Market-Chatter|Libertex

2021-09-27 16:07:17 Bitcoin still treading water

The price action over the past 4-5 hours in Bitcoin has been really rather inconclusive. Essentially it has gone nowhere since the European markets reopened. It tried to push towards 43k and it also tried to push back above 44k and for the past hour or more it has been hovering in between the two. Its seems many players are rather uncertain as to what to do next. There seems to be a lingering fear of taking this one higher at the moment in case any rally meets with a large player waiting for the opportunity to off load at better levels. At the same time there seems little panic, or fresh reason for that. In truth the reaction to the Chinese news was not at all drastic, which is a little surprising given its potential longer term ramifications. Now of course China and Chinese investors are not the only people holding this and other coins, but at the same time, if those players do really decide to cash in across the board, it is also arguable how they might do so if all transactions (including selling one presumes) are banned. We shall just have to wait and see on that issue perhaps. Meantime Bitcoin is currently trading at 43,550

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2021-09-27 15:45:42 U.S. Durable Goods Orders:

1.8% vs. 0.7% expected

Source: Bloomberg Open / Comment

2021-09-27 15:18:24 USD/JPY reclaims 111.00 for first time in nearly 3 months

The continued pressure on the US bond markets and subsequent rise in the treasury yields again today has gradually had a further impact on the USD/JPY. The dollar has now lifted above 111.00. This is the first time the pair has reclaimed this level since July 5 when the pair topped out back then at 111.19. The move higher in the USD/JPY has also had a positive impact on many of the Yen cross pairs. Most notably that concerns the GBP/JPY which has build further on the rebound gains seen last week. Now the GBP/JPY has lifted back above 152 today. The USD/JPY has just lifted to a session high at 111.07. It has literally just backed off slightly following comments from the Federal reserve governor, Charles Evans. The USD/JPY is currently trading at 110.91

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2021-09-27 14:04:22 Once again dollar index stalls ahead of 93.50

Earlier today it looked like the USD index (USDX) could make a break above 93.50, but in the event that has not happened. The price topped out today at 93.488 and so once again it has come close to making a more pronounced move above this level, but failed at the third or fourth time of asking. This might still evolve as the session unfolds and US participants return to their desks shortly, but for now the dollar index has run out of steam. That means the EUR/USD has rebounded back above 1.17 again. Earlier it fell to as low as 1.1685. Meanwhile, the US equity futures are still giving back gains, led lower by the Nasdaq 100, as was noted here earlier on. That index future has now extended the downside move and that comes as all the European markets slowly lose more ground as well. If this environment continues, then it may yet help the dollar rebound again for another look at that 93.50 level this afternoon

Nasdaq 100 - To view the chart, please click here Open / Comment

2021-09-27 13:21:26 Pressure building on European stocks

As the European equity market morning session turns towards the afternoon, the earlier gains for the major indexes here are slowly evaporating. That has seen the FTSE 100 now fall to session lows as it drops closer to where it closed on Friday, at 7051. The same thing is happening to the CAC 40 and the DAX too. The DAX has now fallen back below 15,650, where earlier it rose just above 15,700. The index is still very much in positive territory and clearly in receipt of some German election outcome relief. However, it is not so ebullient as it was earlier on and that seems to be down to the fact that the US futures are also leaking lower as the downside pressure on all the major global bond markets continues. That has now delivered a move to above 1.49% in the US 10 year note. The DAX is just now trading at 15,644 and remains the best performer amongst the major European indexes

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2021-09-27 12:33:14 GOLDMAN SACHS RAISES YEAR-END BRENT OIL PRICE FORECAST BY $10 TO $90/BBL

Via investing.com Open / Comment

2021-09-27 11:49:06 Dollar index grinding towards 93.50 again

The dollar is making more traction this morning. The further rise in US Treasury yields has now seen the 10 Year note push past 1.47% (now at 1.475%) and this is helping the US currency make some further progress as the USD index (USDX) grinds its way towards another test of 93.50. Indeed, it is close to that level right now as it lifts to session highs above 93.48 and a break above 93.50 from here on could deliver some further upside. That would be helped by a further move lower in the EUR/USD. That has just fallen to fresh session lows at 1.1685. The next big level of note is now the August 2021 low at 1.1665. That is clearly a price point that simply must now be back on the radar today

USDX - To view the chart, please click here Open / Comment

2021-09-27 11:21:12 Gold edging back towards $1750 again

Following an earlier update here this morning, where it was noted that Gold had made some progress to back above $1760, that move is now unravelling as the price drops back towards 1750 again. The move lower is seeming being driven by a move higher in the wider dollar and not just the USD/JPY. Clearly, earlier on Gold had managed to ignore the move above 110.70 in the USD/JPY. The fact that US treasury yields remained relatively elevated too seemed to have little impact on the metal. However, as the 10 Year note yield lifts back above 1.46% right now, that is seemingly having a detrimental impact on gold. It will continue to watch both the dollar and yields again a little more closely now by the looks of the current price action. Gold is just now trading at 1754.10

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2021-09-27 11:09:25 European stock markets drift back from higher opening

As expected and noted here earlier today, all the major European stock markets did reopen the new week higher. The FTSE 100 rose to as high as 7122, after posting a weekly close at 7051 on Friday. However, that is now edging back down below 7100 as trading gets more fully underway. It is a similar story for the CAC 40 and DAX 40 too. The DAX had closed on Friday at 15,531. It reopened today at 15,699, rose to as high as 15,701, but that too is on the drift lower now. The higher opening for the newly reconfigured German index was helped by relief that a new German government is now not going to include the hard left, with the SPD and CDU holding the most of seats amongst them. A new SPD government will still need the assistance of the FDP and the greens. The DAX is currently trading at 15,648

DAX - To view the chart, please click here Open / Comment

2021-09-27 11:06:49 EUR/GBP takes centre stage in quiet FX session

The FX markets are generally very quiet today, but there is some action going on in the cross pairings. Right at this moment that mostly concerns the EUR/GBP. The price has just dropped back below 0.8550. The pair closed on Friday at 0.8571. The drop this morning is being facilitated by opposing moves in the GBP/USD and EUR/USD. The GBP/USD has risen to session highs nearer 1.37 at the same time as the EUR/USD edges closer to test 1.17 again. There is no clear reason as to why the EUR/GBP is falling and certainly no directly attributable news flow either to account for the move. Besides, it is not exactly extensive at this stage. The overall 0.8500-0.8600 range looks intact and it is hard to detect which way this will eventually break. The downside pressure on the EUR/GBP has in fact, just helped to push the EUR/USD to just below 1.17 as this update is concluding

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