2026-03-09 12:16:00
Crude oil is higher. US stocks are lower. US yields are higher. The USD is higher. There is a G7 meeting on oil reserves will take place at the bottom of the hour. That may give some relief as the market is looking for any excuse to ease the pressure on markets.
Other than that, the economic calendar is light with the US employment trends (a rehash of the employment data released most recently including the weaker than expected NFP from Friday) will be released at 10 AM with last month’s number coming in at 105.06.
The Fed is now in the blackout period. The Fed will meet on March 18 and the expectation is for no change in policy as they will be concerned about inflation spiking higher. The other side of the argument is the higher oil prices will slow grpwth.
Looking at the EURUSD, the price fell to the lowest level of the year and going back to November. The low reached 1.1508. The next low from November are at 1.1490 and 1.14678. On the topside, the 1.1554 to 1.1576 are topside targets.
The USDJPY spiked higher reaching 158.89. That tested a swing high going back to January. That high was near the high from January 23 at 159.216. The price has come off coming into the US session. Support comes in at 158.36 and then 158.00
