Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
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China's Refining Industry Faces Major Shakeup Amid Challenges 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
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Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
The US dollar index showed a minor sell-off ahead of Fed monetary policy. The central bank expects to keep rates at current levels. Markets eye hints about the timings of rate cuts and how many rate cuts will happen in 2024. Any hawkish rate pause will push the US dollar index higher. It hit a low of 103.80 yesterday and is currently trading around 103.85.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 99% from 98% a week ago.
The US 10-year yields trading flat ahead of Fed monetary policy. The US 10 and 2-year spread narrowed to -39.40% from -53%.
Major resistance- 104.25/105
Major support- 102.70/102.
EURUSD-
EURUSD jumped slightly after upbeat German economic data. The headline German ZEW economic sentiment surged to 31.70 in Mar from 19.90 in Feb. Major Eurozone economic data today
Mar 20th, 2024, ECB president Lagarde speech (8:45 am GMT)
Major resistance-1.09500,1.100
Major support- 1.0800,1.0760
Yen-
The yen pared most of its gains despite BOJ's historic rate hike in 17 years. Any break above 152 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,148.50
Canadian Dollar
The Canadian dollar declined sharply after weak Canadian CPI data. According to Statistics Canada, annual inflation dropped to 2.8% in Feb, compared to a forecast of 3.1%.
Resistance- 1.3660,1.3700
Major support- 1.3570,1.3500
