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2021/08/10 Market Commentary

Authored by TD Markets
10.08.2021
Market Commentary
0
2 min

Friday saw NFP come out a lot higher than expected as job creations for the month neared the 1 million mark despite the private sector coming in a lot lower than expected. The result being that we saw a lot of dollar strength enter the market, Gold plummeted and continued to plummet on Monday as Gold made a 4 month low of $1682. Silver similarly came down to the bottom of its range as it tested the $22 level down from its high the previous week of nearly $26.

The cryptocurrencies strengthened off the back of NFP, as Bitcoin and Ethereum continued their upward trajectory as Bond Yields increased. Bitcoin is currently trading at $45 000 and
Ethereum at $3100 at the time of writing.

The Euro and Canadian Dollar are currently the strongest currencies as we’re waiting for the European markets to open up. The Japanese Yen and New Zealand Dollar are currently the weakest currencies.

The Zew Economic Statement is due out for today at 11:00 am (SAST) with the Forecast significantly lower than last month, this will more than likely affect the Euro and Dax (Ger30).

Authored by TD Markets
10.08.2021
Market Commentary
0
2 min

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