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This edition brings you the latest news on the European Central Bank's interest rates, AMC's reverse stock split plans, gold prices, and the $EUR/USD currency pair.
We aim to provide the most recent and relevant information to help you stay on the market.
So sit back and read on for this week's updates!🎢
ECB torn as nations differ on interest rate path
The European Central Bank’s monetary policy committee members have locked horns over the Eurozone’s monetary policy. The difficulty for the EU and the ECB is each State has different economic requirements and inflation levels.
The Euro has come under pressure from a potentially weaker interest rate cycle. Boris Vuscic has advised, “The biggest part of the cycle is behind us”. Macro Strategist Mrs. Koning has advised most economists to believe the ECB may hike a further 50 basis points and will likely abandon previous rate targets.
The Federal Reserve, on the other hand, is the Federal Fund Rate will most likely increase a further 0.25% before the committee halts the cycle.
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AMC shares up 22% after reverse stock split gets put on hold
Shares of AMC Entertainment Holdings Inc. are up 22% at $4.94 after the company pressed pause on its plans for a reverse stock split.
The theater chain said Thursday that it won't enact the split or its planned conversion of AMC Preferred Equity Units into Class A common stock until a Delaware Chancery Court judge lifts a status quo order preventing AMC from following through on those measures.
"The company is continuing to evaluate next steps," AMC Entertainment said in a securities filing.
Overall, shares are down 60% over the past 12 months.
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Gold could aim for $2,043
During early Good Friday trading, the price of gold hovers around a stable point, with bulls determined to protect the $2,000 level before the crucial US Nonfarm Payrolls report is released.
Fxstreet suggests that if gold bulls regain control, the immediate resistance will be at $2,020. Surpassing this level will bring the yearly high of $2,032 into focus.
In summary, a weaker-than-expected US Nonfarm Payrolls report could potentially spark a new surge in gold prices, aiming for the pennant target of $2,043 if the resistance is overcome.
Trading involves significant risk of loss.
$EUR/USD could see its fourth consecutive week of gains
The $EUR/USD currency pair has been grinding higher, trading around 1.0920, amid mixed US daily performance. Upbeat German data has contrasted with downbeat US statistics, further underpinning the bullish bias for the Euro.
While recession worries and the holiday-driven inaction have prodded traders, the recent dovish Fed bets and disappointing US data have given rise to hopes of a positive surprise and significant price volatility afterward.
However, with the major markets off, the $EUR/USD may remain inactive and vulnerable to sharp moves amid less liquidity on March's scheduled US employment numbers.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
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