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Daily summary: Antipode currencies under pressure

19:23 17 August 2021

Today's Powell's speech does not cause much excitement in the market, as the Fed chairman did not mention so far anything about tapering or US dollar. Investors will have to wait for comments from central bankers in Jackson Hole. The symposium will start next week and perhaps more information about tapering will be released.

Forex:

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During today's session on the currency market we could observe the dominance of the US dollar. AUD and NZD weakened the most against the greenback, which can be explained by the reappearance of the coronavirus in New Zealand. It is worth noting that higher volatility on NZD may persist in the coming hours, as the RBNZ decision regarding interest rates will be released in the morning. Meanwhile, the recent RBA (Reserve Bank of Australia) minutes revealed that Covid-19 remains the main source of uncertainty. Looking at other currencies, the pound (-0.8%), the euro (-0.5%) and the Canadian dollar (-0.6%) also weakened against the USD. The yen lost 0.4% and the franc lost around 0.2% against the US dollar.

Cryptocurrencies:

Main cryptocurrencies are trading under slight pressure on Tuesday. Bitcoin was unable to stay above the resistance at $ 46,500, which puts the risk of a further downward correction. Looking at the technical situation, it seems that the zone around 42-43k remains the key support in the short term.

Stock market:

The Asian indices finished today's sessions lower as investors remain concerned about the spread of coronavirus, as well as the ongoing geopolitical tensions. The Chinese stock indices recorded heaviest losses, but declines were also observed in Japan, Korea and Australia. Worse sentiment on the Asian stock market did not translate into a sell-off in the European market. Indices from the Old Continent finished today’s session in mixed moods. Nevertheless, a slightly worse sentiment is visible overseas, where the main US stock indices started session in red and in the following hours the sell-off deepened, partially due to weak retail sales figures. Russell 2000 lost nearly 2% while the three main US indices fell by more than 1%.

Commodities:

A stronger dollar translates into a pullback on precious metals. Palladium fell more than 4.0%, platinum dropped 3.2%, while silver is trading 0.8% lower, and gold loses only 0.2%. The price of crude oil is also falling, which may be related to concerns about the demand for the commodity due to the worsening pandemic situation.

WTI oil (OIL.WTI) is testing the key support zone around $ 66.20 again. This area is marked by earlier price reactions as well as the lower limit of the 1: 1 structure. As long as the price sits above the aforementioned area - continuation of an upward move is the base case scenario. However, if the support is negated, downward move may accelerate. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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