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SquaredCommentary: 17th February 2021


17 February 2021

Markets remain risk-on but we are seeing a tentative start to trading as the vaccination roll-out and fiscal stimulus packages continue to support trading. It may be a sign of the times but as Bitcoin broke through the US$50,000 level a death cross was forming on the gold daily chart.  Large investors now seem to be moving into BTC, and gold can only find sellers.

The markets remain positive as equities take a hit as US10Y print at yearly highs above 1.30%.  US deep freeze took off around a third of crude production with Texas pipelines freezing. API report weekly inventories today, which will be important with US$60 as the key support level.

UK inflation has unexpectedly risen 0.7% in January as the country went back into a coronavirus lockdown, however, we are still bullish on UK stocks and the FTSE 100 6800 resistance is the next key level to break for further upside prints.

USD/JPY holds steady near ¥106 after the pair cracked the key important 200-day moving average as the US Dollar comes back into demand.


Market Updates

Rony Nehme - Chief Market Analyst at SquaredFinancial


Rony has over twenty years of experience in financial planning and professional proprietary trading in the equity and currency markets. Prior to joining SquaredFinancial, Rony educated and coached numerous traders helping them find their edge and arming them with proven trading methodologies to successfully battle the markets. Rony obtained a B.S. in Finance from Concordia University in Montreal, and his professional designations include Certified Financial Planner CFP® obtained from the Canadian Securities Institute.

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