Metals rise sharply on negative market sentiment – Crypto higher

Frank Walbaum FX Strategies.Asia

Important news for the day

Thu, 02nd, 08:30 CET CH Consumer price index.
Thu, 02nd, US Unemployment claims (might be delayed).

US markets

Tuesday’s JOLTS job openings came in slightly positive and hence did not miss expectations. Yet, yesterday’s ADP employment change data was not only missing the expected number but also came in strongly negative with -32.000 jobs. The release sparkled some negative momentum in the Dollar and helped the US stock market. It is now expected that the Fed will continue to cut rates underpinned by a set of negative jobs data. The shutdown in the US is expected to also cause a delay of US labour data on Friday. The Nonfarm payrolls report might only be released at a later date.

Market talk

the S&P 500 and Nasdaq indices have both created a new all- time- high. Furthermore, also the Chinese markets went higher. US- listed Alibaba Group rocketed higher and also helped the DAX gearing up steam today. The positive data keeps pushing silver prices to the upside, as the demand is expected to increase. SIlver, in particular, might fall sharper as compared to Gold if the economic sentiment weakens again. The oil market is falling further and based on the long-term trend might continue to do so. Crypto markets started fresh upside momentum. With in particular Bitcoin leading the way for further gains, more positive momentum might now follow in general.

Tendencies in the markets

Equities positive, USD sideways, BTC higher, ETH positive, oil weaker, Silver positive, Gold positive, JPY stronger.

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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