Market Snapshot – Dollar Gain Across the Board

Dollar Higher

The dollar has been the darling of the markets since the beginning of the day as the dollar basically continued from where it left off on Friday. The dollar gained in strength all across the board during the course of the day forcing the other currencies to take cover. This also left many of the dollar related pairs near the edges of their ranges over the last couple of months and this includes the euro as well. It remains to be seen whether there would be a follow through of this move in due course of time. The stock markets have also been trading in a grim manner as the focus now shifts to the earnings from the various companies as they begin to report on their quarterly earnings. The ECB is also scheduled to make the rate announcement and have a press conference later in the week and this would give a hint of the future direction of the QE and could impact the euro a great deal. It is going to be a volatile week ahead.

Cryptos Still Bullish

The cryptocurrencies continued on their bullish run and this is something that we have been seeing over the last few days. The BTC prices are now trading just below the $9000 region which should witness some selling in the short term but if that leads to any kind of a correction, it would only be an opportunity for the bulls to load their longs further again as the bull train does not show any signs of stoppage. The network has only got better and the network costs have also dropped a lot and this means that fundamentally, the BTC network is in a much stronger position as compared to last year and we believe that it is only a matter of time before the next leg of the bullish run begins.