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23.10 - safe haven status of the greenback really shows today

8.10.2019

 

Sometimes it seems that we are never going to get stable weekly trading ever again. Or were these times just a fantasy? Were they ever here? It all seems like a dream as I have a strong feeling that we always traded through Brexit, trade war, Trump presidency and world instability. But you know what they say – bad times always seem to last an eternity. And I think that this is exactly what we are witnessing right now.

Asian markets are slipping today as traders want something safe for the day. This tendency can be seen in the outflow of traders from Asia and the growth of safe havens like dollar and gold, for example. This is the direct proof of the fact that traders are trying to find something stable. And why shouldn’t they? After all, trade agreement might be weeks and even months away from us. Brexit seems to never going to happen. All that is left is try for something safe and try and save our confidence.

In the meantime, the greenback has really gained enough power against the basket of six major currencies and we can now clearly see that the pressure put on the markets by USD is horrible – all of the major currencies are slipping against their American counterpart and the further we go, the more likely it is that we are going to see USD grow.

What is really weird is the reactions of gold towards this whole USD situation – precious metals, headed by gold keep on gaining their per-ounce price. And that is good for us – one more asset to put our hopes in.

Here are the most major changes for today:

Topix added 0.5 percent.

Kospi dropped 0.45 percent.

Shanghai Composite decreased 0.1 percent.

Hang Seng from Hong Kong decreased 0.85 percent.

S&P 500 futures lost 0.15 percent.

Euro shed 0.3 percent - $1.112.

Pound is by 0.9 percent lighter - $1.2863.

Yen added 0.2 percent – 108.38 per dollar.

Canadian dollar decreased 0.2 percent - $1.31.

Apple lost 0.2 percent - $239.96.

Facebook dropped 3.9 percent – $182.34.

Amazon lost 1.1 percent - $1765.73 per share.

Tesla grew 0.8 percent - $255.58.

Google declined 0.25 percent - $1241.2.

WTI grew 1.6 percent - $54.16 per barrel.

Brent dropped 0.4 percent - $59.44 per barrel.

Gold grew 0.4 percent - $1493.2 per ounce.

Silver surged 0.4 percent - $17.57 per ounce.

Platinum grew 0.1 percent – $892.77.