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Cryptos remain strong, metals rise and what's up with the Dollar?

Frank Walbaum FX Strategies.Asia

Important news for the day

Wed, 30th, 01:30 CET AU CPI
Wed, 30th, 13:15 CET US ADP employment change.

Crypto bull run

Crypto markets show some upside potential. In particular Bitcoins rise above the USD 70.000 level could now cause the market to trade to higher levels. ETH seems to follow the positive sentiment. A break above the USD 2715 zone might cause the upside to add more steam. The weakness in the Dollar might also cause the positive momentum to be extended. Also XRP remains in a slight positive trend yet has failed to gear up strong momentum. As long as equities remain well- bid also the crypto sector could rise.

Market talk

The Dollar index printed a bearish candlestick pattern yesterday and might be prone to further profit taking. Dollar weakness across the board might hence be on the cards for now. Ater a positive month of October for the Greenback this could extend into November, causing the EUR, GBP and AUD to rise further. The current momentum also helps equities to rise. In particular tech stocks keep trading to the upside. The Nasdaq might continue with the positive sentiment, fuelled also by good numbers from the tech industry. The Dow Jones and DAX on the other hand might face negative momentum moving forward.

Tendencies in the markets

Equities mixed, USD weaker, cryptos positive, oil weak, metals positive, JPY weaker.

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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