Frank Walbaum
FX Strategies.Asia
Important news for the day
- Wed, 30th, 01:30 CET AU CPI
- Wed, 30th, 13:15 CET US ADP employment change.
Crypto bull run
Crypto markets show some upside potential. In particular Bitcoins rise above the USD 70.000 level could now cause the market to trade to higher levels. ETH seems to follow the positive sentiment. A break above the USD 2715 zone might cause the upside to add more steam. The weakness in the Dollar might also cause the positive momentum to be extended. Also XRP remains in a slight positive trend yet has failed to gear up strong momentum. As long as equities remain well- bid also the crypto sector could rise.
Market talk
The Dollar index printed a bearish candlestick pattern yesterday and might be prone to further profit taking. Dollar weakness across the board might hence be on the cards for now. Ater a positive month of October for the Greenback this could extend into November, causing the EUR, GBP and AUD to rise further. The current momentum also helps equities to rise. In particular tech stocks keep trading to the upside. The Nasdaq might continue with the positive sentiment, fuelled also by good numbers from the tech industry. The Dow Jones and DAX on the other hand might face negative momentum moving forward.
Tendencies in the markets
- Equities mixed, USD weaker, cryptos positive, oil weak, metals positive, JPY weaker.
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Editors’ Picks
EUR/USD remains offered around 1.1350
EUR/USD trades well on the defensive for the second day in a row, revisinting the mid-1.1300s on the back of the continuation of the upside impulse in the US dollar. The move followed firmer US PMI data and news indicating the White House may be considering tariff cuts on Chinese imports.
GBP/USD deflates to the sub-1.3300 area, USD bulls prevail
GBP/USD remained on the back foot Wednesday, slipping below the 1.3300 level as the Greenback gained further traction. The Dollar’s solid performance was supported by strong US data and fading concerns over a renewed escalation in the US–China trade dispute.
Gold maintains the bearish move below $3,300
Gold extended its decline on Wednesday, slipping below the $3,300 mark per troy ounce in response to reports from the media suggesting the Trump administration is weighing tariff reductions on Chinese goods, a news that revived hopes of easing trade tensions and reduced demand for the yellow metal as a safe-haven asset.
Bitcoin bullish momentum builds as premium exceeds 9% for first time in three months
Bitcoin price is extending its gains, trading above $94,000 at the time of writing on Wednesday, following a two-day rally of 9.75% so far this week. BTC rally gathers momentum as trade war fears ease, following US President Donald Trump’s downplaying of tensions with China.
Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech Premium
Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.
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