Daily Analysis: Dollar Dip Fuels Rebound in Commodities | Hacked: Hacking Finance
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Daily Analysis: Dollar Dip Fuels Rebound in Commodities

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Daily Analysis: Dollar Dip Fuels Rebound in Commodities

Introduction

This article was posted on Thursday, 16:32, UTC.

Thursday Market Recap

Asset Current Value Daily Change
S&P 500 2438 0.17%
DAX 12798 0.27
WTI Crude Oil 43.23 1.65%
GOLD 1253.00 0.45%
Bitcoin 2713 0.23%
EUR/USD 1.1161 0.07%

The US Dollar has been drifting lower since yesterday afternoon, and that shaped the move in the otherwise calm financial markets. Global stock markets are mixed today with a negative tilt, although the downside momentum that markets showed on Tuesday faded away, and volatility is very low once again. The major benchmarks are still close to their all-time highs, despite the continued weakness in economic numbers, although bond markets reflect the negative tendencies with yields edging lower for the third day in a row, especially in the case of long-dated treasuries.

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Gold, 4-Hour Chart Analysis

Oil and gold are both higher today, thanks to the Dollar’s slide although crude oil still looks battered, with the WTI contract trading around the $43 per barrel level. Gold, one of the main safe haven assets is in much better shape concerning long-term trends, and it might emerging from its post-Fed correction that carried the metal from $1300 to $1250.  The Canadian Dollar is the star of the forex markets as the commodity rally and the much better than expected retail sales report pushed the currency higher against its peers, with the other majors being virtually unchanged for the day.

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Cryptocurrencies

The crypto-market is very calm as well, despite yesterday’s “flash crash” in Ethereum (on the OCinbase exchange), as most coins are sporting 2-3% losses, without strong downside momentum, even in the smaller coins. Litecoin is still very strong, as it continues to trade just below the $50 level following its weekend surge. Bitcoin rebounded off the $2600 support yesterday and it is back near the $2700 level ETH respected the $300 support and it is still in a neutral short-term consolidation zone. Ripple’s break-out attempt faded and the coin is back near the key $0.30 level.

Ethereum, 4-Hour Chart Analysis

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Key Economic Releases on Thursday

Time, CET Country Release Actual Expected Previous
14:30 CANADA Core Retail Sales 1.5% 0.6% -0.2%
16:30 US Initial Jobless Claims 241,000 241,000 237,000

 

Key Economic Releases on Friday

Time, CET Country Release Expected Previous
10:00 EUROZONE Manufacturing PMI 59.1 59.5
10:00 EUROZONE Services PMI 55.4 55.4
14:30 CANADA CPI Index 0.2% 0.4%
16:00 US New Home Sales 599,000 569,000

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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