Global Stocks Drop on Renewed Geopolitical Concerns, Bitcoin above $12,500
The ADP Non-Farm Employment Change numbers will be published in the States today. Wall Street continues to exhibit nervous conditions. The Pound has lost value in early trading this morning as U.K politics remains fragile. Bitcoin rally continues.
Federal Reserve Shadowing Broad Markets, Wall Street Remains Nervous
Jobs numbers will come from the Automated Data Processing service today in the States, but the official numbers from the U.S government will have a greater impact on Friday. Wall Street remained nervous on Tuesday as the three major Indexes declined. The ISM Non-Manufacturing PMI reading proved lackluster yesterday, but overall investor sentiment was not greatly affected. The Federal Reserve’s interest rate decision next week is beginning to shadow the broad markets.
Bitcoin Set another Record, Trades above $12,500
Bitcoin continues its exponential rise as it gained another 8.23% on Wednesday to trade at 12,566 as of 12:30 GMT. Bitcoin investors’ are optimistic ahead of the Chicago Mercantile Exchange Bitcoin’s futures launch next Sunday. Bitcoin surged to its highest level in history today at $12,819.
Difficult Equity Markets in Asia, Yen Gains Against U.S Dollar
Asian markets have proven difficult today. The Nikkei Index has slid nearly 2% and Hang Seng has also put in declines. The Yen has been stronger and is near the 112.00 juncture versus the U.S Dollar. Leading Indicators data will be published by Japan on Thursday. Australian GDP numbers came in below their estimate earlier today.
U.K Political Intrigue Continues to Grip Pound, German Factory Data
Political intrigue continues to grip the Theresa May led U.K government. The Pound has been lost further ground the past couple of hours and is below the 1.34 level against the U.S Dollar. German Factory Orders data has been released and came in with a gain of 0.5% this morning. Revised Gross Domestic Product numbers will be published for the European Union tomorrow.
U.S Crude Remains Under Pressure, Technical Sentiment Driving Market
The U.S Crude Oil price has remained under pressure, but the better values the commodity has achieved the past two months have not completely unraveled. Crude Oil Inventories data will come from the States today, but the price of the commodity has more to do with prevailing technical sentiment. Crude Oil is still above 57.00 U.S Dollars a barrel.
Canadian Interest Rate Decision, ADP Jobs Numbers Today in States
The Bank of Canada will deliver their interest rate decision at 15:00 GMT.
- 13:15 PM GMT U.S., ADP Non-Farm Employment Change
- 15:00 PM GMT Canada, Bank of Canada Overnight Rate
- 15:30 PM GMT U.S., Crude Oil Inventories
Yaron Mazor is a senior analyst at SuperTraderTV.
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