The USD Shoots for the stars!!

Following the initial statements of US Fed Chairman. Jerome Powell, in which he renders his commitment for a gradual rate hike. Markets took this as bullish for the USD. The USD consolidated back to 6-month highs. The US Dollar Index, DXY, which measure the strength of the USD vs. A usual basket of 6 majors, shoot past the 95 mark up 27% trending in a range of 94.96 – 95.26 with further upside in the pipelines. Although Mr. Powell is due to give his closing remarks today and that could upset USD’s rally or support its climb.

  • Global Stocks:

Global Stocks were buoyed by positive sentiment in the US amid summaries of the Trump- Putin summit and Trade War Saga. Asian shares were lifted, snowballing to Europe and likely back to the US, where Q2 Earning season reports are in the process of release. Today 61 entities including several Banks such as Morgan Stanley, together with Tech, and Retail firms will deliver their Q2 reports, likely boosting DJIA, US30, NASDAQ, & NYSE. Australian shares are likely to finish the day, up driving by the Mining, Healthcare, and Materials sectors.

Germany 30, is very hawkish up 0.77% in a range of 12,713.77 – 12,775.16

UK100, is up trending between 7,648.59 – 7,670.25 up 0.47%

France 40 is ticking up 0.61% and climbing from 5,438.77 – 5,459.72

Italy 40 remained the odd one out at the time of print 07:47GMT down 0.11% in a range of 21,850.00 – 22,007.50

  • Currencies:

Unlike Monday when DXY was down, today, the DXY is firmly up, placing all other currencies in a tight corner in bearish mode or attempting to correct their losses.  USD/JPY was up 0.16% in a range of 112.85 – 113.14 and bullish.

USD/CAD up 0.36% trending from 1.3192 – 1.3245.

Almost currencies with the USD as a suffix are down i.e. EUR/USD down 0.31% in 1.1613 – 1.1745. GBP/USD is also down 0.21% in a range of 1.3080 – 1.3120 the list goes on. The GBP was further weighed down by Brexit woes and disappointing economic data.

  • Commodities:

As the USD remains firm, commodities plummeted. A stronger dollar makes commodities expensive, highlighting the inverse correlation relationship between them.

Gold is down 0.31% in a range of 1,222.10 – 1,229.00, with crude oil, down as well, pressured by rumors of a buildup in Crude oil inventories of up-to 6 million barrels’ Crude prices slumped 0.47% oscillating between 66.61 – 67.00

  • Cryptocurrencies;

Cryptocurrencies have been bullish in recent days BTC crossed the 7000 mark, flirting with 7,500 as a possible new resistance level. BTC/USD was up Wednesday morning by 10.41% ranging from 6,666.0 – 7,561.9. All 100 top tokens are hawkish. Bitmain a manufacture of Crypto-mining hardware is planning to open an office in Brazil.

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Oil moody, Banks uplift mood with Q2 reports

With the heads, of some Banks, Governor of the BOE, Mark Carney and the Chairman of the Federal Reserve Jerome Powell, set to address their various audiences. The Market is searching for clues as more Banks and Industries continue to release their Q2 earnings reports.

Goldman Sachs Group Inc. (GS), First Bancorp Inc.(FNLC), Mercantile Bank Corp (MBWM), Johnson & Johnson (JNJ), and UnitedHealth Group Inc. (UNH) are some of the few on the docket.

On Monday, Putin-Trump summit was more of an air-clearing and mending of ties meeting. Oil sagged, as no words of support came out to contend with the status quo. Ahead of the Crude Oil stockpiles report oil continues to be challenged.

Global Stocks:
Asian Stocks were pinned down. Falling oil prices weighed on wall street and beyond. However, with Earning Season, unabated investors are hoping on a positive close for wall street and perhaps some elevation for the EU markets.
Germany30 reversed earlier losses, ranging between 12,521.69 – 12,594.57.
UK100 also turned bullish in a range of 7,589.25 – 7,623.78, while France 40 sagged, down 0.6% trending between (5,385.38 – 5,413.89) Italy 40 is also up ahead of the day’s Italian CPI report. Although reports from Italy’s Industrial Sales were disappointing.

Currencies:
The DXY, Dollar index which measures the strength of the USD against a bunch of other currencies was down at 94.40 at the time of print 0.7.40GMT. in correction mode.

EUR/USD was up 0.23% in a range of 1.1613 – 1.1737. The US is to report on it Industrial Production which is likely to cause volatility around the time of the release.

GBP/USD was up 10% trending between 1.3228 – 1.3260 before the release of various economic reports such as the Average Earnings, Claimant Count change etc.
AUD/USD was up 0.05% in a tight range from 0.7402 – 0.7438.

Commodities:
As USD slid, commodities gained momentum, Gold was little changed yet bullish, up 0.27 at 1,243.20. Silver was up 0.24 % at 15.850, while copper tacked on 0.52%. Oil tried to regain some lost grounds piping up at 67.06 by 07:40GMT.

