Frank Walbaum
FX Strategies.Asia
Important news for the day
- Fri, 14th, 08:00 CET UK Gross domestic product.
- Fri, 14th, 15:00 CET US Prelim. consumer sentiment.
US shutdown
A potential shutdown in the US might still happen. Democrats stated that they would not agree to the US budget and hence the situation might remain tense. Yet, the leader of the Democrats, Chuck Schumer, pointed out that a shutdown would only help to support Donald Trump and furthermore harm American families. The new budget needs to be adopted by the Senate, where Republicans in general have a majority but still need some votes of the Democratic party. The Dollar might hence continue facing a volatile time for now.
Market talk
Yesterday ended with the continuation of bearish market sentiment. The S&P 500 index went lower and crossed the support zone based on the weekly chart, without a correction in the making for now. Yet, the German DAX seems trading strongly higher. All recent slight corrections have ended in a dip, where investors went back in causing the market to rise again. The current development on the monthly chart might suggest that caution should be applied. If the general trend in markets remains shaky, downside could be seen here as well. Similarly the crypto space shows a mixed picture. While BTC and XRP hold steady for the week, other tokens have continued their slide seemingly following the US tech market.
Tendencies in the markets
- Equities sideways, USD weak, cryptos weak, oil positive, Silver positive, Gold strong, JPY weak.
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Gold gives away some gains, slips back to $2,980
Gold retraced from its earlier all-time highs above the key $3,000 mark on Friday, finding a footing around $2,980 per troy ounce. Profit-taking, rising US yields, and a shift to a risk-on environment seem to be putting the brakes on further gains for the metal.
EUR/USD remains firm and near the 1.0900 barrier
EUR/USD is finding its footing and trading comfortably in positive territory as the week wraps up, shaking off two consecutive daily pullbacks and setting its sights back on the pivotal 1.0900 mark—and beyond.
GBP/USD remains depressed, treads water in the low-1.2900s
GBP/USD is holding steady in consolidation territory after Friday’s opening bell on Wall Street, hovering in the low-1.2900 range. This resilience comes despite disappointing UK data and persistent selling pressure on the USD.
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
Week ahead – Central banks in focus amid trade war turmoil
Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.
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