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at 9:00 am on July 5, 2021 | 0 comments
A new non-farm payroll (NFP) unemployment print in the US has reset the tone for US stocks at least with a good headline but mixed internal report equating to an unlikely early taper by the Federal Reserve. This embiggened traders on Wall street to push the S&P500 to a new record high but other stock markets are less sanguine. The USD retraced against the majors with oversold Aussie dollar bouncing back as did Yen, both of which should provide headwinds for Asian stock markets on the open, as Chinese bourse also remain in near freefall.
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at 9:00 am on July 2, 2021 | 1 comment
A new trading month brings more risk taking with both European and US shares lifting across the board with the S&P500 putting in a new record high and traders expecting a solid jobs report from the NFP later tonight. While the latest ISM manufacturing slipped slightly it was very robust with initial weekly jobless claims coming in lower than expected.
Bitcoin continues to taper, falling back to below the $34K level, ready to make a new low for the week. Momentum is getting into oversold territory and price action looks like setting up for a proper breakdown back to sub $30K lows:
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at 9:00 am on July 1, 2021 | 2 comments
Another night of divergent fortunes as the triple witching month/quarter/FY end weighed on stocks markets with European markets selling off after Asian hesitation while Wall Street continued to rock higher into orbit, although tech stocks pulled back slightly into the close. The latest German unemployment figures came is as expected, while UK GDP slipped further. The USD rose against all the majors including Yen this time while gold found a little bit of buying support after recently making a new monthly low, as oil and other commodity prices also rose.
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at 8:30 am on June 30, 2021 | 4 comments
After Asian stocks sold off yesterday, last night saw more drifting and hesitation from European and American markets, although the S&P500 did briefly put in a nominal new record high. The USD rose against all the majors except Yen, with gold making a new monthly low, while commodity prices were mixed with iron ore losing ground alongside copper as oil lifted slightly as the OPEC+ meeting gets underway
Bitcoin has turned its gap higher over the weekend trade into a little breakout overnight, breaking through the $36K level to make a new weekly high. Momentum is picking up strongly now, but overall price action requires a substantial breakout in the short term to overturn the medium to long term downtrend:
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at 8:30 am on June 29, 2021 | 1 comment
Last night saw a clear divergence in risk taking with the all-in crowd heading back to US tech stocks with the S&P500 also putting in a nominal new record high as European stocks sold off sharply. Risk markets are waiting for tonight’s OPEC+ meeting with oil prices retracing 2% in anticipation while Treasury yields fell, taking back their Friday gains as currencies were largely unchanged as they await Friday night’s NFP print.
Bitcoin was able to gap higher over the weekend trade and get back to last week’s intrasession high just below the $35K level but remains there this morning without making a new high. While momentum is picking up, this requires a substantial breakout in the short term to overturn the medium to long term downtrend: