Daily Alert – Wednesday 31st March 2021: Markets quiet as quarter and fiscal year end

Mark NugentDaily Alert, March 2021

Daily Alert – Wednesday 31st March 2021: Markets quiet as quarter and fiscal year end

Sentiment is dominated by Covid concerns in the US and the Eurozone, and the fallout from the collapse of the Archegos family fortune.

Risk sentiment has been indecisive until today where we are moderately risk-on as of 3pm BST.

I took a punt on USDJPY long on Monday night as it moved up through resistance. Thus is based on nothing other than institutional forecasts of USDJPY buying as we head into today’s quarter and fiscal year end. The trade is in the money but I am not managing it closely. Stop loss is at breakeven so it will either end up profitable or close at breakeven. No worries.

I went short again on EURUSD (theme is weak EUR, based on, you know, the toxic mix of arrogance, incompetence and post-Brexit passive-aggression that is the EU 24/7 clown show). Just saying. This trade is also in the money although taking a turn up today as the EUR strengthens and the USD weakens.

I will be back after Easter on Wednesday when I shall have a look at the markets and also provide you with the March Performance Report which is around 6.9% up for the month and 24.4% for the year.

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