Recovery and continuation will best describe the start of the week as we saw crypto-currencies recover the majority of Friday’s losses starting off the week on a positive note. Similarly equity indices pushed up significantly as global equities shrugged off the inflation worries to rally and close the day higher. Nasdaq, Dow, S&P, Dax and FTSE all rallied and closed higher to give investors a sigh of relief to kick-start the last week of the month.
Gold and Silver consolidated throughout the day as Gold failed to break last week’s high of $1888, Silver similarly lacked movement as it failed to rally as it closed the day out on $27.73. Brent rallied well as it pushed to get back to its previous high of $69.90 as it closed the day out on $68.40.
Bitcoin and Ethereum both recovered well after opening up the week on or near last week’s low to rally higher and recover some of last week’s frantic selloff.
Prior to the European open there was some Euro, GBP, AUD and NZD strength that came into the market while the USD, JPY and CHF weakened against the other major currencies. There’s no significant economic news set for release today, however keep an eye out for Business Climate and Consumer Confidence set to be released out of Europe and the US today.
10:00am - German ifo Business Climate (EUR)
4:00pm - CB Consumer Confidence (USD)