Daily Summary: indices tick higher as cryptocurrencies retreat 🔔

6:56 PM 11 December 2023
  • Wall Street ends the first day of the week with modest gains, but at key levels. At the time of publication, the S&P 500 (US500) is trading 0.25% higher at 4620 points, just 12 points off this year's highs. The NASDAQ 100 (US100) gains a bit more, up 0.80% around 16220 points.

  • Indices in Europe close in similar moods. Most markets on the continent are noting moderate increases between 0.00-0.50%.

  • Monday's macro calendar was empty, leading to a lack of catalysts for making larger movements.

  • In the forex market, the dollar continues to rise, though not as dynamically as last week. Investors are waiting for the Fed's key decision, which is due this Wednesday. Attention will be focused on the rhetoric of Chairman Jerome Powell during the conference.

  • The strongest currency among the G10 today is definitely the Swiss Franc (CHF). On the other side is the Japanese yen, which, after recent strong gains, has moved to correction. The USDJPY gains nearly 0.90% today to 146.250.

  • Gold continues to fall, with the precious metal's prices dropping below $1980 today, meaning the price has now fallen over 7% since last week's highs.

  • Silver is also trending lower, losing over 0.7%, keeping the SILVER prices below the $23 level.

  • Crude oil prices stay close to last week's lows, although an attempt at a rebound is observed. Both Brent and WTI are adding 0.5%.

  • In the cryptocurrency market, a deeper correction is observed following recent dynamic increases. Bitcoin loses almost 6.50% today and is trading below $41,000. Ethereum loses over 7.00%, dropping to $2180. Sharp declines started after significant liquidation of leveraged long positions on BTC earlier today.

Ethereum's prices have slightly breached the 1:1 geometry but are currently testing key support at $2130. If this level is defended, an upward move may resume; otherwise, a larger correction could occur. Source: xStation5

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