NASDAQ 100 RALLY ACCELERATES AS CORPORATE CONSOLIDATION REBOUNDS

US equities rallied on Tuesday as corporate consolidation did well. UnitedHealth Group announced that it would acquire LHC Group, a company that offers managed home services in the US. The value of the deal was estimated to be worth about $5.4 billion. Meanwhile, Nielsen, the TV ratings company agreed to be acquired by a group of private equity companies for $16 billion. Also, Goldman Sachs announced that it would buy NextCapital, a roboadvisor as it sought to diversify its income. The size of the deal was not revealed. The number of deals announced this year have been lower than those made in 2021 because of the difficult regulatory situation.

The US dollar retreated slightly as investors reflected on the latest economic data from the US and as negotiations between Russia and Ukraine continued. According to the Conference Board, the country’s consumer confidence rose from 105.7 to 107.2 in March. This increase was better than most analysts were expecting and it happened at a time when the country is seeing strong inflation. Additional data by the Bureau of Labor Statistics showed that the number of job openings in the US dropped slightly from 11.28 million to 11.26 million in January. And in a statement, Fed’s John Williams said that he will be open to a bigger rate hike if inflation persists.

The euro jumped against the US dollar as Russia and Ukraine continued their negotiations. Ukraine has expressed its openness for neutrality while Russia said that it will drop ‘denazification’ as a condition for talks. Moscow also said that it will stop its focus on Kyiv in the time being. The euro also rose after Russia reiterated that it will only accept rubles for its natural gas. The key numbers to watch will be the bloc’s industrial and services sentiment by the European Commission. Also, Christine Lagarde will give a speech.

EURUSD

The EURUSD pair rose to a high of 1.1138, which was the highest level since March 17. This price was higher than the important resistance level at 1.1042. It also moved above the 25-day moving average and along the upper line of the Bollinger Bands. Also, it is between the 38.2% and 50% Fibonacci retracement level while the Relative Strength Index has been rising. Therefore, the pair will likely maintain a bullish trend today.

NAS100

The Nasdaq 100 index maintained a bullish trend as demand for America’s tech companies rose. It is trading at $15,168, which was the highest point since February 16. On the daily chart, the price moved above the upper side of the Bollinger Bands while the RSI moved closer to the overbought level. The index is also approaching the 61.8% Fibonacci retracement level. Therefore, the bullish momentum will likely continue.

EURCHF

The EURCHF pair was little changed during the Asian session ahead of a speech by Christine Lagarde. It is trading at 1.0385, which is slightly below the important resistance at 1.0400. On the four-hour chart, the pair is slightly above the 25-day moving average while the RSI has been rising. Therefore, the pair will likely keep rising.