Market Snapshot – Markets Choppy Ahead of US Data

Markets Choppy

There is not much happening in the markets as of this period as the traders wind down to the weekend. We are also heading towards the end of the month when the data dies down and the prices are dominated by the price flows and trade flows as well and this leads to a lot of confusion on the actual direction of the price movements. The dollar seemed to regain back some of its strength yesterday on the back of some comments from Trump supporting the dollar but so far today, we are able to see only some choppy trading rather than any specific direction. The gold prices have also been choppy over the last 24 hours and it remains to be seen whether this would continue after the economic data from the US is released. We are about to see the advance GDP data from the US and if it comes out in a strong manner, then we could see the dollar continue its recovery which should cause a further dent in the gold prices in the coming days.

Crypto Prices Lack Direction

The same mood exists in the crypto world as well as the bitcoin prices loiter around the $11000 region for most of the day today and this kind of consolidation is expected to continue in the short term. With the introduction of bitcoin futures, we see that the price action also has begun to follow a specific pattern as seen in some of the more mature markets. This is due to the advent of larger investors into the markets which brings in some more balance into the prices and making the markets less susceptible to wild swings. That is the reason why we are seeing the prices trade within a specific range in recent times and the large swings in the prices are gone.