One minute market rundown – Stocks and risk lower

Stocks and risk lower.
USD reigns supreme.
Crypto steady but no bounce.

The main story yesterday was the extension of the USD move higher. Euro/Usd broke through parity and this time stayed there. The previous low at 0.9952 has now become the initial resistance zone and whilst an early attempt to break 0.9900 failed, it is only a matter of time before we take it out.

My measured target for the move is a look at 0.9700 with a chance of a run at 0.9500 into the end of the year. It is very hard to make an argument to fight this USD move, and whilst I am always nervous of a one way bet, positioning does not feel heavy at all. Jackson hole testimony on Friday is the only real significant event on the calendar this week and until then I see no reason to not buy Usd dips.

Elsewhere stocks and risk took a hit across the board as the sell off that started Friday gathered momentum. I remain a short term seller myself and will treat rallies as an opportunity.

Crypto, having led the sell off on Friday, took the day off yesterday and traded in a relatively tight range. I laid out my concerns here yesterday so won't repeat them now but suffice to say I am a seller at 22,400 BTC and 1700 ETH looking for a break of the recent range lows.

Short and sweet today.

Share: Analysis feed

BCB Group comprises BCB Prime Services Ltd (UK), BCB Payments Ltd (UK), BCB Digital Ltd (UK) and BCB Prime Services (Switzerland) LLC. BCB Payments Ltd is regulated by the Financial Conduct Authority, no. 807377, under the Payment Services Regulations 2017 as an Authorised Payment Institution. BCB Prime Services (Switzerland) LLC, a company incorporated under the laws of the Swiss Confederation in the canton of Neuchâtel with business identification number CHE-415.135.958, is an SRO member of VQF, an officially recognized self-regulatory organization (SRO) according to the Swiss Anti-Money Laundering Act. This update: 14 Oct 2020. The information contained in this document should not be relied upon by investors or any other persons to make financial decisions. It is gathered from various sources and should not be construed as guidance. The information contained herein is for informational purposes only and should not be construed as an offer, solicitation of an offer, or an inducement to buy or sell digital assets or any equivalents or any security or investment product of any kind either generally or in any jurisdiction where the offer or sale is not permitted. The views expressed in this document about the markets, market participants and/or digital assets accurately reflect the views of BCB Group. While opinions stated are honestly held, they are not guarantees, should not be relied on and are subject to change. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, new legislation and regulatory actions, competitive and general economic factors and conditions and the occurrence of unexpected events. Past performance of the digital asset markets or markets in their derivative instruments is not a viable indication of future performance with actual results possibly differing materially from those stated herein. We will not be responsible for any losses incurred by a client as a result of decisions made based on any information provided.