The cryptocurrency slipped in afternoon trading, and was last around the $9,000 level. The digital currency is up more than 22% over the past 30 days, and up 142% year to date. Investors have been bullish on bitcoin recently, with optimism stoked by the expected announcement this week that Facebook Inc. (FB) will launch a new cryptocurrency, backed by a number of major companies, including Visa Inc. (V) , PayPal Holdings Inc. (PYPL) and Uber Technologies Inc. (UBER) .
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As we mentioned last week, Gold should at minimum be on everyone’s radar if not in everyone portfolio. After the break of the psychological $1350, Gold is reclaiming its rightful status as a must-have asset in everyone’s investment portfolio.
Investing.com - In what is set to be a busy week, the Federal Reserve’s latest interest rate announcement will dominate trader’s attention amid expectations that the central bank could flag plans to ease monetary policy.
Today’s positive US data seemed to mitigate the speculations over a probable Fed rate cut. Fiber dropped 0.66% reaching near 1.1214 levels amid Greenback upsurge and weak German & Italian data.
The US dollar has gone back and forth during the course of the week, as we gapped higher on Monday, and then simply went sideways forming daily shooting stars and hammers. Confusion is the main take away here.
The British pound struggled a bit during the trading week, as we continue to see a lot of nervousness in overall risk appetite. With that being the case, it makes sense that the Japanese yen would get a little bit of a rally.
The British pound pulled back a bit during the trading session on Friday before bouncing slightly. At this point, it looks as if the market is trying to form some type of base, so approaching the market as such could be beneficial.
The British pound fell against the Japanese yen during trading on Friday, reaching down towards the lows that were recently printed. Overall, if we can break down below the ¥136.50 level, then things get truly interesting.
The Euro initially shot higher during trading on Friday, but then pulled back a bit to show signs of weakness again. Ultimately, we are testing a major support level underneath so it’s likely that we continue to see volatility.
The Australian dollar fell during trading on Friday, breaking below the 0.69 handle. That being said, there is still plenty of support underneath so I think that the downside is probably somewhat limited, but you can say the same thing about the upside.
Investing.com - Bitcoin bucked the trend lower in the broader crypto market as it attempted to cement its recent surge above the key $8,000 to entice further buying.
Investing.com - Attacks on crude tankers in the Middle East may not be doing too much for oil bulls, but those long gold are seeing gains as heightened geopolitical risks push the yellow metal to 14-month highs.
The real reason for the surge in gold prices are concerns over a weakening global economy following a report of lower Chinese industrial output growth to a more than 17-year low of 5% in May, and lower than expected retail sales data in the United States.
The mood across financial markets was cautious this morning as rising geopolitical tensions in the Middle East and persistent uncertainty over US-China trade developments capped risk appetite.
London markets fell into negative territory as China industrial production figures disappointed, fueling fears of a global economic slowdown
The Dow lost 60 points, or 0.2%, by 9:49 AM ET (13:49 GMT), while the S&P; 500 rose 4 points, or 0.2%, and the tech-heavy Nasdaq composite slumped 42 points, or 0.5%.
Investing.com - Gold prices pared earlier gains after economic data on Friday gave a solid reading on the economy, dampening hopes for a looser monetary policy from the Federal Reserve.
EUR/USD seems to have fallen into a range below 1.1280 ahead of US retail sales which are scheduled for release today. I expect some volatility from the release, but I think the markets will be more focused on the Fed who are scheduled to meet next week.
US market received an unexpected bounce from surging oil prices as energy stocks topped the list of winners. But investor sentiment remains supported by the one constant that keeps the S&P 500 ticking, the allure of the Federal Reserve easy money policy.