French election drama, cryptos tumble
|Important news for the week:
Wed, 10th 04:00 CET NZ interest rate decision.
Thu, 11th 14:30 CET US consumer price index.
Fri, 12th 16:00 CET US consumer sentiment.
French election
The right wing majority after the election in France has been averted. However, a surprise left wing coalition is currently shaking up the country. Yet they remain far from having an absolute majority. The Macron led government only had a relative majority in parliament for the past two years. If this can be increased by the left wing remains unclear as they received way less seats compared to the previous government. The EUR was trading lower during market opening this morning but has been able to gear up slight momentum currently.
Market talk
This week offers only limited news events and might hence cause markets to rather remain calm. The interest rate decision in New Zealand could offer further positive momentum for the Kiwi. Currently the NZD is rising and might also break out of the recent resistance trendline. Stock markets could resume their uptrend and precious metals look positive. A weaker Dollar would support such views. Oil has not been able to defend its uptrend and has broken out from the recent positive trendline. A further correction seems on the cards for now. Crypto markets currently also don’t show further signs of positive momentum but instead keep moving lower. ETH needs to rise off the current support level from USD 2.900 in order to defend the uptrend.
Tendencies in the markets
Equities positive, USD weak, BTC/ETH weak, oil negative, metals positive, JPY stronger
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