Equities Cautious as Investors Take Foot off Gas, Bitcoin Below $10,000The Euro and Pound remain highly valued against the U.S Dollar. China will release GDP and Industrial Production numbers tomorrow. Cryptocurrencies crash is the talk of the day as Bitcoin is trading below $10,000 and Ethereum below $900.
The Federal Reserve will publish its Beige Book report later today. Wall Street proved cautious on Tuesday.
Moderate Losses for Wall Street, Fed to Publish its Beige Book
U.S investors proved capable of a rather tranquil trading on Tuesday. Wall Street advanced early in the day, but came under selling pressure later and finished with moderate losses. Industrial and factory capacity statistics will come from the States, along with the Federal Reserve’s Beige Book. The U.S Dollar has remained weak in forex against most major currencies.
Cryptocurrencies Sell-Off: All Cryptos Crash for the Second consecutive day.
Cryptocurrencies extended their losses after yesterday’s big sell-off. The trend continues today after Bitconnect shuts down its platform. Investors reacted to the news today following yesterday’s news of South Korea regulators plan to ban cryptocurrencies. Bitcoin dropped 17.40% to trade at $9848, Ethereum fell 22.54%, trading at $848, Ripple is down 30% to trade at $0.99.
Key Data from China on the Schedule, Impressive Machinery Orders in Japan
Asian equity Indexes experienced some selling today, except for the Hang Seng which managed slight gains. The Hang Seng has climbed more than 10 percent in value the past month. Gross Domestic Product and Industrial Production data will come from China tomorrow and will be a focal point for investors. Japanese data via the Core Machinery Orders this morning turned in an impressive gain of 5.7%. The Yen remains strong against the U.S Dollar.
European Equities under Pressure, Strong Pound Hindering U.K Traders
The Euro and Pound remain near important high water marks against the U.S Dollar as consolidation has intensified. European equities have produced cautious selling early, as both the Dax and Footsie come under pressure. The Footsie has managed to climb over 3 percent the past month, but the stronger Pound may be hindering investor sentiment in the U.K temporarily. The Pound is trading near 1.3780 against the U.S Dollar.
Support Holds Firm for Precious Metal, Another Flourish Upwards for Gold?
Gold has seen a stable price range the past twenty-four hours after coming off highs early on Tuesday. The commodity is near 1335.00 U.S Dollars an ounce and has seen support hold firm. Traders may be expecting another flourish upwards from Gold in the near term.
U.S Industrial Numbers Coming, Bank of Canada’s Economic Outlook
The Bank of Canada’s Monetary Policy Report will be examined by investors upon its release at 15:00 GMT.
- 14:15 PM GMT U.S, Industrial Production
- 15:00 PM GMT Canada, Bank of Canada Monetary Policy Report
- 19:00 PM GMT U.S, Federal Reserve’s Beige Book
Yaron Mazor is a senior analyst at SuperTraderTV.
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