Guess who is Driving the Market ?

A new week begins, with the USD back in the driver’s seat surging to 4-months highs. The US. Stocks rose with commodities shrinking together, with a basket of other majors, except for WTI Crude Oil.

The Upward momentum in the USD was propelled by U.S. Treasury Secretary Steven Mnuchin, who stated that the U.S.- China Trade war had been put on pause mode, details remain obscured. Naturally, this stroke investors sentiment to reconsider the riskier assists.

XAU/USD was down -0.80% by 07:50 GMT ranging between 1,282.16 – 1,293.14 losing its safe haven support.

EUR/USD slid -0.024% trending in between 1.1717 – 1.1776

GBP/USD was also down trotting, shedding 0.36% and range bound in 1.3396 – 1.3483

WTI Oil on the hand was up +0.42% oscillating between 71.44 – 71.97, ahead of the OPEC’s meeting set for today.  The OPEC meetings are attended by representatives from 13 oil-rich nations. They discuss a range of topics regarding energy markets and agree on how much oil they will produce. OPEC is responsible for nearly 40% of the world’s oil supply. Their meeting could give further insights to the direction of Oil.

The pair of USD/JPY tacked on gains of nearly 0.51% to 111.33 and ranging 110.82 – 111.40.

Cryptocurrencies were also in the limelight early Monday, as reports of currency crisis hit some middle eastern countries investors opt to the crypt’s, which recently accounts for the some of the growth in total market capitalization.

An interesting day in the market with the calendar light on events.

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Weekend Profit-Taking & jingles

As investors gear up for the weekend, following a busy trading week, Market participants are set on profit-taking, which seems to have been amongst the catalyst for the market’s trajectory.
USD’ remains overly strong driven by U.S Treasury Yield, however as they swing in and out of gains, any assumed weakness could cause the USD to be challenged by other major currencies defiantly staging comebacks, as Day-Traders take advantage of the low rates.
EUR/USD was up 0.16% in a range of 1.1789 – 1.1822 by 07:35 GMT, however, uptrends are seen as limited with the ongoing Italian saga weighing.
GBP/USD is pressured down -0.05% ranging between, 1.3503 – 1.3528 at 0.7:40GMT.
The USD’s consolidation to power could be seen in the incline of USD/JPY where it was 0.08% high at the time of print 07:40 GMT in a closely ranging in 110.08 – 111.00.
Metal commodities, Like gold, Silver, and copper were in a Bearish, downward trend.
However, Aluminium and Nickel maintain their Bullish stance.
Oil receded slightly ahead of today’s Baker Hughes Rig count which could reveal a surge of another 5- 10 new rigs from last week’s 844 count. With the impending Iranian and Venezuela sanction, some investors see this as support for Oil prices. Saudi’s cry for too much oil in the market did not move oil Bulls sentiment that much trending between 71.52 – 71.69.
Asian shares were flat to bullish and the Market monitored developments between the US-China trade dialogue. While EU Shares remains mixed attempting to surge on the back of Oil’s rise.
 Germany’s DAX30 could be seen oscillating between 13,086.62 – 13,129.68.
 France’s CAC 40 ranging between 5,542.8 – 5,554.5, while
U.K.’s FTSE 100 trod a path of 7,768.46 – 7,784.79. the come denominator among them was they were all on a downward trend occasionally swinging into gains by the time of writing 07:45 GMT. perhaps commodity prices may give them boost to the upside.
Cryptocurrencies recced as investors remained caution taking profits after every short-term upward streak. While governments and counties gear up to adopt Cryptocurrencies or platforms for Bitcoin trading the new may pick up winds over the weekend or on Monday.

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The Push & Pull between EUR/USD

The EUR remains volatile today, its attempts to crawl up from 5-months lows is undermined by ongoing Italian sell-off amid ongoing EU talks in Sofia Bulgaria in search of solutions for the imposed the US- Trade tariffs. EUR/USD was seen ranging tightly between 1.1793 – 1.1837.
The USD continues its Bullish trend as yields resurge. Head of today’s Initial Jobless Claims forecasted to be around 215,000 a reading higher then this may cause the USD to lost steam momentarily.
Meanwhile: Asian shares rose, given hope to the European shares which gained more momentum from the recovery of Italian stocks U.K’s FTSE surged +0.02% in a range of 7,713.25 – 7,748.22 by 09:30 GMT.
Crude Oil, WTI was up 0.76% trending between 71.48 – 72.17 as the Energy Information Administration Wednesday revealed a draw of nearly 1.5M barrels versus the forecasted 0.763M. Other commodities like Silver, copper remain bullish. Gold on the other hand swings between gains and losses 1,286.40 – 1,293.70 as investors remain on alert for risk on risk off assets.
Cryptocurrencies are Hawkish with Twister’s CEO Jack Dorsey reaffirming hopes for the Cryptos, news of Goldman Sachs launch into the Bitcoin Market boost investors confidence.

