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17.07 - markets are plagued by strong USD and low volumes

11.02.2019

 

Low volumes keep on mixing up all of the cards for us. Asian markets are still feeling the effect of the attention shifting towards the currency market. And shouldn’t we be interested in currencies more? There is a real struggle for air there now and the greenback is the one cutting the air supply from everyone.

Jerome Powell – a man whose presence and speech we feared so much yesterday did virtually nothing to the markets as the greenback didn’t even blink on its way higher against major peers. That means that all of traders’ fears have been in vain and USD has found its way to recovery. Of course that means other things as well. For example, that those currencies that are not nearly as strong as USD are going to suffer because of dollar’s newfound pace.

For example, GBP. The currency is experiencing the biggest drop probably in years with the super-steep decline that we can see today. And even though British currency is trying to find a consolidation point it seems unlikely that we are going to see its recovery soon.

Of course the stun like that is felt not only by the currencies but by other segments of the market as well. Look at American tech and social shares. They are dropped like hot rocks – fast and with no desire to deal with them again. It is likely that in the nearest time we are going to see another decline for the major names in the segment is USD keeps on the growing pace.

Commodities are also trying to find their ground but there is way more green in here so it is possible for us to find some earning points in here.

Here are the major numbers for today:

Topix dropped 0.1 percent.

Kospi decreased 1.1 percent.

Shanghai Composite was flat.

Hang Seng from Hong Kong declined 0.25 percent.

S&P 500 futures were barely changed today.

Dollar holds a steady price after having risen 0.4 percent against the basket of six major currencies.

Euro costs $1.1212.

Pound dropped 0.9 percent - $1.2415

Yen is up by 0.1 percent – 108.17 per dollar.

Apple lost 0.35 percent - $204.5.

Facebook barely moved – $203.84.

Amazon dropped 0.55 percent - $2009.9 per share.

Tesla decreased 0.4 percent - $252.38.

Google rose 0.3 percent - $1153.46.

WTI was flat - $57.63 per barrel.

Brent grew 0.25 percent - $64.51 per barrel.

Gold declined 0.3 percent - $1406.5 per ounce.

Silver shed 0.5 percent - $15.64 per ounce.

Platinum barely changed price – $839.83.