Market Update – Friday Recap, Stocks continue to run, EUR & GBP fightback after heavy losses.
Risk starts the week higher after a weaker session on Friday.
Risk currencies ended Friday weaker after giving back rallies to USD, the EUR & GBP were hit hard after weaker data continues to show weakness in the German and UK economies. Services and Manufacturing PMIs fell below expectations. On the Otherside U.S. manufacturing, PMI beat expectations, This led to heavy selling on the EURUSD and GBPUSD. Gold followed the general moves from risk giving back early rallies to finish lower.
Stocks continued higher in the U.S. and Europe, the DAX and FTSE ignoring the negative PMI data.
Bitcoin was another surprise mover dropping sharply in Friday’s session, sellers took a further 3.3% off with price trading close to 12% lower during the session! Today selling hasn’t stopped price trading a further 6% lower.
Today we’ve seen stocks and risk currencies start the week higher to the USD and JPY, the ASX was up strongly in earlier trade before its current fade. the Nikkei continues to push ahead, up 0.88%. The EUR and AUD are leading the gains to the safe-havens atm. The GBP is higher to the JPY but flat to the USD.
Tonight traders might be paying more attention to the German IFO business climate du to Friday’s disappointing data.
In today’s video we take a look at how Friday’s data influenced the EURUSD and GBPUSD, we also do a technical breakdown on Bitcoins daily chart.