The Markets’ Reaction to Labor DayBy Kenneth@Xtrade - on May 1, 2018
With most European & Asian Markets closed or light trading due to labor day holiday celebrations markets swings are highly plausible.
In the FX arena the USD remains broadly bullish amid a deluge of notable economic reports set to be released during the day with bullish up trends as investors await the Fed’s rate decision.
EUR continues to be subdued heading for the 50-day support line levels (MDA) Moving day average ranging between 1.2028 – 1.2140 shedding approx. 0.38%
GBP took a nose dive as a direct result of the resignation of Home Secretary Amber Rudd’s immigration scandal amid disappointing economic Manufacturing PMI reports and backlash against PM Theresa May on Parliamentary discretion on Brit-exit with highs/lows of 1.3668 – 1.3773.
JPY loses its luster to USD as risk appetite evolves and investors eye US Fed rate decision amidst ongoing quarterly US earning reports. The USD gains was up 0.3% to 109.63 at the time of print
The AUD languished following the RBA’s (Reserve Bank of Australia) decision to stand pat on the rate at 1.50%, and was found ranging between 0.7495 – 0.7547
Global stocks seem mixed with Asian and EU Indices remaining upbeat. Apple is set to release its earnings reports after the closing bell which is speculated to disappoint thus weighs on US indices. The Dow had lost 148 points to -0.61% ( 24,163.15) while Nasdaq dropped – 0.17% to 24,163.15 Meanwhile Germany’s DAX 30 was up with UK’s FTSE & France CAC
Commodities have been subdued as the USD gains, Gold plummeted with Oil which shed its previous gains as investors digested possible Iranian sanctions ahead of scheduled API weekly crude oil stock reports at 22:30 GMT
The Crypto arena continues to face reforms and scrutiny the risk on risk off mode paradigm causes volatility and disparity all crypto are down trotting.
BTC/USD was seen ranging bearishly between 8,818.0 – 9,350.0
ETH/USD also down between 627.42 – 689.09
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