New Bitcoin ATH before Coinbase IPO

TAKEAWAYS

•    Nasdaq 100 hits record high, catches back up to S&P 500, Dow
•    Bitcoin and Ether hit record highs before Coinbase IPO today
•    US dollar drops after strong US bond auction pushed yields lower 
•    EUR/USD gets a lift on acceleration in EU vaccine rollout
•    GBP/USD flat as BOE Chief Economist Haldane announces plan to step down
•    Gold price gains ground as US Treasury yields fall to 3-week low
•    Oil price remains rangebound after API inventories draw
•    US to pause use of J&J vaccine due to deadly blood clots
•    US March CPI rises to 2.6%, beats expectations
•    DAY AHEAD: RBNZ policy decision, Coinbase IPO, US bank earnings

Sources: Bloomberg / FT / CNBC / Forexlive.com 
 

BEST CHART
Nasdaq 100 – Daily Candlesticks

 
Source: GKFX Prime / Metatrader 4 

NAS100 is back at record highs, rebounding strongly out of correction territory in the past 2 weeks. 

GURU WISDOM

“If you buy things you do not need, soon you will have to sell things you need.” - Warren Buffet

MARKETS

*Daily closing price
↗ EUR/USD    1.1952        (+0.36%)
↗ GBP/USD    1.3752        (+0.09%)
↘ USD/JPY    109.04        (-0.31%)
↗ S&P 500    4141.17    (+0.29%)
↗ Gold        1746.35    (+0.78%)
↘ Oil (Brent)    63.01        (-0.30%)
↗ Bitcoin    59,823        (+2.94%)

Source: Investing.com

NEWS

It was another day of record highs. The Nasdaq 100 index, which includes almost all of the biggest American tech companies hit an all-time-high (ATH) on Tuesday. It comes after a sharp turnaround in the fortunes of tech stocks in April, which had lagged behind in the first quarter.

Bitcoin and Ether (BTC/USD & ETH/USD) hit fresh record highs with Bitcoin overcoming its malaise around $60,000 to finally break higher, helped by enthusiasm around the Coinbase IPO this week.

The cryptocurrency exchange could be valued as high as $100 billion in its direct listing today. Crypto trading has exploded in the last year- and especially the past 3 months. Coinbase has been a big beneficiary with revenues of $1.28 billion in 2020, double the $534 million in 2019 and apparently it made $1.8 billion in just Q1 of 2021 according to an SEC filing.

The dollar was weaker on the day despite US CPI beating expectations. Bond yields were pushed to 3-week lows after strong demand for a US Treasury auction and that hurt the USD, while bolstering the gold price. The other factor is a stronger euro (EUR/USD) where Europe is starting to accelerate its vaccine rollout, bolstering hopes it can prevent another series of lockdowns in the autumn. 

Source: TradingWriters.com

DAY AHEAD 

*Times in GMT
01:00 - RBNZ Interest Rate Decision [0.25 % Exp vs. 0.25 % Prev]
09:00 – Eurozone Industrial Production s.a. (MoM)(Feb) [-1.1 % Exp vs. 0.8 % Prev]
14:00 - ECB's President Lagarde speech 
16:00 - Fed's Chair Powell speech 
18:00 - Fed's Beige Book

Source: gkfxprime.com/trading-tools/economic-calendar