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Daily Analysis: US Missile Attack in Syria Stirs Up Markets

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Daily Analysis: US Missile Attack in Syria Stirs Up Markets

Introduction

This article was posted on Friday, 17:02, UTC.

Friday Market Recap

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Asset Current Value Daily Change
S&P 500 2350 -0.12%
DAX 12185 -0.27%
WTI Crude Oil 51.86 0.31%
GOLD 1258.00 1.20%
Bitcoin 1181 1.98%
EUR/USD 1.0623 -0.18%

 

A surprisingly quick military reaction by the Trump administration cause turmoil overnight, as the US fired 59 Tomahawk missiles as a retaliation following a chemical weapon attack by the Assad regime. Global stocks dipped lower initially, although they were already losing ground in late trading as rumors about a possible attack spread. US futures rebounded off the overnight lows before the crucial employment report. Non-farm payrolls rose by 98,000 in March, which was way less than expected, while average earnings came in at 0.2% in line with expectations. The Dollar still pushed higher after the release as the previous month earnings reading was revised higher and the unemployment rate unexpectedly ticked lower to 4.5%.

The British Pound was once again under pressure this morning following the release some negative economic news from the UK. Manufacturing and industrial production unexpectedly declined in the past month, possibly as a consequence of Brexit fears. Safe-haven assets were aggressively bought following the missile attack, and gold was the biggest winner while the Yen gave back most of its gains today in early trading. Oil also got bought on political fears, and the crucial commodity is holding up to its gains above the $52 per barrel level.

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Bitcoin continued its march towards its prior highs, as it breached the $1200-$1215 resistance zone, before starting a slight correction. The smaller altcoins are broadly weaker today, especially Litecoin, which corrected back below the $10 level.  Dash is still holding up above the $60 level, and it’s probably in the phase of building a base above the crucial support. Monero is still below $20 after dipping below $19 yesterday, while Ethereum continues to trade in a choppy fashion above the $40 level. Volatility in Ripple declined significantly, and it still trades above the 0.03 level that stopped its violent correction.

Technical Picture

DAX, 4-Hour Chart Analysis

The German Index continued the correction that we pointed out earlier on this week, and it retreated to the 12,150 level while reaching the mid-point of the dominant rising trend channel. The MACD indicator is still on a sell signal, although it’s getting back to neutral territory. Further correction towards the 12,075 level is possible, with the lower boundary of the trend channel currently found at 12,000. The prior high at 12,350 is ahead as primary resistance, while the all-time nominal high is at slightly above that at 12,500.

Key Economic Releases on Friday

Time, CET Country Release Actual Expected Previous
14:30 CANADA Employment Change 19,400 5,700 15,300
14:30 CANADA Unemployment Rate 6.70% 6.70% 6.60%
14:30 US Hourly Earnings 0.20% 0.20% 0.30%
14:30 US Employment Change 98,000 175,000 235,000
14:30 US Unemployment Rate 4.50% 4.70% 4.70%

 

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
22:00 US Fed Chair Janet Yellen Speech
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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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