Tuesday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||43.12||-2.92%|
Crude oil trades on a new 8-month low today, as the growing US and global supply, the OPEC-related wows, and the mounting economic worries all weigh on the price of the most traded commodity. The WTI contract trades at $43 per barrel, and that dominates today’s market together with the Pound’s weakness as stocks and currencies are mostly quiet once again. The GBP got hit hard after the speech of BOE Governor Carney who cooled down the rate hike expectations that got a boost after last week’s split vote on the central bank,s monetary meeting. US and European equities are slightly lower while the Japanese market is still strong as the Yen continued to slide lower against the USD during the Asian session.
WTI Crude Oil on new lows, 4-Hour Chart Analysis
The post-Fed strength of the Dollar is also pushing Gold lower, as the Shiny Metal is still stuck below the $1250 level. Industrial commodities are also lower, as the Chinese stocks market is still far behind international markets, and the global economic surprise index continues to hit new year-to-date lows. With that in mind, the strength of equities is surprising, but the NASDAQ is lagging the other major benchmarks again after the bounce yesterday, and that could mean that more downside is ahead for the tech benchmark.
Most of the coins are also calm, but Ripple made a move today, rising by more than 10% against Bitcoin and 15% against the Dollar, possibly ending a lengthy consolidation period. Bitshares is also rallying, trying to break-out from a low-volatility range as well. Litecoin is trading slightly below the $50 level after the huge weekend rally, while Ethereum and Bitcoin are still stuck in narrow ranges in the summer trading environment. Ethereum Classic and Dash continue to move similarly, as the two coins are trading just below their recent highs, near the $23 and $200 levels respectively.
Ripple making a move, 4-Hour Chart Analysis
Key Economic Releases on Tuesday
|3:30||AUSTRALIA||Monetary Meeting Minutes||–||–||–|
|9:30||UK||BOE Gov Carney Speaks||–||–||–|
|14:30||US||Current Account||-117 bill||-124 bill||-112 bill|
Key Economic Releases on Wednesday
|10:30||UK||Public Sector Credit||7.3 bill||9.6 bill|
|16:00||US||Existing Home Sales||5.54 mill||5.57 mill|
|16:30||US||Crude Oil Inventories||–||-1.7 mill|
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