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Market Wrap
The US dollar remains bearish at the end of the London close, having traded below the $90 level for most of the session and accelerated lower at the US open.
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The only Tier 1 risk events on the economic calendar are from the Fed and Bank of England speakers, which leaves headline trading and technical trading as leading todays price action.
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Today’s biggest equity gainer is the Nasdaq, as it gapped higher than last Fridays US session close gaining 1.71% with the S&P500 also gaining above 1%. The softer US dollar has given the energy and precious metals markets a boost too, with WTI up 2.00% and Silver nearly hitting $28.00 after rising 0.96% at the end of the London session.
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The EURUSD is trading at the top of last week’s range as traders on the ActivTrader platform increase their bearish positioning.
The ActivTrader sentiment indicator is even more bearish the single currency versus the Japanese yen, with 73% of traders shorting the pair.
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The weekly candle last week for the EURJPY was a shooting star, but the bulls were able to keep control closing price above the weekly open. If we get higher prices, the swing high from the 22nd of April 2018 would be my first target.
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The weaker US dollar has not translated into a much higher gold price, as some of those investors spooked out of the crypto markets may have returned today, as BTCUSD is up 10% on the day. Commodity pairs such as the AUDUSD and USDCAD are undecided on this US dollar move too, with the AUDUSD getting a boost from the metal’s markets and a weaker USD but the USDCAD showing more signs of US dollar strength against the Canadian dollar. Oil is trading higher, so the initial response is usually for the USDCAD to come down lower, so maybe there will be a correction in that tomorrow. The strongest currency into the London close was in fact the New Zealand dollar, with the Canadian dollar weaker against the other G10 currencies.
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Iran is in talks with the Chinese government about Oil exports and they have also started to turn off access to their nuclear facilities. The US administration is looking to work more closely with Iran and ideally would reverse the actions taken by the previous administration.
More oil into the markets from Iran would not necessarily cause the WTI contract to drop as there is hope for an increase in demand.
