ICM Capital - Market Update

Sunday, March 22, 2026

marketupdate@ICMCapital.co.uk

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Market Comment

Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks fell further, with the S&P 500 slipping 18 points (-0.27%) to 6,606, and the Nasdaq 100 down 69 points (-0.29%) to 24,355.

The Dow Jones declined 203 points (-0.44%) to 46,021.

Though being off their lowest points within the session, all the three major stock indexes marked their lowest closing levels so far in 2026.

Micron Technology (MU) closed 3.78% lower despite record quarterly results and robust guidance, as investors were concerned about the company’s expanding capital expenditure.

Meanwhile, other data-storage stocks kept outperforming the market, with Sandisk (SNDK) advancing 2.44% and Western Digital (WDC) up 3.95%, both marking record closing levels, and Seagate Technology (STX) up 6.84%.

Tesla (TSLA) fell 3.19%, Meta (META) dropped 1.46%, and Nvidia (NVDA) was down 1.02%.

Uber (UBER) declined 1.72%, while electric-vehicle maker Rivian (RIVN) gained 3.80%. Uber announced plans to invest up to 1.25 billion dollars in Rivian (RIVN) and to buy from it thousands of robotaxis.

Alibaba Group (BABA) sank 7.09%. The Chinese tech giant’s quarterly net income slumped 66% year on year.

Five Below (FIVE) jumped 10.68%. The discount retailer reported a 15% growth in quarterly same-store sales.

The U.S. 10-year Treasury yield retreated 1.6 basis points to 4.249%.

European stocks closed sharply lower, with the DAX 40 sliding 2.82%, the CAC 40 down 2.03%, and the FTSE 100 down 2.35%.

U.S. WTI crude futures failed to hold their 3% gain seen at the session’s open, settling 9 cents lower on day at 95.55 dollars a barrel.

Gold accelerated to the downside, tumbling 168 (-3.50%) to 4,649 dollars an ounce.

Market Wrap: Forex

The U.S. dollar weakened sharply against other major currencies, with the dollar index declining 0.86 point to 99.23.

Investors were busy observing major central banks deciding on interest rates.

EUR/USD rose 137 pips (+1.20%) to 1.1587. The European Central Bank kept its key interest rate steady at 2.15%, as expected.

USD/JPY fell 222 pips (-1.39%) to 157.64. As anticipated, the Bank of Japan maintained its key interest rate unchanged at 0.75%.

GBP/USD advanced 173 pips (+1.31%) to 1.3427. The Bank of England held its key rate unchanged at 3.75%, as expected.

USD/CHF slipped 50 pips to 0.7879. the Swiss National Bank kept its benchmark rate unchanged at 0.00%, as expected.

Bitcoin extended its decline to a third session on Thursday, testing the support at the level of 70,000 dollars.

Morning Trading

In Asian trading hours, EUR/USD eased to 1.1562 and GBP/USD fell to 1.3410.

Meanwhile, USD/JPY rebounded to 158.30.

Gold climbed to 4,718 dollars.

Bitcoin remained subdued at 70,460 dollars.

Expected Today

The eurozone's trade surplus for January is expected at 11.5 billion euros.

Germany's producer price index is estimated to drop 2.7% year-on-year in February.

Canada's producer price index is expected to be up 5.5% year-on-year in February, while retail sales are estimated to slip 0.3% month-on-month.

Forex	Last	%1D	%YTD
EUR/USD	1.1563	-0.22	-1.34
USD/JPY	158.63	0.58	0.68
GBP/USD	1.3383	-0.35	-0.32

Commodities	Last	%1D	%YTD
Gold	4,658.0700	0.21	7.74
Silver	72.1340	-1.05	2.30
Crude Oil	96.4700	0.34	56.82

EUR/USD intraday : the upside prevails as long as 1.1543 is support

Our pivot point is at 1.1543.

Our preference: the upside prevails as long as 1.1543 is support

Alternative scenario: below 1.1543, expect 1.1520 and 1.1506.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.1557 and 1.1564).