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at 8:30 am on July 29, 2021 | 2 comments
The latest FOMC meeting did not translate into a lot of volatility overnight with Wall Street largely unchanged while Treasury yields eventually clawed back some intrasession gains due to the lack of an outright tapering signal. Currency world saw more volatility with Euro ranging through nearly 80 pips while the Aussie had similar volatility but eventually everything settled back to the start of session settings. Commodities were mixed again as oil prices continued to moderate while industrial metals fell back as gold continues to battle around the key $1800USD per ounce level.
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at 8:30 am on July 27, 2021 | 1 comment
Strong corporate earnings kept Wall Street elevated overnight, but only just with the selloff in Chinese tech issues overshadowing the new record highs as Treasury yields bounced a little after some strong auction results. USD sold off mainly against Euro while commodities lifted with oil up 1%, copper up over 4% while gold fell back below the key $1800USD per ounce level.
Bitcoin put in a stonking rally to start the week, hitting the $40K level just because Amazon posted a crypto currency job vacancy, before falling back to the $37K level where it sits this morning. This definitely triggers an upside condition with a daily close well above $33K and then a clearance of trailing ATR resistance at $35K with the four hourly chart already looking extremely overbought and overextended though:
MacroBusiness
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Nobody can stop the music as Wall Street surged once more on Friday night to a new record high with the latest corporate earnings a strong tailwind. While stocks rose everywhere, currencies and bond markets were largely unchanged with commodities also mixed as oil and copper rose slightly while gold and iron ore fell back. The good news should continue here locally in Asia with stock futures pointing to very solid opens across the region with Japanese markets reopening following the start of the Olympics in Tokyo.
Bitcoin had put on a very subdued rally since midweek but it has failed to extend this into anything tangible, closing out last week well below the $33K level. As I said last week, I still contend this is another dead cat bounce amid the ongoing downtrend, as a sustained move higher requires a daily close above $33K and then a clearance of trailing ATR resistance at $35K or
MacroBusiness
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Sentiment continues to swell positive with another solid night across all equity markets with tech stocks leading the way this time due to some solid earnings results on Wall Street. Bond yields slipped on a very dovish ECB meeting with commodity prices continuing their own bounceback, oil up 2% alongside copper while gold got back above the $1800USD per ounce level again. The good news should continue here locally in Asia with stock futures pointing to very solid opens across the region.
Bitcoin remains somewhat in favour, with its recent surge up through the start of year position to break $32K stalling out but still making a new intraweek session high. This may well be another dead cat bounce amid the ongoing downtrend, as a sustained move higher requires a daily close above $33K or more:
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at 9:00 am on July 22, 2021 | 1 comment
The big fill in the recent dip in equity markets continued overnight with European shares outshining Wall Street, although the latter is almost back to where it started. Oil played catch up with a 4% rise in Brent futures while gold fell back despite a rise in undollar assets as Euro and the Australian dollar bounced back. Treasury yields showed some relief with a slight rise in the absence of any economic news. The good news should continue here locally in Asia with stock futures pointing to very solid opens across the region.