Daily Analysis: Markets Stunned by Manchester Attack, as Dash Jumps and Bitcoin Tops $2200 | Hacked: Hacking Finance
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Daily Analysis: Markets Stunned by Manchester Attack, as Dash Jumps and Bitcoin Tops $2200

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Daily Analysis: Markets Stunned by Manchester Attack, as Dash Jumps and Bitcoin Tops $2200

Introduction

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

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2394 0.08%
DAX 12641 0.18%
WTI Crude Oil 51.09 -0.13%
GOLD 1260.00 0.12%
Bitcoin 2265 5.10%
EUR/USD 1.1218 -0.17%

 

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The tragic terror attack by ISIS in Manchester dominated trading so far today, as global stocks were mixed in the cautious environment. Asian markets were mostly lower, with Chines and Japanese equities both losing ground, while the main US indices and European stocks are trading slightly higher. The European benchmarks are still lagging the US market, despite today’s better than expected economic numbers, as the strength of the Euro weighs on local assets. The US indices are close to their recent all-time highs following last week’s steep correction, with the weak Dollar being a positive factor. Volatility is muted so far this week, as last week’s storm seem to have passed very quickly.

That said, safe-haven assets remained relatively strong today, with the Japanese Yen and gold both holding up well below their prior highs. Oil continues to be very strong before the OPEC meeting tomorrow, with only a small correction interrupting the rally yesterday. Trump’s plan to reduce the size of the US strategic reserves (along with several other spending cuts) caused a brief dip in the commodity this morning, but the WTI contract quickly rebounded, and it’s trading near its 4-week highs around $51 per barrel.

Cryptocurrencies

Bitcoin continues to hit new all-time highs on a daily basis, while the other major cryptocurrencies experienced another round of rotation. Litecoin, Monero, and Dash took over leadership from Ethereum and NEM, with gains of 15%, 20%, 25% respectively.  Ripple found support near the 0.30 level, while ETH and the most recent star Bytecoin sliding by double digits after their huge rally. The total value of the coin market is now at $80 billion, as the last two days added almost $10 billion to the capitalization.  Bitcoin almost doubled since breaking out to new highs a month ago, but its market share is now only 46%, proving just how strong the recent weeks have been to cryptocurrencies.

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Monero, 4-Hour Chart Analysis

Technical Picture

The German DAX index has been relatively weak since last Wednesday’s slump. And it failed to get close to its previous highs so far. The 12,500 support could be in focus if the current bounce fails, while an advance above 12,700 could open up the road for new all-time highs in the coming weeks. Further support is found at 12,375, that could be the initial target of a deeper correction. The MACD indicator is back in neutral territory, while the advancing long-term trend channel is still intact.

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DAX, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
09:00 EUROZONE Manufacturing PMI 57 56.5 56.7
09:00 EUROZONE Services PMI 56.2 56.5 56.4
10:00 GERMANY IFO Business Climate 114.6 113.1 112.9
14:30 CANADA Wholesale Sales 0.90% 1.10% -0.20%
16:00 US New Home Sales 569,000 611,000 621,000

 

Key Economic Releases on Wednesday

EUROZONE ECB President Draghi Speaks
CANADA BOC Rate Decision 0.50% 0.50%
CANADA BOC Statement
US Existing Home Sales 5.65 mill 5.71 mill
US Crude Oil Inventories 1.22 mill
US FOMC Meeting Minutes

 

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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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