- TRY rallies as Turkish central bank hike rates again
- US stocks trade at highest level since mid-March
- Copper extends strong recent rally
- GBP sensitive to latest Brexit developments
- Bitcoin edges higher in quiet trade
There’s been a strong move in the Turkish Lira today with both EURTRY and USDTRY dropping sharply after the latest CRBT decision. Expectations ahead of today’s meeting were strongly divided, hence a quick upside move on the lira should not be surprising. The central bank chose to hike all rates having at its disposal keeping a deviation from the repo rate (almost) in accordance with its prior statement.
It’s shaping up to be a nice week for US stock market bulls with the US500.cash trading at its highest level since March after making a nice break above 2742 on Monday. The market is now not too far from the highest level seen since the large drop in February and if price can gain traction above the 2800 level then another tilt at the all-time high of 2881 could lie in wait.
The latest turmoil in copper prices, which took the price to the highest level in three months, was sparked by concerns with regard to the supply side. The market has rallied strong in recent sessions and we take a closer look at the reasons behind this here.
There’s been a fairly strong move lower in the pound this lunchtime after the announcement that UK PM May has agreed to add a time limit in the Brexit backstop paper, following intense pressure from David Davis. It had been touted that Brexit secretary Davis may hand in his resignation if May wouldn’t cede on this, but the PM seems to have backed down on this one. This will no doubt have empowered Davis, who is one of the most prominent Brexiteers in the cabinet and has seemingly stopping the government moving closer still to a “soft” Brexit and this is negatively impacting the pound.
The major cryptocurrencies managed to recover somewhat during past 24 hours with coins like Bitcoin or Ethereum re-approaching their prior swing levels. The capitalization of the whole market sits subtly below the $350 billion. In Germany the country’s regulator has revealed that despite the lack of regulations cryptocurrency trading may not be as unknown to the banks as some may thought it is.