Summary:
- Major indices little changed on the day; US500 hovering near 2800
- European airlines pullback on Ryanair profit drop
- Bitcoin hits highest level since May around 7700
- What’s next for USDJPY?
- Is Gold set for a recovery or more downside ahead?
US stock markets have begun the new week in a relatively subdued manner with trade fairly quiet. The US500 has a relatively small trading range last time out with a narrowing range typical of a summer lull in the markets. Price continues to oscillate around the 2800 level, and while last week’s close was in fact the highest since early February, a break higher has failed to gain the requisite traction just yet.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appEuropean benchmarks are also little changed on the whole, although there have been some notable moves in airline stocks after Ryanair released its latest trading update. In the DE30 it is also worth to highlight the poor performance of Lufthansa (LHA.DE) at the beginning of today’s session. No major negative news concerning the company has spurred lately therefore a sell-off can be attributed to the industry-wide factors. Ryanair, an Irish discount airline, submitted an earnings report today and it showed a huge drop in profits.
There’s been further gains in Bitcoin today, with the market moving to a 2-month high and gaining in excess of 4%. Price is testing a potentially key level around 7700 and if the market can make a decisive break above here then it would open up the possibility for a larger rally. In fundamental news, Swiss authorities are encouraging crypto companies to develop their businesses in Switzerland, but Swiss banks share a more rigorous approach to these firms.
The Japanese Yen is making a steady move higher today, with the currency rising against all of its peers. JPY has been subject to two bank recommendations that we posted earlier today, here and here. We provide a more in-depth look at the USDJPY pair here.
It’s been a tough time of it of late for Gold bugs with the price of the precious metal tumbling after price broke below 1304 back in early May, and the market hit its lowest level in a year during last Thursday’s session. Is the market now primed for a recovery or will there be more downside ahead? We look at the market more closely here.
Disclaimer
This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appPast performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
