Quick Market Overview
Here are a couple of market themes that I'm looking out for today:
The US dollar and it's continued slide v risk status.
Probably the key theme with Trump unleashing his full caps tirade toward Iran just a little earlier:
But yeah... The US dollar index continues to remain under pressure as we open the week. While it's certainly vulnerable to the political back and forwards that we're seeing, the DXY just happens to be sitting at a major daily resistance zone. Something I'll highlight a little later.
The yen safehaven idea.
The correlation between the Japanese yen and equities markets hasn't exactly been 'acting as it should' recently. I've never been one for textbook correlations, but it is what it is and interesting none the less.
Commodities markets weakness takes a breather.
We saw a small breather in the Oil and Gold sell offs to end the week, but with volumes picking up again as Europe comes online, we'll see how much relief they actually see.
Cryptocurrency bulls step back in.
With all these rumours of a Bitcoin ETF at major support on the BTC/USD market, there's suddenly some serious positivity coming back into crypto markets. This is really highlighted in the price action that we've seen, with price no longer artificially lurching up and then coming down, but putting in the quality stepping up type price action that shows sustainability.
With it being a relatively slow news day when it comes to the economic calendar at least, I will take the chance to go through some of these themes in a little more detail throughout the session.
Is there anything else in particular that you're watching?
