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2021/05/17 Market Chat

Authored by ZanderVanDerMerwe
17.05.2021
Market Commentary
0
2 min

Friday was another positive day on the markets as the bulls ran rampant through most of the asset classes as we saw US equities gain grounds on the recent selloff that caused wall street to retreat. Nasdaq, Dow and S&P all closed the day higher as a weaker Dollar resulted in another Risk on approach taken by investors. The positivity also carried over to the European equities as the Dax and FTSE closed the day higher.

The precious metals closed out the day higher as it took advantage of the Dollar weakness, the positivity carried over into the asian session as Silver made a daily high of 27.70, while Gold made a daily high of 1855 getting over the 1850 for the first time in 3 months.

Cryptocurrencies saw a strong selloff following statements from Elon Musk hinting that Tesla is considering or might have sold some of its Bitcoin holdings. Bitcoin fell to $42 049 and Ethereum sold off to $3113 prior to the European open.

Today is a relatively quiet day on the economic calendar with no high impact news events expected. Prior to the European open AUD and NZD weakness came into the market while the GDP and EUR looks to be picking up strength.

Tuesday (SAST)
3:30am - Monetary Policy Meeting Minutes (AUD)
5:05pm - SNB Chairman Jordan Speaks (CHF)

Wednesday (SAST)
8:00am - CPI y/y (GBP)
Tentative - ECB Financial Stability Review (EUR)
2:30pm - CPI m/m (CAD)
4:30pm - Crude Oil Inventories (USD)
8:00pm - FOMC Meeting Minutes (USD)

Thursday (SAST)
3:30am - Employment Change (AUD)
3:30am - Unemployment Rate (AUD)
2:00pm - ECB President Lagarde Speaks (EUR)
2:30pm - Philly Fed Manufacturing Index (USD)
2:30pm - Unemployment Claims (USD)

Friday (SAST)
9:30am - German Flash Manufacturing PMI (EUR)
9:30am - German Flash Services PMI (EUR)
1:00pm - ECB President Lagarde Speaks (EUR)
3:45pm - Flash Manufacturing PMI (USD)

Authored by ZanderVanDerMerwe
17.05.2021
Market Commentary
0
2 min

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