Will the strength of the Greenback continue? – BTC unimpressed

Important news for the day

• Thu, 14th, 01:30 CET AU employment change.

• Thu, 14th, 14:30 CET US producer price index/unemployment claims.

Global economy

According to current forecasts, the global economy will only grow at a slow pace next year. The nomination of Elon Musk for the government efficiency portfolio in the US is also likely to offer little chance of reducing bureaucracy in general, which is a clear burden on Western economies. The plans are ambitious and include potential spending cuts of USD 2 trillion. In Germany, the recently dismissed Finance Minister Lindner had also stated before the elections that cuts should be made, but without success in implementation. A positive contribution could come from the growing momentum of BRICS+. The potential economic bloc, which also includes two resource-rich countries, Russia and China, could offer an alternative to the USD, which is currently losing influence as the world's reserve currency.

Market talk

The strength of the dollar continues, and with it precious metals continue to trade at lower levels. However, the oil market was able to defend the recent downtrend and now seems to be trading sideways, with a possible upward impulse. This could be accompanied by a possible weakening of the dollar index. Based on long-term charts, the index may not be able to break out to the upside as it could experience an initial correction first. The general risk sentiment shows a mixed picture. The stock markets remain in a sideways movement this week, while Bitcoin was able to overcome the psychological resistance zone of USD 90,000.SD

Tendencies in the markets

• Equities weaker, USD strong, cryptos positive, oil sideways, metals weaker, JPY weak.