Cryptos, Stocks and Commodities Recover

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Cryptos, Stocks and Commodities Recover

Markets see a marked improvement in risk sentiment, with stocks, cryptocurrencies and commodities rising steadily while the Japanese Yen and US Dollar weaken.

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  • Markets are dominated by a recovery in risk sentiment:

a. Stock markets are up everywhere, despite largely bearish long-term trends.

b. Major cryptocurrencies continue to recover from last week’s technically significant declines. It seems that the danger of a catastrophic collapse has passed.
c. Risk currencies are strong, especially the Australian dollar, while safe havens, the Japanese yen and the US dollar, are selling off. We see a firm move higher in AUD/USD and AUD/JPY in the short term.
d. Agricultural commodities are rising steadily, with several threatening to reach significant new prices.

a. Bitcoin/USD broke below the crucial support at $28,800 and traded as high as $25,400 before recovering with a bullish Pin Bar/Bitcoin reversal to settle above the psychologically important $30,000 level.

b. Ethereum/USD broke below the crucial support at $2,041 and traded as high as $1,700 before bouncing sharply higher to trade above the former key resistance level of $2,048. Bitcoin trading seems a bit stronger than Ethereum.

  • The Governor of the Bank of England, Andrew Bailey, warned yesterday of a “very real income shock” derived from the increase in energy prices, in addition to food prices “apocalyptic” for the United Kingdom, when he appeared before Parliament. However, the pound sterling continued to strengthen against the euro and the dollar.
  • Minutes from the Reserve Bank of Australia’s monetary policy meeting showed that the RBA came close to raising interest rates last month by more than the 0.15% it decided on, marking a slight tilt towards the hawks and a rise in the Australian dollar against other currencies.
  • US Retail Sales data and Australian Wage Price Index will be released today.
  • Daily new coronavirus cases globally fell last week for the eighth week in a row.
  • It is estimated that 65.6% of the world’s population has received at least one dose of coronavirus vaccine, while approximately 6.6% of the world’s population is confirmed to have contracted the virus at some point, although it is very The true figure is likely to be much higher.
  • The total number of new confirmed cases of coronavirus worldwide amounts to more than 523.2 million, with an average case fatality rate of 1.20%.
  • The rate of new coronavirus infections appears to be increasing significantly only in Saudi Arabia, Costa Rica, the United States, Australia, Barbados, Dominica, Panama, the Solomon Islands, South Africa, and Taiwan.
  • The Chinese state maintains its “covirus zero” strategy, and new cases have begun to decline. The recent closures have caused disruption and economic damage, but the restrictions will be lifted in Shanghai next month.

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