Daily Market Analysis – 17.10.2017
AvaTrade | Oct 17, 2017 06:15AM ET
Risk appetite remained healthy as Asian markets kicked off the new week, with gains being seen all across the region. One likely reason is the soft inflation data that was reported on Friday in the U.S., which gave Asian investors hope that a flight of capital from Asia would be delayed. Also helping equities were firmer metals prices, and a weaker Yen.
European markets were mostly higher Monday, although losses in Spain weighed on the broadest measures of European equities. Germany’s DAX closed above 13,000 for the first time ever, but London’s FTSE edged lower despite weakness from the Pound and strength from mining stocks.
Markets in the U.S. ended the day at new record levels as investors remain bullish over the emerging earnings season. Profits are expected to be good enough to justify current record equity levels, giving investors reason to continue buying.
h3 Today’s Assets/h3 h3 Ripple /h3The cryptocurrency had a wild ride on Monday, rising nearly to the $0.30 level before reversing and falling nearly to the $0.25 level late in the session. There was no known catalyst for the drop, which could simply be profit taking, or related to the move towards Bitcoin ahead of the hard fork. The $0.25 level is support however, so price should either bounce, or if it breaks support begin heading towards the next support level at $0.20.
h3 USD/CAD /h3While the pair rose on USD strength Monday, we expect a pullback and drop in the pair as crude prices have hit a three week high on Monday. More importantly, long interest in the Canadian dollar is at a five year high, and this momentum could build rapidly later in the week when Canada releases manufacturing, retail sales, and inflation data.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.