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Crypto ruling, equities waiting

Frank Walbaum FX Strategies.Asia

Important news for the day

Crypto as collateral?

Jamie Dimon, the CEO of JPMorgan, is exploring ways to potentially make use of funds help in cryptocurrencies as potential collateral. This move aims to move more digital in the banking sector. Whether this will indeed be implemented and for what tokens like Bitcoin and Ethereum can be used has not been mentioned, yet. In order to use tokens to borrow FIAT money still needs to be discussed as well as ways on how to keep them should customers fail to repay debt. In general it marks a milestone as Dimon once pointed out that cryptocurrencies are a big fraud.

Market talk

After a weaker CPI reading out of New Zealand the Kiwi started to lose some momentum against other currencies. the Dollar is gearing up some steam and also the AUD is losing slightly against the Greenback. The risk sentiment in equities remains solid and positive earnings out of the US support indices like the S&P 500 and Nasdaq. yesterday, Verizon was able to push higher by about 5% as expectations have been exceeded. This week might remain positive in terms of US earnings currently supporting markets as well. The EUR seems also able to gear up steam again. The EURUSD currency pair is currently rising as the 1.1700 level might be tested soon.

Tendencies in the markets

Equities positive, USD mixed, Bitcoin positive, ETH strong, oil weaker, Silver positive, Gold positive, JPY weak.

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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