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2021/08/04 Market Chat

Authored by TD Markets
04.08.2021
Market Commentary
0
2 min

Yesterday was a very mixed day in the market however more positive than negative when the day concluded during the open there was a substantial amount of negativity however it was erased by the time the markets closed to see the US Indices all close positive. The FTSE is the best performing index as it is approaching its recent high with tomorrow’s BOE Monetary Policy Report due.

Gold remains stable as it ranges between $1810 and $1815 in the leadup to NFP, Silver recovered well yesterday from a daily low of $25.30 to $25.66 at the time of writing to see its edge higher off the back of a weakening dollar. Brent Crude came down further yesterday making a daily low of $70.86 significantly lower than where it opened up this week on $75.02.

Bitcoin and Ethereum continued their retracement as Coinbase suspended all trade due to a 51% attack on BSV. Bitcoin is currently trading at $37 700 at the time of writing and Ethereum still holding above $2400 as it trades at $2475 but is significantly lower than where it opened up the week on $2675.

The New Zealand Dollar is currently the strongest currency as their unemployment figures came out substantially better than forecasted with their unemployment rate coming down 0.4% and their employment change q/q 1% lower establishing their economic recovery during the COVID pandemic. The Japanese Yen is currently the weakest currency of the major currencies.

Services PMI and ADP Non-Farm Employment Change figures are still set to be released out of the US this afternoon.

Wednesday (SAST)
12:45 am - Employment Change q/q (NZD)
Unemployment Rate (NZD)
3:30 am - Retail Sales m/m (AUD)
2:15 pm - ADP Non-Farm Employment Change (USD)
4:00 pm - ISM Services PMI (USD)
4:30 pm - Crude Oil Inventories (USD)

Authored by TD Markets
04.08.2021
Market Commentary
0
2 min

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