Summary:
- Good day for stock indices with the UK100, DE30 and US500 all rising
- US dollar also higher and weighing on Gold prices
- Cryptocurrencies fall lower
Stock markets are in a bullish mood today with gains seen in Frankfurt, London and New York as equities attempt to recover some of their recent declines. The UK100 is currently the best performer and higher by just over 1%, but there are notable gains seen in all the major benchmarks.
The US dollar is one of the top performers in the FX space today as the world’s reserve currency attempts to gain some traction in its move of key support. The pound and New Zealand dollar are two of the biggest fallers against the buck whilst the Canadian dollar has just managed to eke out a small gain, largely thanks to a stellar core retail sales number.
The appreciation seen in USD is weighing on Gold with the precious metal continuing to hover around its 2017 peak. However price received a firm rebuttal at the 1300 level to form an inverted hammer on the daily chart. This could now serve as a triple top with the prior peaks seen in April and June and unless there’s a daily close above 1295 – or an intraday move above 1300 – then this resistance will remain valid.
As far as cryptocurrencies are concerned all 5 have been on the backfoot today. Ripple surged yesterday following news that Singapore may adopt the product as a for of e-payment but today there’s been a failure to add to these gains.