Bitcoin higher, metals positive and stocks sideways

Frank Walbaum FX Strategies.Asia

Important news for the day

Tue, 29th, 15:00 CET US JOLTS job openings.

German politics

The coalition in Germany between the three ruling parties seems to lose further steam. Recently the heads of the Green party have stepped down and the finance Minister from the free democratic party is facing further headwinds with his political approach. Furthermore recent elections in some states of Germany’s East caused the right wing AFD to gear up steam, while the opposition with the Christian Democratic party is moving up slightly. The current situation might get tense should Donald Trump be elected in the US, causing the focus to change.

Market talk

The weakness of the Dollar seems to continue also on Tuesday this week. The positive risk sentiment can be seen especially in the crypto market, where Bitcoin has climbed beyond the USD 70.000 level. Further upside should now be expected. Stock markets on the other hands seem to lag behind as most indices have not been able to rise. Especially the Dow Jones might weaken further as the bearish candlestick from last week has not been regained for now. Should the NFP data be negative this could cause the risk sentiment to rise further, as the FED might be expected to reduce their interest rate again.

Tendencies in the markets

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

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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