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Oil’s See-saw & Market Shenanigans

Following, Tuesday’s American Petroleum Institute (API) weekly report which revealed that Oil stockpiles increased to 4.854M barrels. WTI Crude oil prices slid nearly -0.43 % by 08:30 GMT ranging between 70.91 – 71.19 in bearish mode, ahead of Today’s Crude Oil Inventories report from the US Energy Information Administration (EIA). furthermore, The International Energy Agency Monthly Oil Market Report could shed more light on oil’s direction later in the day.

Other commodities such as Gold, Silver, Copper, Aluminium where on the upside finding support from the sudden GEO-Political changes brought on by N. Korea’s leader. Who suddenly announced his cancelation to pull out of the upcoming US –Korea summit. Which sent the US. Bond yields plummeting, pulling down the USD.

Gold was ranging between 1,289.40 – 1,296.30, Silver in a tight range of 16.250 – 16.345.

The USD pulled back from nearly 5- months highs as U.S bond Yields slipped giving a basket of major’s currencies the illusion of staging a comeback. GBP/USD lead the pack ranging between 1.3478 – 1.3521, while  EUR/USD was caught between 1.1816 – 1.1996 however upside is very limited ahead of EUR economic data dump. The JPY seems to be among the up against the USD. USD/JPY was seen 110.08 – 110.38 with all the US set to publish its housing stats later in the day volatility is  highly anticipated

Global stocks are mixed the Asian are bearish, EU stocks UK’s FTSE 100 tacked on gains of +013% by mid-day GMT. Upbeat to its highest in recent times. Ranging between 7,717.97 – 7,745.75. While DAX sailed up +0.44% traversing 12,958.94 – 13,029.62.

As Earnings Season winds down, Macy’s is set to release it earning reports which could surprise investors expectations to the upside.

Cryptocurrencies also slid from Tuesday’s gains. perhaps on news that Microsoft’s search engine intends to Ban Crypto related Ads by July overshadowing other happenings

 

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The Resurgence of the U.S Dollar.

The USD regains traction as the U.S. Bond Yields resurge with concessions in the making between US-China Trade talks. As China concedes to removing U.S tariffs on goods in exchange for assistance with ZTE.
Asian shares plummeted on disappointing Chinese’s Retail sales 9.4% vs a forecast of 10.0%.
During early Asian trading hours, almost all commodities were seen in a bearish mode with a few exceptions like Aluminium and Oil. The Later, Oil prices which continue to sway between, 70.80 – 71.18 range bound in small gains and losses on Geo-political sentiments amid increased U.S production output, coupled with OPEC cuts ahead of today’s American Petroleum Institute (API) report. Markets, expect abrupt break out in either direction.
With Asian down, EU shares were dragged into a bearish mode. The day ahead could be very interesting for markets with a deluge of economic reports set to be released both from the EU & US amid speeches from ECB and Fed representative’s volatility is like going to be centered around the basket of six major currencies vs the USD and the EU shares.
Meanwhile, the EUR/USD was seen between1.1911 – 1.1996 struggling to hold on to the 1.20 handle. GBP/USD around 1.3524 – 1.3572 with bearish undertones.
Cryptocurrencies, on the other hand, seemed to be in an upbeat mode. Investors sentiments were uplifted with news from the U.S. Florida County of Seminole, which announced, will be accepting payments for Taxes in BTC and BCH. Furthermore, Goldman Sachs & Morgan Stanley inclusion of Crypto Trading platforms to their investment tools is seen as a warm welcome for speed traders and investors.

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Monday Reversals and Corrections

The usual corrections and reversals could be spotted in full manifestation today, as  Global Markets digest the previous week’s cause and effects.

Oil dipped following Friday’s increase in U.S. Rig count as per the Baker Hughes Rig count, there were 10 new additional rigs, bringing the rig count from 834 to 844. Matters were further complicated when U.S. president Trump launched a tweet attack on OPEC. Accusing it of artificially inflating prices. Crude Oil lingers on politically between: 70.28 – 70.74 holding on to the $70bbL support levels.

Gold attempts a comeback as USD retreats from last week highs due to a drop in US yields. Gold was found ranging around 1,318.00 – 1,322.40. with little to no change.

Other commodities like Copper and Silver were oscillating between gains and losses, however mostly bearish.

Asian Markets woke up on the right foot with investors hopeful that US-China trade negotiations may pen out with some positive undertones. Naturally, EU stocks are also bullish with ongoing Earning reports to be released.

Germany 30 (DAX 30) is set on a path of 12,951.91 – 13,014.24,

France’s CAC 40 range bound between 5,529.70 – 5,540.49, while Uk’s  FTSE 100 jumps in and out of gains between 7,714.50 – 7,727.81.

USA 30 (DOW 30) 24,717.50 – 24,868.65 and Nasdaq swinging 6,960.00 – 6,994.25.

Cryptocurrencies are hopeful on news developments for the adoption of the blockchain in several sectors. Positive remarks from Ex -Trumps’ advisor Gary Cohn backs the claim.  Bitcoin was seen trending at $8,424.0 around 04:02GMT with further upside.

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