- Global equities start week higher
- US100 and US500 both hit new ATH’s
- Low volatility in the Forex market
As for the Forex market, the beginning of the week did not bring much volatility. In the evening hours, EUR, GBP and JPY hover around the reference level against the USD. However, the dollar appreciated slightly against NZD and AUD. The biggest move can be seen on the CHF, where the Swiss franc lost 0.6% against the US currency.
During the European session we could observe moderate volatility, nevertheless the vast majority of the indexes from the Old Continent finished today's session in green. The German DAX gained just over 0.2%, while the FTSE100 gained 0.32% and the CAC40 added just 0.08%.
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Open account Try demo Download mobile app Download mobile appPositive moods also dominate the US stock market, after investors positively received Powell's speech on Friday and are still buying stocks. The S&P500 (US500) and Nasdaq (US100) indices both reached new all-time highs today. The Dow Jones lags behind and the Russell 200 loses around 0.2%.
When looking at the commodity market, the increase in the price of crude oil deserves attention, as investors weighted supply disruptions due to Hurricane Ida against the likelihood that OPEC and its allies will go ahead with an increase in output. Nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended ahead of hurricane Ida but the storm weakened into a Category 1 hurricane 12 hours of coming ashore. Meanwhile, OPEC + will meet on Wednesday to discuss the previously agreed increase of 400,000 barrels per day for the next several months. Brent is up 0.8%, while WTI gains 0.6%. On the other hand, in the precious metals market sentiment is mixed, silver, gold and platinum are slightly losing, while palladium is gaining strongly.
The volatility in the cryptocurrency market is limited. When looking at the main digital currencies, Ethereum stands out on the plus side, with increases of 1.5%. Other currencies, such as Bitcoin or Ripple, lose more than 1%, and the declines on Litecoin and BitocinCash exceed 2%.
USDCHF pair rose sharply today, however the situation in the medium term has not changed. Locally, the currency pair is moving in consolidation (yellow circle). The zone at 0.9260 remains the key resistance in the medium term, while the support is located at 0.9040. Source: xStation5
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