Summary:
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US and Europe both rise again
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US close to bull market record
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USD continues to pull back after Trump comments
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Venezuela peg Bolivar to state cryptocurrency
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Top charts of the week
Indices across the pond are once more trading higher ahead of their cash open with the markets building on recent gains and aided by a nice rally this morning in Europe. The US500 and US100 have been the best performing of late with the US30 lagging behind a little. This can be seen by both the US500 and and US100 currently residing around 1% from their all-time highs, whereas the US30 is a little more than 3% from its record peak.
The US500 is a day away from a major milestone. Wednesday would mark the longest bull market ever for the index, stretching 3,453 days since hitting a bottom in March 2009. According to a loose consensus, bull markets are rallies that go beyond 20 percent and are never interrupted by a 20 percent fall.
The USD has come under some selling pressure in the past hour after remarks from Donald Trump threaten to impart some sustained downside on the buck. The US president repeated his oft cited accusations that other countries, notably China and the US, were manipulating their respective currencies weaker but perhaps the biggest revelation related to his displeasure at the Fed’s current sustained hiking path.
There’s been some intriguing moves in cryptocurrencies today with Dash plunging around 10%. From fundamental point of view Venezuela re making headlines. President Maduro decided to go further with the overhaul of country’s economy. The runaway inflation has ruined the Venezuelan currency, Bolivar, encouraging country’s authorities to issue an oil-back cryptocurrency, Petro. As the Bolivar was sinking Venezuela decided to significantly devalue the currency (by 95%) and… peg it with Petro. It is the first time when one country’s official monetary unit is anchored with a cryptocurrency.
Our latest installment of the top charts of the week focus on the US500, EURUSD and Bitcoin.
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