Ipek Ozkardeskaya
Swissquote Bank Ltd
Last week ended on a very positive note for the US equity markets. All major indices rallied, the S&P500 notched its best week in more than a year and toped the 6000 level for the first time in history. During the weekend, the Trump optimism continued to show in Bitcoin prices. The price of a coin spiked past the $81’000 level, and the next natural target on the grill is the $100’000 psychological level.
Elsewhere, worries mount: FTSE 100 and the European Stoxx 600 index both closed last week below the 200-DMA on worries about a heated international trade environment and the Chinese leg of the story is much less dreamy, too. Big banks are back to cutting their growth forecasts for China.
Crude oil and iron ore are under a renewed pressure since Friday. Inside FX, the euro and sterling are giving back field against a broadly stronger US dollar. But the Bank of England’s (BoE) less dovish stance after the UK budget is countered by a broad-based dollar strength, combined with more dovish European Central Bank (ECB) expectations due to Trump threat drives the EURGBP lower.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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