Daily Analysis: Qatar Receives Ultimatum as Middle East Tensions Escalate Again | Hacked: Hacking Finance
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Daily Analysis: Qatar Receives Ultimatum as Middle East Tensions Escalate Again

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Daily Analysis: Qatar Receives Ultimatum as Middle East Tensions Escalate Again

Introduction

This article was posted on Friday, 15:32, UTC.

Friday Market Recap

Asset Current Value Daily Change
S&P 500 2431 -0.171%
DAX 12694 -0.77%
WTI Crude Oil 42.94 -2.42%
GOLD 1258.00 0.64%
Bitcoin 2742 1.23%
EUR/USD 1.1195 0.39%

Global stock markets are mixed once again today with European markets being notably weaker than their peers after the release of some really weak services PMIs from the Eurozone. The main US indices are virtually unchanged, sitting a few percents below their all-time highs, with trading volumes still dwindling, and volatility remaining close to all-time lows. Currency markets are more active than previously during the week, as the Dollar is experiencing its second weak day in a row, with the Fed-induced momentum gradually fading away. The Great British Pound is also on the rise against the Greenback, despite the questionable “progress” on the Brexit talks.

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Gold is on the rise again, as the Qatar-crisis that broke out somewhat out of the blue a couple of weeks ago arrived in a new phase today, after the country received an ultimatum from the states involved in the diplomatic “blockade”. The ultimatum contains 13 requirements, among them the shutting-down of Al-Jazeera, the shutting down of a Turkish military base, and the reduction diplomatic representation of Iran. The demands are, at least partly, impossible to comply with in the given limit of 10 days, and it is still unclear what the next step from Saudi Arabia and its allies will be after the deadline. Oil is unchanged and choppy amid the growing tensions, while the other commodities are higher thanks to the Dollar weakness.

Gold, 4-Hour Chart Analysis

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Cryptocurrencies

Cryptocurrencies are having a bullish day, so far, as the recently struggling Ethereum found support inside its dominant consolidation pattern, and that helped the rally in altcoins that is led by the previously correcting Monero, Stratis, and Dash. BTC is still hovering around the $2700 level in a narrow range, while Ripple encouragingly recovered above the $0.30 level again. Litecoin is still just below its recent highs, refusing to correct more after the strong break-out last weekend. The total value of the coin market is nearing $115 billion again, according to Coinmarketcap, but volume is trending strongly lower, in line with the trends in other markets.

   The total market cap of the Cryptocurrency market in the past month

Key Economic Releases on Friday

Time, CET Country Release Actual Expected Previous
10:00 EUROZONE Manufacturing PMI 57.3 59.1 59.5
10:00 EUROZONE Services PMI 54.7 55.4 55.4
14:30 CANADA CPI Index 0.1% 0.2% 0.4%
16:00 US New Home Sales 610,000 569,000 569,000

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
10:00 GERMANY IFO business Climate 114.6
14:30 US Core Durable Goods Orders -0.5%

Featured image from Shutterstock

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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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