After advancing to long-term highs above $30k, Bitcoin seems to have topped out convincingly, falling back below $30k in its biggest daily drop in one month.
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- Bitcoin seems to have made a convincing bearish reversal from its highs above $30k, fuelled by stronger risk-off sentiment and a continuing rise in the US Dollar.
- In the Forex market, the US Dollar has risen today against its long-term bearish trend \, so trend traders may be watching for a new short trade if confirmed by the first couple of hours of the London session, probably looking to be long of the EUR/USD or GBP/USD currency pairs, both of which are in confirmed long-term bullish trends. Over today’s Asian session, the Australian Dollar looked like the strongest major currency, while the US Dollar was the weakest.
- Several soft commodities are performing well, with the Sugar ETF CANE and the Cocoa ETN NIB reaching a new multi-year high closing price last week, while the Coffee ETF JO has also made a strong bullish breakout.
- Official Chinese GDP data showed annualized GDP increasing from 4.0% to 4.5% over the past quarter.
- RBA Meeting Minutes released earlier today were slightly more hawkish than expected as they showed that the Board considered a rate hike despite deciding to skip. This may boost the price of the Aussie somewhat today.
- US Empire State Manufacturing Index data came in much better than expected yesterday.
- Today will see the release of Canadian CPI (inflation) data, which is expected to show a fall in the annualized rate from 6.4% to 6.0%.
- There will be a release of British unemployment (claimant count change) data today.
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