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Daily Analysis: Stocks Turn Lower as Trump Gets in Real Trouble

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Daily Analysis: Stocks Turn Lower as Trump Gets in Real Trouble

Introduction

This article was posted on Wednesday, 20:02, UTC.

Wednesday Market Recap

Asset Current Value Daily Change
S&P 500 2374 -0.98%
DAX 12685 -0.93%
WTI Crude Oil 48.88 -0.13%
GOLD 1257.00 1.69%
Bitcoin 1833 5.21%
EUR/USD 1.1138 0.51%

 

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US stocks are sharply lower today after a swift overnight decline that was triggered by the words of fired FBI director Comey regarding Donald Trump. This latest scandal is probably the most serious so far for the POTUS, as several high-ranking Republicans have voiced their concerns already. Risk assets are under pressure globally in the wake of the events, as the odds of an impeachment has risen significantly. Asian and European equities are also lower, while safe haven assets are on the rise. Economic releases took the backseat amid the slump, with only British assets getting a slight boost from the better than expected Employment Report.

The Yen surged higher together with gold today, while the Dollar lost ground against most of its major peers. Commodity-currencies are even weaker than the USD, as the Chinese stock market fell once again, and the general risk-off sentiment is also hurting them. The Euro and the Pound are also just slightly higher after the strong rise of the previous days, with the Swiss Franc being the most bullish of the European currencies. The strongest decline in risk assets since mid-March might continue in the coming days, especially if US economic numbers continue to disappoint.

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USD/JPY, 4-Hour Chart Analysis

Cryptocurrencies

Bitcoin turned sharply higher this morning getting close to its recent all-time highs once again. BTC is back above $1800, amid the continued Ripple-rally that propelled the currency near the $15 billion market capitalization level. Today’s advance means that the cryptocurrency market is now worth more than $60 billion, despite the ongoing deep correction in the other majors.  NEM is still diverging from Ripple, why Stellar is down by double digits today. LTC us showing signs of life after falling well below $25, while Ethereum, Ethereum Classic, Dash, and Monero are all drifting lower again.

Ripple, 4-Hour Chart Analysis

Technical Picture

The S&P 500 failed to sustainable break-out to new highs yesterday. And today’s decline confirms the recent period of relative weakness in the broad index. That said, the short-term support near 2377 still holds the benchmark, although the rising short-term trend-line has been broken. The 2350-2355 support zone could be in focus in the coming days if the risk-off sentiment remains dominant. The other major indices are following the S&P lower so far, but renewed strength in Europe and in the NASDAQ could point to another push to all-time highs.

S&P 500, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
10:30 UK Average Earnings 2.4% 2.4% 2.3%
10:30 UK Unemployment Rate 4.6% 4.7% 4.7%
11:00 EUROZONE Final CPI 1.90% 1.90% 1.90%
14:30 CANADA Manufacturing Sales 1.00% 1.10% -0.20%
16:30 US Crude Oil Inventories -1.8 mill -2.5 mill -5.2 mill

 

Key Economic Releases on Thursday

Time, CET Country Release Expected Previous
1:50 JAPAN Prelim GDP 0.4% 0.3%
3:30 AUSTRALIA Employment Change
3:30 AUSTRALIA Unemployment Rate 5.9% 5.9%
10:30 UK Retail Sales 1.2% -1.8%
14:30 US Initial Jobless Claims 240,000 236,000
14:30 US Philly Fed Manufacturing 18.9 22.0
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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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