Commodities, cryptocurrencies, and ETF markets started the new week neutral, showing more significant upside momentum after absorbing losses from last week’s NFP report. Favouring the US dollar through improved job creation, the non-farm employment change was recorded at 390K, above the forecast of 325K. The unemployment rate had been neutral at 3.6%, the exact figure recorded the previous month. There was no change in the average hourly earnings of 0.3%, the same for the past month. This data had pushed the dollar index a little higher last week before the gradual dwindling this week.
Gold is currently regaining momentum after retracing to $1847 last week from the high of $1874 created last Friday. The price is currently trading above $1854 during the Asian session today.
Silver, XAG/USD, the second most traded commodity after gold, is currently ranging and showing more incredible upside momentum, with a price above $22.260 during the Asian session today.
Crude oil ranges at $117.9 after hitting a new high at $119.080 last week.
ETF & Cryptocurrency market
ETF– ARGT is by 1.2% with price at $30.92, ASHR is up by 0.6% with the price at $30.08, EFA is currently up by 0.9% with the price at $67.69. Investors are optimistic that the bullish trend might continue throughout the day, given the falling dollar strength during the Asian session today.
Similarly, the cryptocurrency market had started the new week on a neutral level, with Bitcoin climbing above 30K this morning. This has allowed altcoins to rise too. Ethereum is currently above the support at $1880, a good sign for higher movement. The Binance Coin (BNB), which has become the most popular native coin, is currently above the support at $300.
Notwithstanding the little uptrend movement witnessed during the Asian session today, investors are anxiously awaiting the outcome of the Consumer Price Index to be released this week. The CPI, no doubt, will determine the trend for the rest of this month. Data from the CPI is expected to show to what extent inflation has been curtailed and whether the Fed will proceed with another interest rate hike this week.