Equities Mixed as West Increases Sanctions on Russia

EU SHARES MIXED, WALL STREET GAINS, BUT ASIA SLIDES, YEN CONTINUES TO TUMBLE

The US dollar traded lower against all but one of the other major currencies on Thursday and during the Asian session Friday. It lost the most ground versus AUD, EUR, and CHF, in that order, while the only currency against which the greenback eked out some gains was JPY.

S&P 500 — TECHNICAL OUTLOOK

The S&P 500 cash index traded higher yesterday, after it hit support at 4455. Today, during the Asian session, it poked its nose above Tuesday’s peak of 4525, where a clearer break will confirm a forthcoming higher high. Given that the index continues to trade above the downside line taken from the high of January 4th, as well as above the key barrier of 4400, we will consider the near-term picture to still be positive.

AUD/JPY — TECHNICAL OUTLOOK

AUD/JPY has been trading in a rally mode since March 15th, distancing further itself from the upside support line drawn from the low of January 28th. The rate has been respecting a steeper upside line lately, drawn from the low of March 16th, but yesterday, it hit resistance near 92.00 and pulled back. In any case, the rate remains above that steep upside line, and thus, we see decent chances for the bulls to take charge again very soon.

AS FOR TODAY’S EVENTS

During the early European session, we already got the UK retail sales for February, but both the headline and core rates came in below estimates.

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