Originally published by Rivkin Securities
US stock markets closed higher overnight with the Nasdaq 100 leading the way, gaining 1.05%. The Dow Jones Industrial Average gained 0.55% while the S&P 500 was up 0.8%. As I have become used to saying, this is a new record high for both the Dow Jones and S&P 500. The S&P/ASX 200 should open higher on the back of these gains with futures currently up 32 points.
The (Bitcoin) price has resumed its decline, falling 11.5% over the past 24 hours to US$10,200. The $10,000 level was broken last week but the price quickly recovered. A further break below this level, however, would be bearish from a technical point of view and could open up additional downside.
Gold prices have been consolidating at around $1,330 for a few days now following the substantial rally that occurred in late December/early January. Similarly, oil prices are also consolidating recent gains with WTI oil currently sitting at US$63.66.
The Australian dollar continues to be strong (although largely because of a weak US dollar) and is currently sitting at $0.802, having recently broken through the $0.80 level as the US Dollar Index declined further overnight. The dollar index is currently at its lowest level since December 2014 and from a technical point of view, it still looks weak. A downtrend that started in March 2017 is still firmly in place.
Data Releases:
- Japan Interest Rate Decision 12:00pm AEDT