Daily Analysis: Fed Disappoints Markets as Litecoin Hits 3-year High | Hacked: Hacking Finance
Hacked: Hacking Finance

Analysis

Daily Analysis: Fed Disappoints Markets as Litecoin Hits 3-year High

Posted on .

Daily Analysis: Fed Disappoints Markets as Litecoin Hits 3-year High

Introduction

This article was posted on Thursday, 15:40, UTC.

Thursday Market Recap

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //
Asset Current Value Daily Change
S&P 500 2353 -0.74%
DAX 12215 -0.48%
WTI Crude Oil 51.61 -0.14%
GOLD 1255.55 0.43%
Bitcoin 1158 2.77%
EUR/USD 1.0657 -0.07%

 

All eyes were on the Federal Reserve and the European Central Bank yesterday evening and so far today, as the minutes of both central banks’ previous monetary meetings were released.  Global stocks took a nosedive after the Fed’s announcement, despite having a bullish session up until then. Members of the FOMC think that the bank should reduce its balance sheet this year, with some of the governor stating that stocks look “fairly expensive”. The major indices slid even lower overnight before the ECB’s release. Increased volatility is expected later on today, as Donald Trump meets Chinese Prime Minister Xi for the first time in his tenure.

The Yen was the winner among the post-Fed environment among the major currencies, as the Dollar was pushed slightly lower. Gold jumped back to the key $1260 level again, but the rally stalled at the same resistance as stocks rebounded. Currencies are little changed today, as the Euro seems to be glued to the 1.0650 zone compared to the Greenback. Oil also turned volatile following the meeting minutes yesterday, and it fell back towards the $50 level before recovering in a strongly bullish fashion today.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Bitcoin found strength amid the gloomy global sentiment overnight, and the main Cryptocurrency surged past the $1150 level to hit a new three-week high. Litecoin is dominating the altcoin market again after jumping over the $10 level overnight for a 25% gain. LTC is consolidating below its recent maximum, which is the highest level of the coin since the summer of 2014. Dash and Ethereum are still moving in tandem, this time falling back near the $70 and $45 levels respectively.  Monero drifted below $20 yesterday after a failed break-out attempt, while Ripple hit $0.03 as it started another leg in its correction.

Litecoin, 4-Hour Chart Analysis

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

 

Technical Picture

S&P 500, 4-Hour Chart Analysis

The S&P 500 shot up in the early parts of the Wall Street session, to test the declining trend-line before plunging right back below the line-in-the-sand support/resistance zone between 2350-2355. The DAX remained slightly weaker with the Nikkei hitting an 11-week low this morning as the strength of the Yen continues to weigh on Japanese equities.

Key Economic Releases on Thursday

Time, CET Country Release Actual Expected Previous
8:00 GERMANY Factory Orders (monthly) 3.40% 3.50% -0.80%
13:30 EUROZONE ECB Meeting Accounts
14:30 CANADA Building Permits (monthly) -2.50% 1.40% 5.40%
14:30 US Initial Jobless Claims (weekly) 234,000 251,000 258,000

 

Key Economic Releases on Friday

Time, CET Country Release Expected Previous
14:30 CANADA Employment Change 5,700 15,300
14:30 CANADA Unemployment Rate 6.70% 6.60%
14:30 US Hourly Earnings 0.20% 0.20%
14:30 US Employment Change 175,000 235,000
14:30 US Unemployment Rate 4.70% 4.70%
Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

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.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
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 Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
Cosmos is a novel answer to “sidechains,” which aims to…