Daily summary: Profit taking on US technology stocks; crypto extends sell-off!

7:01 PM June 7, 2023
  • The trading session in Europe ended mixed; in Asia, investors' attention was primarily drawn to the Nikkei index, which lost 1.82% during today's session.
  • Technology stocks came under selling pressure today, with the Nasdaq 100 index losing more than 1%
  • FAA grounds all flights At NYC's LaGuardia and Newark due To Canadian wildfire smoke
  • The Bank of Canada made an unexpected decision to raise interest rates by 25 bps to 4.75% from 4.5% previously.
  • This is the second unexpected hike this week. The Bank of Australia also decided to raise interest rates at yesterday's RBA meeting.
  • In the FX market, all attention is focused on the Turkish lira, which is massively oversold. At the moment, the USDTRY pair is trading close to 7% higher.
  • The FX market is seeing weakness in the New Zealand dollar today, which can be linked to a discount in the precious metals market, the NZDUSD currency pair is off 0.7%
  • Yuan tumbles to 2023 low after Chinese exports collapse amid speculation unrigged numbers are far weaker
  • The major currency pair, on the other hand, is trading mixed, with the start of the day seeing gains, but the dollar erased losses in the afternoon, leaving EURUSD just below the $1.07 level
  • Precious metals made gains in the first half of the day, but sentiment changed after 3pm BST
  • Silver rebounded dynamically from the resistance zone at the round $24 level and fell to daily lows
  • Gold reacted to resistance heights at the $1968 level, with losses on GOLD reaching over 1% in the evening hours
  • Crude oil trades higher after mixed US inventory data
  • The crypto market continues its massive sell-off. Binancoin in particular is under pressure, losing on a wave of withdrawals of many trading pairs and OTC trading offered by Binance US.

The correction on US100 is progressing. The quotation is approaching the support resulting from the 1:1 system. In the event of a downward breakout, the average EMA 100 (14150 points) and then the level of 13960 points should be considered as the next supports. US100 H4 interval. Source: xStation 5


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