Hi Everybody,
We’re very proud to announce the newest feature in eToro. This is something for the manual traders and especially for those of you who, like myself, enjoy keeping an eye on several markets at once.
Introducing Pro Charts…
To access the new and improved multi-charting system, simply go to your watchlist and click on any of the mini charts.
Go ahead and play around with it. The feature is officially still in beta testing so if you have any questions, comments, or feedback we’d love to hear it.
Enjoy!
Mati
Today’s Highlights
- NFP Play by Play
- No News is Good News
- Yellen UoM +Qs
Please note: All data, figures & graphs are valid as of April 10th. All trading carries risk. Only risk capital you are prepared to lose.
NFP Recap
Even though I know that many traders on Wall Street would prefer to forget that Friday ever happened, we’re going to highlight it anyway.
The US Bureau of Labor Statistics posted one of the worst employment numbers since 2012. Analysts were expecting a fair 170,000 plus jobs to be added in March but the number that came out was just shy of 100,000.
There was little comfort from the fact that the unemployment rate dropped from 4.7% to 4.5% as analysts were quick to point out that this represents a large number of people who have stopped looking for work but are nonetheless still unemployed.
There was a bit of a delayed reaction to the data. As we can see in the price of gold. The data was announced at 13:30 GMT yet the market waited a good 40 minutes before it really started to move.
What is also clearly noticeable is that most of the reactions to this data were undone before the weekend.
You see, even those that get hyper focused on the short term headline data, are usually willing to dismiss it as transitory as soon as it does not confirm their theories.
The stock indices also fell on the news but managed to regain most of the losses by the end of the day.
In some cases, like Silver, for example, the reversal was even more extreme than the initial reaction. Poor silver ended the day significantly lower.
Market Overview
Thankfully, the Trump-Xi meeting did not produce any notable headlines. The two most powerful men in the world were able to sit in a room together for quite some time without sparking World War Three, though Trump did test the waters with an attack on Syria.
In fact, it seems that the Presidents hit it off and managed to find common ground on many issues. Jinping even invited Donald to come visit him in China, so now we have that to look forward to.
Markets in Asia are doing very well this morning, with the exception of China. The Aus200 and JPN225 are both up about 0.75% but the China50 is down about the same.
Crude oil is also proving resilient. We can see that the reaction to the NFP was mostly positive, the reversal came by the end of the day but the reversal has by now been reversed. 😮
After a gap up over the weekend, Bitcoin is currently holding above $1200 per coin. The move is likely due to some negative news for Litecoin. The implementation of a system called segwit is looking far less likely and Litecoin’s overall value has fallen back below Dash to put it back in fifth place.
What’s next?
This evening we’ll hear from Fed Chair Janet Yellen who will be speaking at the University of Michigan and likely will be taking questions from students. The event will come shortly after the closing bell in New York before markets open in Australia.
With any luck, she’ll explain how the Fed plans to offload $4.5 Trillion worth of assets and continue to raise interest rates at the same time.
Please note that there will be no daily market update tomorrow due to a local holiday.
Trade with others. Join eToro community and use experience of other traders!
Two things to look out for tomorrow…
1. Mark Carney speaking at a FinTech conference in London. The Bank of England wants to be one of the first adopters of digital currency in daily business so perhaps we can hear some good news on either Bitcoin or Ethereum.
2. The Bank of Canada will be delivering an interest rate decision and Press conference. Could be fun for those trading on the Loony.
Wishing you an amazing week ahead!!
Best regards,
Mati Greenspan
Senior Market Analyst
