Earnings Season is In Focus
Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
The Volatility Returned To The Markets
Happy Friday, dear traders! The volatility returned to the markets as traders lost confidence in risky assets. Let's check the news driving today's markets!
- The Central Bank of China intervened after the yuan hit a 16-year low against the dollar.
- Yesterday's BTCUSD drop coincided with the report that Elon Musk's SpaceX has reduced its share of Bitcoin assets by $373 million over the past two years. BTCUSD is down 4% today.
- US Treasury yields are near 16-year highs as The bond market is emerging from an era of low rates. The US dollar is following the bond market. USD is up 0.06% today.
- Initial Jobless Claims in the US were released, better than the forecast. The numbers were released at 239K vs. 240K in the forecast. Meanwhile, the US Jobless Claims 4-week average started rising again – a negative signal for the labor market.
- Retail sales in the UK dropped to -3.2% YoY. Consumption in Great Britain is slowing down. The cable reacted negatively. GBPUSD fell by 0.24% and returned below 23.6% of the Fibonacci correction level.
- China's largest real estate developer Evergrande has filed for bankruptcy. HK50 broke the support level and is moving toward 17 100.
US dollar index analysis
The US dollar index reached the critical resistance around 103.50. The price trades under the Order Block and the descending trendline. Traders should carefully observe the next impulse and follow it.
- If the index rejects the resistance, it will plunge to 102.00.
- However, if the price breaks above, it will be a massive bullish sign, with the closest target at 104.50.
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