Summary:
- USD gains after decent housing market data
- Nasdaq advances more than 1.5%
- Silver moves significantly higher
Major stock benchmarks from Wall Street opened with a significant upside price gap on Tuesday. The gains are additionally fueled by superb companies’ earnings with Goldman Sachs experiencing a 14.65% better-than-expected revenue. The Swiss franc is the worst performing currency from the G10 basket while Canadian dollar is the outperformer. Industrial metals are trading higher with cooper being the only exception. Gold moved lower on the back of USD strengthening.
Data from the US housing market surprised investors to the upside as both housing starts and building permits readings came in better-than-expected. The industrial production figures published less than one hour later also beat economists’ forecasts yet they confirmed expected deterioration.
The most eagerly point of the UK labour market report showed that wage growth sped up during three months ending in February whereas the jobless rate managed to tick down even as all economists surveyed by Bloomberg had forecast it to remain unchanged. On the other hand, the UK economy keeps facing a weird theme when job vacancies rise, unemployment declines while wage growth remains still fairly dormant.
Majority of the main digital currencies advance today with Bitcoin climbing back above the $8000 mark after trading below it for a while. The cryptocurrency space may be benefiting from the news that one of the world’s biggest banks is eyeing a possibility of setting up a crypto trading desk.
The successful session on Wall Street yesterday along with abating geopolitical risks have helped European benchmark open higher in early trading. Having said that, the price action does not seem to send any more notable signals as the DE30 keeps moving within a short-term upward channel. Therefore, one may suspect that until either upper or lower bound is broken, price movements could be muffled.