- 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.
Start investing today or test a free demo
Create account Try a 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
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