Cryptocurrencies:
Cryptocurrencies have maintained their uptrends form pre-weekend and remain reliant bullish. BTC/USD rose 5.41% to 6723.7 ETH/USD was at 475.72 up 4.92% XRP/USD was also up 6.59% IOT/USD was among the top gainer with an increase of 8.05% at the time of print. As companies like BlackRock show interest in virtual coins.

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US-Russia,China-EU summits & Q2-Earnings

Market Participants are paying attention to the outcome of US President Trump and Russian President Putin’s Summit in Finland’s Helsinki. The USD fell from 6-months highs. Paving way for other majors to climb up against the USD.
As the Second week of the 2nd quarter earnings season set in. Netflix, (NFLX) Bank of America (BAC), Black Rock Inc. (BLK) as well as 19 other companies and institutions will be publishing their earning today. This may likely cause the US 30 and other to rally. It should be noted that some analysts concluded that Netflix share is already priced in for this quarter. Upside movement may thus be limited, even though shares in NASDAQ and NYSE are likely to surge, on reports from other listings

  • Global Stocks:
    Global stocks were mixed to the downside in early EU hours. Soft Data from China pushed the already capricious Asian Shares down. Impacting Australian Shares like AXJO to drop nearly 0.3% EU share felt the initial crunch. However, with China-EU in trade talks optimism is high coupled with the day EU Trade balance report on tap.
    Germany 30 is up 0.41% ranging from 12,524.49 – 12,598.84
    UK100 is knee jerking bearishly between 7,657.25 – 7,670.75
    France 40 is 0.12% trending between 5,424.49 – 5,438.94

 

  • Currencies:
    EUR, AUD, NZD, JPY are the gainers as the US Dollar index falls (DXY) falls from 95. Down 0.08% to range from 94.56 – 94.77

 

  • Commodities:
    Commodities are mixed. WTI crude oil falls 0.81% below the $70bbl in a range of 69.19 – 69.78 any negative hints may push prices further down.
    Gold climbs as investors take advantage of the USD’s decline and hedge amid trade and political uncertainties.
    Aluminum, Nickel, for the most part, remain pressured down.

 

  • Cryptocurrencies;  Cryptocurrencies remain bullish keeping up Friday’s steady movement although still vulnerable to market sentiment and regulatory probes. BTC/USD paves  6,292.8 – 6,389.0, while ETH/USD is bullish up nearly 3.20% in a range of 438.31 – 456.32 XRP/USD was noted up 0.41% trending between 0.44027 – 0.45000.

Elsewhere EU regulators are looking for ways to find Facebook Inc for privacy breaches. Ongoing inquiries to abuses from Mail.ru on Facebook have not yielded to any wrongings. While Banks like JP Morgan, and  Goldman Sachs to name but two, are racking up profits.

Whats your take on the Market leave a comment below

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2nd Quarterly Earnings Reports Adds A Tinge Of Optimism.

Asian Markets are positively bullish Friday morning bolstered by upbeat  US consumer sentiment and rebounds from the effects of the Trade Tariffs Threat, (TTT).

The USD reaffirmed its position versus other currencies rallying up to 10-Day highs, brought on by the surging of US yields and expectations of an upbeat Quarterly earnings report from some of the most notable Banks such as Citigroup Inc,(C), JPMorgan Chase & Co, (JPM), Wells Fargo & Co,(WFC),& First Republic Bank,(FRC) to name but a few.

Banks Earnings2018

  • Global Stocks:

Global stocks are bullish, Asia is up, ripple effects will be seen in Europe, and likely to bounce on to the US

Germany 30 was up 0.22% in a range of 12,517.60 – 12,584.59

France 40 was also up 0.34% trending between 5,421.5 – 5,440.0

Italy 40 rallied 0.27%, while UK100 climbed 0.47% oscillating between  7,683.75 – 7,717.00 at time of print 08:31GMT.

With the USD up other majors are down in classic inverse correlation

EUR/USD down 0.33% 1.1627 – 1.1675

GBP/USD  pinned down 0.61%

AUD/USD is also bearish to the USD slipping 0.43% in a range of  0.7368 – 0.7422.

The USD/JPY is raising eyebrows with US piping up from 112.42 – 112.80

Commodities reversed Thursday’s gains in most assets Oil is down and so is Gold. Baker Hughes Rig count on tap

Cryptocurrencies;

Cryptocurrencies are very bullish

Crypto130718

Meanwhile, US President Trump continues with his European tour first the NATO, North Atlantic Treaty Organisation Summit followed by with his Official state visit to the UK.

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Is the Market Resurrecting?

