Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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Markets have stabilised a little over the past couple of days, with the US dollar making a minor retreat from recent highs. The DXY remains above 99.5 but has halted its relentless push higher for the time being. Gold has been almost completely flat so far this week, oscillating around the $5,000 mark and content to go no further. Stock markets around the world rose cautiously during the last two sessions and Asian stocks were on the front foot again earlier today, with the Nikkei 225 being uplifted by better-than-expected balance of trade data this morning in Japan. US futures contracts edged higher last night, but market sentiment remains temperamental ahead of the FOMC meeting later today. Even oil prices have calmed down in recent days, with Brent Crude stable around $100 per barrel and the WTI index falling to $94 following reports of a surprise build-up in US crude inventories.
Attentions are quickly turning to the FOMC meeting later today. The Fed is not expected to enact a rate cut on the dollar any time soon, but market participants will nevertheless be eager to know what the central bank has to say about rising oil prices and the downstream threat of inflation. The meeting will be Jerome Powell’s second-to-last at the helm of the Fed, that is unless there are delays in appointing the next Chairman. Kevin Warsh is the next in line but has yet to be officially confirmed by the US Senate, a process that is being held up because of a legal dispute involving Jerome Powell. Before the meeting, traders may want to keep an eye on US PPI figures, which will give an insight into rising production costs.
The crypto sphere received a surprising dose of good news yesterday following a joint statement from the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC), asserting that most cryptocurrencies are not securities. The ruling is very straightforward, but cryptocurrency traders have been waiting for over a decade to hear it. According to SEC Chairman Paul Atkins, “this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws”. In many ways, the interpretation marks the end of an era of uncertainty, one that has mired the industry for a long time and slowed development to a crawl in recent years. Not much of a reaction in cryptocurrencies so far this morning, with Bitcoin keeping to $74,500 per coin and the wider crypto markets staying the course.
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