US economy fuels global market

By 04/11/2019News
Morning Stock News

Gold   1512,14
(-0,14%)

EURUSD   1,1171
(+0,08%)

DJIA   27326
(+ 0,20%)

OIL.WTI  55,91
(– 0,21%)

DAX   12977,06
(+ 0,01%)

The end of the week was full of important news. US job growth in October slowed less than expected. Investors are optimistic towards US labor market reports and do not expect recession in the US economy. All this, combined with the Fed’s easy monetary policy, can add some drive to all global markets. But what about cryptocurrencies?

S&P500 Daily Chart

Cryptocurrencies are still trading sideways. Market capitalization of all the cryptocurrencies is 248 billion USD now. New users entering crypto market, as massive price collapse last winter and all the problems seem to be in the past. Institutional investors are still wary of cryptocurrency, since any large project meets serious barriers from US regulators. That thing happened both to Facebook’s Libra cryptocurrency and Bitcoin ETF. There is no important news now, and that gives traders a hard time with choosing the direction to enter the trades.

EUR/USD

EUR regained its positions on Friday. Bullish momentum on the market is supported by anticipation of US-China trade negotiations, possible impeachment of US president and upcoming news on EU economy. US dollar can show signs of weakness next week and EUR may retest 1.12 important level once again.

GOLD

Gold is still a haven for many people. The price hit last week’s high on Friday. Many traders were expecting price decline after US macroeconomic data came out, but strong dependence on news and uncertainty on Brexit in Europe still supports the demand for this precious metal.

INDICES

World markets showed positive movement before closing for weekend. The traders were enthusiastic about Non-Manufacturing Business Activity Index released in China, and on US jobs report. Most of the blue chips on US market are trading in green zone. We may see new all-time highs on S&P500 this week.

What’s next?

10.55 German Manufacturing PMI in October
11.30 Construction PMI in October, Great Britain
14.30 Initial Jobless Claims in October, US


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