Market news summary

On Thursday, March 23, US Treasury Secretary Janet Yellen said that she is ready to take further measures to secure US bank deposits amid turmoil in the US banking system.

“We’ve used, as I said, important tools to work quickly to prevent transmission. And those are tools we can use again,” Yellen said in a prepared speech to the House Appropriations Subcommittee.

Jerome Powell, head of the Federal Reserve, stressed in his statements after the monetary policy decision to raise the interest rate by 0.25%, that measures to reduce inflation will take a long time.

He added: We will continue to monitor the situation closely and we are ready to use all tools so that the banking system remains safe and sound, as he indicated that the bank may raise interest more in the event that there was a need for that. He continued: Inflation is still very high. And the labour market continues to recover. Unemployment rates are falling.

European indices fell at the end of the trading session on Thursday, March 23, after a number of central banks took decision about interest rates. At the end of the session, the STOXX600 index fell by 0.21%, recording 446 points, while the German DAX fell by less than 0.1% at 15210 points. The FTSE declined. The British CAC increased by 0.89% at 7499 points, while the French CAC rose by 0.11% to 7139 points.

Dollar index (USDX)

The dollar fell to its lowest level in seven weeks after the Fed raised interest rates as expected, although some phrases in the central bank’s announcement suggested that interest rates may be close to peaking.

The index records 101.805, down by 0.16% in yesterday’s session, to return to trading above 102.00 levels today.

Pivot Point: 102.05

Resistance level	Support level
102.45	101.75
102.75	101.30
103.50	100.50

Spot Gold (XAUUSD)

Gold prices rose, recording the highest settlement price in more than a year, after the decision of the Federal Reserve and a number of central banks.

At the settlement of the March 23rd session, gold futures rose by 2.4%, or $46.3, to $1,995.9 an ounce, which is the highest settlement price for the most active contract since March 10, 2022.

Pivot Point: 1,986

Resistance level	Support level
1,995	1,970
2008	1,945
2025	1,916

Dow Jones Index (DJ30ft – US30)

US indices closed marginally higher in Thursday’s session, after losing most of their early gains, despite assurances from the US Treasury Secretary that additional measures will be taken to keep Americans’ deposits safe.

The US indices recorded sharp declines by the end of Wednesday’s session, following the US Federal Reserve’s decision to raise interest rates by 25 basis points, amid expectations that there will be another additional increase this year.

The Dow Jones index closed by 0.2% up, or 75 points, after losing most of its early gains, which amounted to nearly 500 points. The technology index jumped by about 2%, supported by the rise of Intel and Microsoft shares by 3.2% and 2%, respectively.

Pivot Point: 32385

Resistance level	Support level
32715	32050
32885	31800
33055	31620

US Crude (USOUSD)

Oil prices fell on Friday, March 24, extending the losses of the previous day, due to fears of a possible oversupply, after US Energy Secretary Jennifer Granholm said that it may take years to refill the US strategic oil reserves.           

Brent crude futures fell 48 cents, or 0.6%, to $75.43 a barrel, and West Texas Intermediate crude futures fell 52 cents, or 0.7%, to $69.44 a barrel.           

The two crudes are still on track to record weekly gains ranging between 3 and 4%,thus recovering from the largest weekly decline in months last week due to the banking sector crisis and fears of a possible recession.

Pivot Point: 70.05

Resistance level	Support level
71.00	68.50
72.25	67.55
74.00	65.00