- Global indexes advance
- Solid data pack from the US
- Bitcoin returns above $50000
Upbeat moods prevailed on the stock market today despite limited volatility. It is worth noting that the sentiment regarding the technology sector improved yesterday, mainly due to Tesla. Shares of the electric car maker rebounded sharply after Musk admitted that he had almost completed his plan to sell some of his holdings.
The US data surprised mostly on the upside. Jobless claims of nearly 200,000, high orders for fixed assets, improving consumer sentiment overshadowed higher PCE inflation figures. Core PCE inflation reached 4.7% y / y. It is worth mentioning that this is the Fed's preferred measure of inflation. All these data show that the Fed will actually normalize monetary policy faster. Therefore if the Omicron variant will not force governments to introduce new restrictions, then major economic collapse should be avoided.
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Open account Try demo Download mobile app Download mobile appThe commodities prices benefit today from a slightly weaker dollar and good moods in other markets. WTI crude price jumped above $ 73, while gold returned above $ 1,800 an ounce despite relatively high bond yields. Cryptocurrencies also moved higher. Bitcoin broke above $50000 level while Ethereum erased early losses and is trading at $4080.
Finally, it is worth mentioning how the trading will look like on Christmas Eve. Markets in Asia are operating as usual, while the rest of the world will be mostly closed. The exceptions are the markets in France, the Netherlands and the UK, where the exchanges will close tomorrow at 1:00 pm BST. The exact specification of which markets will be open and which will be closed during the holiday season can be found on our website. In addition, we would like to point out that tomorrow our analysts will be with you during the shortened European session.
Cardano has been trading in a downward trend in recent months, however buyers managed to halt declines around $ 1.22 level which is marked with lower limit of the 1: 1 structure and price rebounded. As long as the price sits above the aforementioned level, upward impulse toward the earlier broken lower limit of the wedge formation may be extended. On the other hand, should a break lower occur, downward move may deepen towards psychological support at $ 1.00. Source: xStation5
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