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Monday Market Musing
The market week started with an anxious mood as investors eagerly awaited the FED’s policy meeting to be initiated on Tuesday 20th and concluded on Wednesday 21st where they may raise the interest rate from 1.50% – to 1.75% The USD remains highly supported vs major currencies except the JPY which remains defiant, with Trump’s Trade war effects plaguing market sentiments. Global stocks are mixed to the downside.
Global Stocks:
The Currency /FX Arena:
Despite the disappointing data from Japan, the Yen has been in demand. Challenging the USD.
EUR/USD: was seen @ 12279 ranging, between (1.2258 – 1.2292) GBP/USD was at 1.3943 ranging (from 91.3914 – 1.3951) and swinging between minor gains & losses. While, AUD/USD: at 0.7697 was trending (0.7687 – 0.7720) BEARISH undertones persists
Cryptocurrencies:
With the G20 meeting in Argentina overshadowed by trade wars the Crypto’s were subdued during the weekend thus the usual weekend rally was nowhere to be seen. Comments from BOE’s Chief Mark Carney did not cause a stir with BTC and all Cryptocurrencies surging …
Commodities:
Commodities are suffering a selloff with the USD firmer. OIL which despite Friday’s higher rig count of 800 from 796 remained Bullish for most of the weekend turns bearish perhaps jitters to the Trump Iranian Nuclear deal and sanctions. Nonetheless, OPEC is still pushing its agenda of $70BBL while the US increases Shale production. Oil investors are considering a compromise between Shale & OPEC to stabilize prices
Economic /Financial Calendar:
A reading Higher than forecast is generally Positive (bullish) for that Asset, while a weaker than forecast/Predicted reading is generally Negative (bearish) for that asset.
A light data calendar, filled with stock taking on the indexes builds the suspense till Tuesday & Wednesday’s FED policy meeting conclusion. The US earning Season is ongoing keeping NASDAQ and shares of reporting companies in a BULLISH scope. News of APPLE developing its own, display screens comes with mixed feelings for Samsung shares, and Apple investors roll up their sleeves.
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