news for BTCUSD traders? Since last week’s news of Silicon Valley Bank, Signature Bank, and Silvergate Bank, EURUSD made a bullish 139.7 Basis Point Change showing that USD might be in for a tough week. But all eyes...
XPeng Inc. (symbol ‘XPEV’) share price has been trading in a slight bearish momentum for the last 3 months without any signs of bullish reversal. The company’s earnings report for the fiscal quarter ending December 2022 is set to be released on Friday 17th of March, before market open. The consensus EPS for Q4 is $-0,05 compared to Q4 2022’s $-0,24. ‘The share...
BTCUSD remains around 22k due to the knock-on effects of Silvergate and the macroeconomic data published last Friday. Silvergate fell more than 50% on Wall Street last Thursday after announcing that it would delay the publication of its results due to a ‘series of circumstances that will negatively affect the calendar and unaudited results’. The announcement led...
The GBPUSD pair remains low in the short term, after testing resistance to the 100 and 200 period moving averages in the 4-hour chart. After its decisive recovery on Friday, the GBPUSD pair started the week with some uncertainty. On Friday, the United States Services PMI revealed that commercial activity continued to expand steadily in February and that the...
The EURUSD pair has remained sideways in recent days, although with a downward pressure in recent weeks. Key events and the publication of this week’s macroeconomic data may lead to volatility in the price of this pair. Last Friday, the president of the European Central Bank (ECB), Christine Lagarde, reiterated that an increase in interest rates of 50 basis...
Shares in Adobe Inc (symbol ‘ADBE’) have been slowly gaining back part of the losses incurred last month while the company is expected to report its earnings for the fiscal quarter ending Feb 2023 on Wednesday 15th of March, after market close. The consensus EPS is $2.97 compared to the result for the same quarter last year of $2.84. ‘Adobe’s share price had a...
Past week’s economic data from the US came in softer especially for PMI boosting the price of the yellow metal. According to FedWatchTool from CME group, the market is discounting the possibility of a single hike on the next FED meeting on 22nd of March at more than 70% but the scenario of a double hike is silently gaining ground since it was around 9% one month...
Crude oil opened lower on Monday mainly due to China setting a lower-than-expected target for economic growth this year at around 5% “Premier Li Keqiang said on Sunday the foundation for stable growth in China needed to be consolidated, insufficient demand remained a pronounced problem, and the expectations of private investors and businesses were unstable.”...