The Market shakes off Wednesday’s gloom and gears up into recovery mode ahead of several economic events scheduled for the day namely the WASDE, World Agriculture Supply & Demand Estimates announcement, which will impact consumable commodities, The Euro-group Meeting, Industrial Production for the EU, US Consumer Confidence, US Initial Jobless claims report and the Russian Central Bank reserves on USD report to name a few.

  • Global Stocks:

Global Stocks are up Thursdays morning recovering from Wednesday setbacks brought on by trade war rhetoric. Asian shares were all bullish even China’s Hang Seng was up 0.17% by 08:40 GMT while Japan’s 225 noted a rise of 1.17%.

In Europe, UK 100 was up 0.52% in a range of 7,596.75 – 7,631.95 while Germany 30 climbed 0.20% swinging between 12,419.82 – 12,471.25 the France 40 leaped to 0.25% range bound from 5,349.48 – 5,369.87. Italy 40 was the only odd one out, down 0.21% traversing a bearish path from 21,485.00 – 21,685.00 upside movement is tamed.US Stocks may be supported by earning reports though Facebooks cringes on a further allegation which could lead to an EU fine.

  • Currencies:

USD surged to 1-month highs Wednesday, on comments made by FOMC members and supportive economic data before taking the back seat today ahead of the day’s events. Giving room for other majors to glow.

  • EUR/USD was up 0.05% trading in 1.1670 – 1.1693 a drop from the 1.17 handle.
  • GBP/USD hawkish amid Brexit woes up 0.08% between 1.3190 – 1.3226
  • AUD/USD, 0.20% up oscillating between: 0.7360 – 0.7484
  • USD/JPY. The yen lost its luster the USD rose considerable based on positive inflation data according to some analyst, other suggest is it an intentional move which the BOJ wishes to portray for now.
  • Commodities:

Commodity prices have been sailing the bullish boat Thursday morning. Partly in correction mode and by the events of the day.

  • The gold spot was swinging in and out of gains from 1,241.40 – 1,246.40
  • Silver tacked on almost 0.51% trading between 15.780 – 15.930
  • Copper reversed yesterday’s losses with a rise of 1.08% in between 2.732 – 2.792
  • Oil Prices shocked market participants, most of whom were expecting prices to have surged yesterday. However, due to reports from the EIA Energy Information Administration, EIA reporting that Crude Oil inventories had plummeted beyond expectation to also most 12 million barrels instead of roughly 6 million barrels. This reveals that there is too much oil production in circulation WTI prices fell from the $ 74 handle to $70. Thursday morning correction are in view up 1.01% ranging between  47 – 71.14

Cryptocurrencies;

Cryptocurrencies remain vulnerable with most of the 100 tokens still in red BTC/USD was down 2.56% in a range of 6,145.0 – 6,407.9 while all other remain dazed out.

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President Trumps zaps the market.

Market Participants are buckling up for one of the choppiest days in the Market.

Tuesday evening US President Trump reminded the Market of his intention to impose another $200 billion tariffs on China. The announcement pulled Asian Markets down wiping away the short-lived optimism of the day.  As the market attempts to decipher the impact, the shockwaves could be seen across all boards. Except for the USA amid open discussion at NATO.

  • Global Stocks:
  • Asian Markets plummeted, dragging with it the Australian market. European shares have also been unsettling,
  • UK100 oscillates from 7,593.75 – 7,636.35
  • France 40 traverses a negative path from 5,372.30 – 5,396.70
  • Germany 30 is range bound between 12,439.43 – 12,515.16.
  • All are in a bearish state looking for a lifeline. Except for the US shares which ebb up supported by earnings season.
  • Currencies:

The USD advanced against some Major currencies, AUD/USD was down 0.67% hit by Trade war rhetoric. EUR/USD down 0.11%. by 08:40GMT

ECB President Mario Draghi and ECB Members Praet and Mersch are to comment on the status quo with perhaps hits for forwarding guidance EUR may be trading sideways.

GBP/USD swings in an out of losses hoping BOE Mark Carny’s speech late in the day soothes investors to go long on the GBP. Meanwhile, GBP/USD treads from 1.3224 – 1.3301.

Investors are ready to jump ship to safe heavens like JPY in case the Market overheats. USD /JPY is currently on the upside trading between 110.77 – 111.15.

The CAD is also down waiting for reports on today ‘s Interest Rate Statement

  • Commodities:

All commodities dropped in what some analysts call a bloodbath.

Gold was down 0.32%, Silver slipped 0.60%, Copper drops -3.01% while WTI Oil follows suit with a 0.80% dip by 08:40GMT although the US soften its stance against Iran.

With today’s Crude Oil Inventories Report on tap and OPEC’s Monthly Summit kick starting, prices of Oil are expected to correct upwards meanwhile trading between 73.22 – 74.27

Cryptocurrencies;

All the blue-chip tokens are bearish even though countries like India grants permission for two new exchanges.

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