Equities up, crypto sideways, what's next?
Important News for the day
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Thu, 16th, 02:30 CET AU Employment change.
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Thu, 16th, 08:00 CET UK Gross domestic product.
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Thu, 16th, 19:30 CET CA BoC Gov Macklem speech.
The crypto president
After taking office in the US President Trump made a fortune with his personal and corporate investments. The rise in the cryptocurrency market helped his fortune to gear up momentum by more than USD 1 billion. Other Presidents in US history have put their business aside or even had them managed by a trust to avoid a conflict of interest. The situation is in particular interesting as he previously labeled the crypto market as negative and also called it a competition to the Dollar. He changed his views during his campaign last year.
Market talk
The Dollar resumes some weakness and causes the positive momentum in the equity sector to be resumed. Furthermore also strong earnings from Europe lie LVMH and the US help the momentum to the upside as well. On the other hand also oil prices continue to weaken. If USOIL does not rise above some technical levels, the momentum might extend towards lower levels anytime soon. The USD 56.00 price level might hence break causing the slide to extend momentum. Crypto markets don’t run to the upside, though. The positive trend in the Nasdaq does seemingly not help the upside to extend the positive sentiment..
Tendencies in the markets
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Equities positive, USD weaker, BTC sideways, ETH sideways, oil weaker, Silver sideways, Gold positive, JPY sideways.
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.
