Monday’s trading is passing calmly with no larger swings seen either in currencies or stocks as well. Even as the European equity markets got underway the day with noticeable losses, they have been able to recoup some of them thus far remaining below the breakeven though (exception the UK100 which is being traded flat).
When it comes to commodities, oil prices are gaining slightly as NY traders are gearing up for the new week. The price soared on Friday following the news which came from Venezuela as new legislative super body (loyal to Venezuelan President Nicolas Maduro) took over the functions of the country’s only remaining opposition-run institution – the National Assembly – by approving a decree that empowers it to pass laws on a range of issues. Moreover, iron ore prices picked up 2.4% the second session in a row.
Another CFTC report was released on Friday showing changes in the speculative positioning across many markets. Even as this report is a lagged variable, it could come in handy as well pointing to a shift in market participants’ perception as far as miscellaneous assets are concerned. The report reaffirmed that the greenback could be prone to an upward move in the nearest future.
It has been a stormy beginning of trading for digital currency traders on Bitcoin Cash (BTH) as well as Dash. Both cryptocurrencies are among top movers, for different reasons though. The former soared on Saturday to a record level in high trade volume, helped by strong demand from South Korea and digital currency “miners” who found the BTH more profitable to mine. The price has subsided since then but remains much higher compared to the levels seen before the weekend.
There is no many economic releases scheduled for today, hence markets are bound to look for news elsewhere. The sole noteworthy reading is Chicago PMI which is going to come in at 1:30 pm BST. The index could be treated as a good proxy for the manufacturing ISM and is slated to come in at 0.1 against the prior print at 0.13. On top of that, we present pivotal events scheduled for this week which each trader could be acquainted with.