Gold 1460,43
|
EURUSD 1,1015
|
DJIA 27596
|
OIL.WTI 56,64
|
DAX 13273,52
|
|---|
In the absence of major macroeconomic news on Tuesday, global markets waited for Donald Trump’s speech at the New York Economic Club. Investors took his appearance so seriously that the US market managed to set a new record, though the volumes were low.
S&P500 day chart
The world’s leading cryptocurrency has been struggling to grow since July. Protracted channeled movement usually ends in a slump. Crypto enthusiasts have been holding to their BTC for a long time, while new waves of buys and sells create speculative structures eager to manipulate the market and earn a quick profit. The current trend is likely to continue in the near future, and we’ll witness a lot of movement in the crypto market.
EUR/USD
The euro zone is waiting for Trump’s decision on 25% import tariffs on cars and spare parts from Europe. The market doesn’t believe that such a serious change in the relationship between the key trading partners can actually take place. However, Trump’s intention is to transfer as much manufacturing capacity is possible to the US and create a record number of jobs. Thus, he’s likely to give green light to the tariffs. Euro has reached the week’s new low, heading for 1.09.
GOLD
Trump’s speech wasn’t great for gold. His statements about economic growth and transferring industrial capacities to the US had a positive effect on the stock market, giving new faith to investors. By the end of the day, gold has fallen to $1450 per ounce.
INDICES
Since there was no important news on Tuesday, the main indices recovered Monday’s losses and prepared for the US President’s speech, given that he tends to devote much attention to the current economic issues both globally and in the States. It seems like the effect of the trade talks between China and the US on the markets has already run its course; Trump’s optimistic statements had virtually no impact, either.
What’s next?
03.00 New Zealand: Central Bank’s decision on the key interest rate for November
11.30 UK: consumer price index for October
15.30 US: consumer price index for October
Important Notes on This Publication:
The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.