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Daily Analysis: Dollar Up Again as Stocks Grind Higher

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Daily Analysis: Dollar Up Again as Stocks Grind Higher

Introduction

This article was posted on Tuesday, 16:49, UTC.

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2484 0.27%
DAX 12293 0.32%
WTI Crude Oil 49.42 0.02%
GOLD 1260.00 -0.45%
Bitcoin 3402 1.23%
EUR/USD 1.1740 -0.47%

It’s a mixed and choppy day once again for traders, with only the Dollar providing some excitement in the US trading session. The Greenback is testing its Friday highs against the Euro on a better than expected Job Openings Data report added to the optimism regarding the labor market after last week’s decent Employment Report. The greatly oversold currency still has ample room to rally, and that could help European stocks which were pushed lower by the strength of the common currency in recent weeks.

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EUR/USD, 4-Hour Chart Analysis

That said, US stocks are also holding up well today, with the DOW continuing its unprecedented winning streak in the thin-volume environment. The mega cap index could close on a record high for the 10th day in a row, although the broader indices are still suspiciously weak. The Dollar strength and the record low volatility is weighing on Gold after the precious metal’s nice rally to $1275, and it’s now back to $1250 despite the overnight strength.

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Gold, 4-Hour Chart Analysis

Asian markets were dominated by the Chinese Trade Balance release that showed a larger than expected surplus but a decline in the overall volume of trade, in line with the fears regarding the growth in the second largest economy in the world. The Shanghai Composite declined somewhat on the news, but the index is trading just below the upper boundary of its long-term trading range, after two months of gains.

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Shanghai Composite, 4-Hour Chart Analysis

Cryptocurrencies

The major coins are still broadly bullish, with Ethereum hitting the $285 target today, taking over the role of short-term the leader from Bitcoin. BTC hit a marginal new high this morning once again, but the weekend’s momentum is clearly gone, and the most valuable coin will likely consolidate its lofty gains. Monero and NEM also had nice runs lately, while the other majors are trading sideways in narrow ranges, with ETC and Ripple still being the weakest regarding their short-term technical positions. We expect more rotation between the majors and that could mean strong moves in the previously weaker coins in the coming period.

ETH/USD, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
3:30 CHINA Trade Balance 321 bill 294 bll 294 bill
14:15 US JOLTS Job Openings 6.16 mill 5,74 mill 5.70 mill

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
3:30 CHINA CPI Index 1.50% 1.50%
3:30 CHINA PPI Index 5.60% 5.50%
14:15 CANADA Building Permits 54.4 54.3
14:30 US Nonfarm Productivity 0.8% 0.0%
16:30 US Crude Oil Inventories -2.6 mill -1.5 mill

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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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The cryptocurrency segment experienced some rotation after the first day…