Weekly Overview

US Dollar Index

An important week against the US dollar, as markets await the interest rate decision by the Federal Reserve, and expectations point to an increase of 25 basis points to reach 5%. Inflation data last week was in line with expectations, and we witnessed a slight increase in 0.1% in the core consumer price index on a monthly basis, with The banking crisis The markets tended to price an interest rate hike by 25 basis points or not, but not raising it is somewhat unlikely, as we also witnessed the European Central Bank last week, where it raised interest by 50 basis points despite the crisis in the banking sector and the statement that the sector is fine and ready to intervene but fight inflation It is also a priority, which indicates the possibility of seeing a similar scenario for the Federal Reserve this week
Technically, the US dollar rose with the increase in demand for the US dollar last week as a safe haven as a result of fears of an economic collapse, to give a positive signal on the four-hour chart, but on the daily chart, the dollar is still in a downward trend after recording a bottom below the level of 104.030, and breaching the level of 103.065 will push this indicator To further decline to 102.390 and 101.700

Gold

As a result of the banking crisis and fears of economic collapse, the demand for gold increased to rise and touch the 2010 level per ounce for the first time since August 2020. The interest rate decision by the Federal Reserve this week will have a direct impact on gold prices. Of course, if we witness an increase in interest that is higher than expectations, we will have a decline. significant in gold prices and vice versa
Technically, gold is trading in a general bullish trend over the medium and long term as it forms higher peaks than one another
In the four-hour frame, if the 1967.66 level is not breached and a bottom is recorded below, the gold target will be at the 2010 level again, and if a bottom is recorded below, we will witness a decline for gold to at least the 1935.13 level

Crude Oil

Crude oil has touched the level of 65 again since December 2021, with the significant decline it recorded, with increasing concerns about the outbreak of a new global financial crisis and the inability of countries to contain the crisis, which leads to a decline in global demand for oil.
Technically, crude oil is trading at a support area between the levels of 66 and 63. Traders should monitor the level of 68.43. It is the markets absorbing the news of the banking crisis, the possibility of monetary tightening by the Federal Reserve and not retreating from its decision, as well as the rebound from a very important support area

The most important economic data and news for this week

Tuesday 21 March

Canadian dollar: consumer price index
Eurozone: Speech by European Central Bank President Christine Lagarde

Wednesday 22 March

British Pound: Consumer Price Index
US dollar: interest rate decision by the Federal Reserve

Thursday 23 March 

Swiss Franc: Interest decision by the Swiss National Bank
British Pound: The rate decision by the British Central Bank
US dollar: Unemployment Claims Rates

Friday 24 March

Eurozone: German and French services and manufacturing PMI
British Pound: Industrial and Services Purchasing Managers Index
US dollar: manufacturing and services PMI