Markets Fight Back against Lows in Asia, Bitcoin Hits $10,000 on Some Exchange
U.S equities remained cautious on Monday. But Asian equities which opened lower today fought back against lower values. The U.K Bank Stress Test Results have been released and the Pound has gained today. The U.S will see the CB Consumer Confidence report later.
Wall Street Remains in Doldrums, U.S Growth Numbers Wednesday
An important Consumer Confidence reading will be published in the States today, but tomorrow’s Gross Domestic Product numbers will begin to get plenty of focus. Wall Street remained in the doldrums on Monday as investors worry about Washington politics. The U.S Dollar has been firm this morning. Sentiment on the major equity Indexes, particularly the S&P and Nasdaq appear fragile.
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Bitcoin’s Rally Continues, Hits the 10,000 Level on Some Exchanges
Bitcoin, perhaps one of the biggest rallies in the history, continues its journey up as it hits for the first the $10,000 level on some exchanges, mainly in Asia. Bitcoin was trading at $5000 just two months ago. Reports about Bitcoin’s future continue to pop up, this time it’s the Billionaire hedge fund legend and former Fortress executive, Mike Novograz, that believes Bitcoin can reach $40,000 by 2018.
Asian Markets Lose Fractionally, Retail Sales from Japan Tomorrow
Asian equities turned in an interesting trading session. After opening with losses, the major Indexes saw some buying emerge. While declines were seen at the finish, the losses were fractional. The Nikkei Index has still put in a 2.17 percent increase the past month. The Yen has range traded, but is hovering near important support of 111.00 against the U.S Dollar. Retail Sales numbers will come from Japan early tomorrow.
Carney Delivers Clear Message, Pound Trades Higher on Remarks
The U.K Bank Stress Test Results showed the corporate banking sector remains solid, but Bank of England Governor Mark Carney expressed concerns about a disorganized Brexit which could put financial institutions at risk. Because of Carney’s straight forward manner, the Pound responded favorably and is near the 1.33 mark against the U.S Dollar. European equities have been cautious early, but have put in slight gains. Tomorrow German inflation data will be brought forward.
Active Gold Buyers Approach Resistance, Gold Drawing Interest
Gold buyers have been active and its value is around 1294.00 U.S Dollars an ounce. The precious metal is near important mid-term resistance. But if global equities remain under pressure, Gold could draw more speculative interest.
Canadian Inflation Data via Commodities, Consumer Reading from States
The Conference Board’s Consumer Confidence reading will spark the interest of traders upon its release in the U.S at 15:00 GMT.
- 13:30 PM GMT Canada, Raw Materials Price Index
- 14:00 PM GMT U.S., S&P/CS Composite-20 HPI
- 15:00 PM GMT U.S., CB Consumer Confidence
Yaron Mazor is a senior analyst at SuperTraderTV.
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