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As has been the case all week, Bitcoin and gold remain in the spotlight. So far today, Bitcoin is currently up nearly 5% to $66,400, in a stunning rebound after an overnight selloff. The low hit $59,225, but some could argue that buyers are showing up as it tests the $60,000 level.
Meanwhile, gold is consolidating earlier gains after surging to above $2,100 earlier this week. Bidding tends to occur during US trading, so you may have to wait for that today as well.
Looking at traditional markets, foreign exchange rates have remained surprisingly weak even as US Treasury yields have fallen significantly. The 10-year Treasury yield has fallen by more than 4.20% and is now below its 200-day moving average of 4.176%. Still, this has not moved the dollar, and even USD/JPY remains largely trapped within its technical box.
We’ll probably have to wait for the U.S. jobs report to really get going in this area. There’s an ADP employment report later today that you should at least take advantage of. But in Europe, things will be slow, with no notable major releases.
0700 GMT – Germany January trade balance data
0830 GMT – Germany February Construction PMI
0930 GMT – UK February Construction PMI
1000 GMT – Eurozone January retail sales
1200 GMT – US MBA home loan applications are due March 1st
That’s all for the upcoming sessions. We wish you all great days ahead and good luck in your dealings. Please stay safe.
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