- ADP report well below expectations
- Nasdaq hit new record
- AUD strongest among major currencies
- OPEC + continues the process of increasing production
- Cryptocurrencies move higher
During today's forex trading session, we could observe the dollar's weakness, which is related to the publication of today’s ADP report, which was clearly disappointing. Worse than expected change in employment may postpone the tapering process, but we should wait for official government data which will be released on Friday. The currencies of the antipodes appreciated against the USD. The Australian dollar gained over 0.8% and the New Zealand dollar 0.4%. Meanwhile, euro appreciated 0.3% and the pound 0.2%.
Upbeat moods prevailed in the stock market today. Vast majority of stock exchanges from the Old Continent ended their sessions in green, only German DAX lost 0.1%. The situation in the US is similar, major indices are trading higher, but the volatility is rather low. The Nasdaq is the best performer, again reaching a new all-time high, adding 0.75%. On the other hand, the S & P500 is trading 0.3% higher, and the Dow Jones is trading slightly above the flat line.
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Open account Try demo Download mobile app Download mobile appWhen it comes to the commodity market, increased volatility prevails on the crude oil market. In the afternoon, the EIA report showed that inventories fell more than expected. In addition, OPEC + members decided to stick to their existing policy of gradual oil output increases by 400,000. barrels per month (despite concerns about a possible next wave of COVID-19 infections). In the evening hours, the price of "black gold" fell slightly - WTI lost 0.2%, while Brent fell 0.3%.
A positive sentiment can be seen today in the cryptocurrency market. In the evening hours, Bitcoin is listed 4% higher, while Ethereum gains as much as 9%! Other cryptocurrencies such as Ripple and Bitocincash also rose around 3%. Technically looking at the Ethereum chart, the resistance zone at $ 3,330 was breached, which caused acceleration of the uptrend. However, price reached the resistance at $3780.00 which coincides with 78.6% Fibonacci retracement, which may pose a risk of a downward correction. Nevertheless, the main trend remains upward, and the aforementionedzone at $ 3330 should now act as major support.
Ethereum interval D1. Source: xStation5
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