Profit taking at the last trading day of the month?

Frank Walbaum FX Strategies.Asia

Important news for the day

Fri, 30th, 11:00 CET EU CPI flash estimate.

Last trading day

Today markets might face some extra volatility and potential profit taking during the last trading day of the month. As equities look slightly shaky near or at their current all- time- highs some downside momentum might occur. The unemployment data from the US yesterday has shown a steady pace and today’s CPI data from the Eurozoone might offer further insights for the European Central Bank.

Market talk

The slight strength of the Greenback currently resurfaces and causes most currencies to lose some momentum against the Dollar. Also the precious metals markets return lower and equities might remain at or below current levels. Worth noting that oil prices remain range bound within the current triangle pattern. A breakout into either direction as the weekly chart suggests, might happen. Based on the monthly pattern, though, a push to higher levels might follow. The market has been able to remain on top of the long- term critical 50- moving average, which acts as a positive bias for oil. Crypto markets remain sideways but still might offer bearish sentiment as technical patterns suggest. Upcoming general moves in markets should depend on the development of the US- Dollar.

Tendencies in the markets

Equities weaker, USD stronger, cryptos weak, oil positive, metals sideways, 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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