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Kazakh unrest shakes energy, uranium and Bitcoin [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Selloff in equities stabilizes, with the S&P500 and Nasdaq closing the day with minor losses only. US and European stock futures turned positive in the overnight trading session, hinting at consolidation before the weekly closing bell. Yet, uncertainties persist as investors got unsettled with the latest FOMC minutes this week.

Important for the mood today will be the US jobs data. On Wednesday, the ADP report revealed a much better-than-expected number. Today, the NFP is expected to reveal that the US economy added 400’000 new nonfarm jobs. But the jobs data doesn’t matter much for the Fed policy expectations right now, what matters for the Fed is inflation.

Elsewhere, the unrest in Kazakhstan is shaking the energy, uranium, and Bitcoin markets.

Selloff in Bitcoin intensifies with the lack of risk appetite and the internet shutdown in Kazakhstan due to the mounting social unrest. Kazakhstan is one of the biggest power houses for Bitcoin miners, and the internet shutdown in Kazakhstan hits Bitcoin’s computational power. The coin is now ready to test the $40K psychological support, which may not bring in the dip buyers just yet, as the prospects of a tighter monetary policy will likely continue weighing on the mood.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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