Tuesday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||48.62||-0.45%|
Global stock markets are slightly higher today, following the long weekend in Europe. Last week’s trends remained intact for the most part, as the major indices are still hovering at or just below their all-time highs, with the NASDAQ and European stocks still being relatively strong. Apple will report earnings today after the market close, and the Federal Reserve holds its monetary meeting on Wednesday, and those could mean that today’s session will be a less active one. Japanese stocks continue to rise strongly as the Yen’s weakness still pushes the Nikkei higher.
The Dollar and the Yen are still drifting lower while the Euro and the Pound remain among the strongest major currencies, as traders are still unwinding bets against European assets following the first round of the French elections. The Swiss Franc is also benefiting from the broad European rally, while other safe-haven assets like the Yen and gold are still struggling. Oil is also very weak despite the positive global sentiment, as the fundamental weakness of the commodity outweighs the risk-on environment, pointing to further losses for the sector.
Gold futures, 4-Hour Chart Analysis
Bitcoin’s surge to all-time highs intensified this week as the largest cryptocurrency exploded above $1400, topping its previous record high by more than 10% now. BTC continues to ignore the fork-related fears and the rise of its competitors, and it looks set to hit $1500 in the coming days. Several coins entered a correction after the broad rally last week, as traders focused more on Bitcoin. Ethereum, Dash, Ethereum Classic, Ripple, Monero, NEM, and Litecoin are all off their recent highs.
Bitcoin, 4-Hour Chart Analysis
The DAX is still trading in a holding pattern since the French election, near its all-time high at 12,500, but it still failed to cross that crucial level despite the positive sentiment. The bearish cross on the MACD indicator suggests short-term weakness. The benchmark might be ready to re-test the previous highs near 12,370 or even the rising trend-line at 12,250. Another major support zone is found at that level between 12,085 and 12,150.
DAX, 4-Hour Chart Analysis
Key Economic Releases on Monday and Tuesday
|Monday||UK||Treasury Sec Mnuchin Speaks||–||–||–|
|Monday||US||ISM Manufacturing PMI||54.8||56.6||57.2|
|Tuesday||AUSTRALIA||Base Interest Rate||1.50%||1.50%||1.50%|
Key Economic Releases on Wednesday
|16:30||US||Crude Oil Inventories||–||-3.6 million|
|16:00||US||ISM Non-Manufacturing PMI||56.1||55.2|
|14:15||US||ADP Employment Report||178,000||263,000|
|20:00||US||Base Interest Rate||1.00%||1.00%|