Bitcoin crosses back over $51k

“Tough times helped many commodities traders become lean and mean through consolidation, mergers and cost cutting. All that excess supply has been sopped up.” – Jim Rogers

 

 

HEADLINES

 

 

• Dollar near one-month low on bets for later Fed taper
• Life after the ECB? The tapering debate begins
• Oil steady as Ida outages offset Saudi price cuts
• Gold holds near 2-1/2-month high on prospects of Fed taper delay
• European stocks end near record highs as tech rallies
• Bitcoin Tops Resistance at $51K as Golden Cross Nears
• AUD/USD to tank to 0.70 over next three months amid dovish RBA – Rabobank

 

 

FOREX

 

 

Dollar near one-month low on bets for later Fed taper

 

The dollar languished near a one-month low versus major peers on Monday, as investors pushed back expectations for when the Federal Reserve will begin tapering its massive stimulus.

The dollar index , which measures the currency against six rivals, edged 0.05% higher to 92.155, after dipping to 91.941 for the first time since Aug. 4 on Friday, when a closely watched U.S. labour report came out much weaker than expected.

 

Life after the ECB? The tapering debate begins

 

With the euro zone economy roaring back to life, the European Central Bank will debate a cut in its stimulus on Thursday, beginning a hard-fought and lengthy discussion on how to dismantle the crisis-fighting measures that have kept the bloc afloat.

The ECB has provided record monetary support for the euro zone since the start of the pandemic. But economic growth in the bloc is now solid, unemployment is falling and inflation is on the rise, setting the stage for a debate that will chart the bank's course for years to come.

 

 

COMMODITIES

 

 

Oil steady as Ida outages offset Saudi price cuts

 

Oil prices steadied on Monday as gains on production outages after Hurricane Ida were tempered by Saudi Arabia’s sharp cuts to crude contract prices for Asia, reviving concerns over the demand outlook. State oil group Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.

 

Gold holds near 2-1/2-month high on prospects of Fed taper delay

 

Gold prices hovered on Monday below a 2-1/2-month peak after a disappointing U.S. jobs data signaled that the Federal Reserve could push back the timeline for tapering stimulus measures, bolstering bullion’s appeal as an inflation hedge.

 

 

STOCKS

 

 

European stocks end near record highs as tech rallies

 

European shares climbed on Monday to end near record levels, led by technology stocks which surged to their highest this year as a surprise rise in German factory orders pointed to improving global demand and boosted sentiment. Still, trading volumes were muted throughout the day due to a public holiday in the United States.

 

 

CRYPTO

 

 

Bitcoin Tops Resistance at $51K as Golden Cross Nears

 

Bitcoin looks set to continue to rise after clearing a key resistance level, with charts hinting at a so-called golden crossover, a long-term bullish indicator. On Sunday, the biggest cryptocurrency printed a UTC close well above $51,109, marking an upside break of the 61.8% Fibonacci retracement of the April-to-June sell-off.

 

 

ANALYSIS

 

 

AUD/USD to tank to 0.70 over next three months amid dovish RBA – Rabobank

 

“Given last month’s commitment that it ‘would be prepared to act in response to further bad news on the health front should that lead to a more significant setback for the economic recovery’, there is strong reason for tapering to be delayed.”

“It is our expectation that the USD will strengthen moderately on a three-month to six-month view against a broad base of currencies. Against this backdrop, we see scope for a dip to AUD/USD 0.70 on a three-month view.”

 

 

CHART

 

 

Ethereum – Daily Candlesticks

Source: GKFX Prime Metatrader 4

ETH/USD is testing the supply area created by the record high reached in May. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/aud-usd-to-tank-to-070-over-next-three-months-amid-dovish-rba-rabobank-202109061119
https://www.investing.com/news/stock-market-news/tech-shares-lead-european-stocks-close-to-record-highs-2608494
https://www.reuters.com/world/asia-pacific/dollar-near-one-month-low-bets-later-fed-taper-2021-09-06/
https://www.reuters.com/article/global-oil/oil-steady-as-ida-outages-offset-saudi-price-cuts-idUSKBN2G202L
https://finance.yahoo.com/news/life-ecb-tapering-debate-begins-111018128.html
https://www.coindesk.com/markets/2021/09/06/bitcoin-tops-resistance-at-51k-as-golden-cross-nears/