Another trading day, another 'buy all the things' move in markets as the US dollar extended yesterday's decline (Aussie now @ $0.6620 US cents)
The US dollar was down for the 5th straight day to the lowest close since Jan 15th. This has been the biggest 2-day-decline since mid-December...
The US dollar's losses were driven in large part by yen's strength (after wage growth soared and sent BoJ rate-hike expectation soaring)...
As the US dollar dived, everything else rallied - stocks, bonds, bitcoin, and gold all gained..
All the majors were higher again today, led by Nasdaq. The Dow as the laggard but still managed decent gains on the day, even though its closing below the cash-session open. The European session was a buy-fest.
ASX200 Futs are up 45 pts so a good session expected on our mkt today.
Source: Market Watch
Here is a fun fact - The S&P's gains today took it positive for the week and puts it on pace to be the 17th positive week in the last 19 weeks - the longest streak since 1964...
Source: Bloomberg
Bitcoin extended yesterday's bounce, back up to US$68,000 thus hitting a new record price (remember, Bitcoin doesn't have a closing price per say)
Another solid net inflow day (+$332m) for BTC ETFs...
But just let me remind everyone that when the OUTFLOWS happen and they will - expect BTC do drop just as fast as it has risen.
Source: Bloomberg
Finally, I can’t help but sense that we’re at the apex of some unknown pivot point in the market. I can’t shake it
Happy Friday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
