One minute market rundown – Stocks and risk lower
|-
Stocks and risk lower.
-
USD reigns supreme.
-
Crypto steady but no bounce.
The main story yesterday was the extension of the USD move higher. Euro/Usd broke through parity and this time stayed there. The previous low at 0.9952 has now become the initial resistance zone and whilst an early attempt to break 0.9900 failed, it is only a matter of time before we take it out.
My measured target for the move is a look at 0.9700 with a chance of a run at 0.9500 into the end of the year. It is very hard to make an argument to fight this USD move, and whilst I am always nervous of a one way bet, positioning does not feel heavy at all. Jackson hole testimony on Friday is the only real significant event on the calendar this week and until then I see no reason to not buy Usd dips.
Elsewhere stocks and risk took a hit across the board as the sell off that started Friday gathered momentum. I remain a short term seller myself and will treat rallies as an opportunity.
Crypto, having led the sell off on Friday, took the day off yesterday and traded in a relatively tight range. I laid out my concerns here yesterday so won't repeat them now but suffice to say I am a seller at 22,400 BTC and 1700 ETH looking for a break of the recent range lows.
Short and sweet today.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.