- US stocks begin the week brightly and look to break higher
- USD falling back with soft 2nd tier data from US
- AUD rising on positive data
- Big week ahead for TRY
- Crypto markets in the red
It’s been a bright start to the week for US indices with the US500 hitting a 12-week high. The US100 and US2000 are performing even better with the former now trading back near its record high and the latter moving up into uncharted territory.
A pullback in the USD could be one of the reasons for the gains with the buck dropping against most of its peers on the day. Both the latest factory orders figures and the most recent durable goods orders fell fairly sharply and they will have done little to aid the USD’s plight.
The biggest gainer against the greenback is the Australian dollar, with the Aussie gaining almost 1% after some impressive data from down under. This could be seen to bode well for major events that we have later this week – the RBA decision and statement (Tuesday, Asian session) and the GDP release on Wednesday.
One of the most interesting market events this week is the CRbT meeting on Thursday. Lira has been under an immense pressure so far this year to the extent that the central bank had to deliver an emergency interest rate hike of 300 bps. A closer look and preview of the event can be found here.
Turning our attention to the cryptocurrency space, and it’s been a soft day’s trade with all 5 markets deep in the red. Dash is the worst hit and lower by more than 6% on the day. On the fundamental front, since the start of June a Google’s ban has come into effect. Notice that officially Google informed that its move to do so was solely driven by a desire to confront criminality, but there are some people claiming that the company could have an interest in prohibiting ads on its websites