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at 8:30 am on July 8, 2021 | 5 comments
Wall Street got out of its grumpy start start to the week with a return to new record highs overnight as the latest FOMC minutes indicated any tapering action is still far far away. European markets also got back on the risk-on train with some sharp rebounds despite a drop in German industrial production although this was mainly due to a new low in Euro as USD regained strength as Treasury yields returned to their February lows. Commodity prices were again quite mixed as oil prices dropped nearly 2% while copper and gold lifted with the latter getting back above the $1800USD per ounce level.
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MacroBusiness
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at 8:30 am on July 7, 2021 | 1 comment
Risk markets turned from relatively quiet to very cautious overnight as US traders returned from their long weekend in a poor mood, with Wall Street slipping. European markets all retraced sharply on the poor German ZEW showing with factory orders also disappointing. Commodity prices were all over the place with Brent oil initially higher before getting sold off later in the session, with a similar move in gold which retraced back below the $1800USD per ounce level.
Bitcoin has been unable to gain any momentum following its weekend trade as it hovers around the the average price for last week around the $33 to $34K level. This is getting a little boring as range trading takes hold with support at the $33K and resistance at $36K the key areas to watch:
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at 8:30 am on July 6, 2021 | 1 comment
Risk markets were relatively quiet overnight as the US holiday following the latest non-farm payroll (NFP) unemployment print on Friday kept sentiment neutral and reduced the chances of any volatile response. European markets were nominally bullish with some mild lifting while the USD and bond markets were relatively unchanged. Commodity prices saw the most action with oil lifting sharply on OPEC’s inability to agree on supply increases, with copper and gold also lifting while iron ore prices slumped.
Bitcoin gapped higher on the weekend trade to almost break the $36K level before getting slammed back down to the average price for last week around the $33 to $34K level. As I said yesterday, such a breakout move requires a proper breakout above the trailing ATR resistance level at $40K: