Snapping at the Heels
I’d like to wish a very happy Bastille Day to all of our clients and colleagues in France.
It’s great to see the country with a strong new president. The decision to invite the new US President as the guest of honor at Europes oldest and largest military parade was certainly a bold move.
For Trump, this is not only a special treat but a much needed Paris vacation away from the house and kids.
eToro, Senior Market Analyst
Please note: All data, figures, and graphs are valid as of July 14th. All trading carries risk. Only risk capital you can afford to lose.
An impressively boring performance from Janet Yellen in Washington DC has carried stocks onward and upward but not by much.
The Dow Jones rose a total of 25 points for a gain of 0.1%. Asian stocks today are up but also with approximately the same percentages. Nothing to see here folks.
With all this excitement it’s notable that volatility is back near record lows as the deep summer seems to have taken the life out of this market.
Currencies and commodities are pretty flat as well. Gold and Oil are increasingly directionless. Other than a 20 pip move on the Aussie Dollar there really isn’t much to speak about.
Turn to Crypto
Thrill seeking high-risk traders should all be on Crypto by now. Even on this flattest of flat days, Bitcoin has moved 1.39% and Ethereum 4.58%.
Unfortunately, the direction is down. Of the top 10 cryptos, 9 are red. Only Ethereum Classic is up, if you can call a move of 0.09% a gain.
Still, after the large correction that we’ve been seeing over the past few weeks and some recovery yesterday, these declines do seem muted. If the total market cap breaks significantly below $80 Billion or if it surpasses $91 Billion then we could see momentum start to pick up.
Emerging from the Shadow
One of the things I love about British Politics is their Shadow Ministers. For each secretary of the government, the opposition party sets up their own delegate who has absolutely no power but whose main job is to troll their counterpart.
Today Jeremy Corbyn will introduce himself to Europe’s chief Brexit negotiator and inform him that he is ready to take over the negotiations in the increasingly likely event that Theresa May’s government should fall.
Corbyn has been snapping at Ms. May’s heels since the night of the election but this is a whole new level of audacity that adds endless complexity to the already floundering negotiations.
For all the movements in politics and the markets since the Brexit referendum in June 2016, the EURGBP has remained incredibly stable. Here, take a look at this picture perfect range in the market…
Wishing you an exceptional weekend ahead.
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The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.
Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.