BM Market Report 03/09 – 2018: IQ Option, the Senate, Wheat, JPY, and Holo

BM Market Report 03/09 – 2018: IQ Option, the Senate, Wheat, JPY, and Holo

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Market and Indexes

Last week we got to witness several all-time high performances by the S&P 500 and the Nasdaq Composite marking the best August ever and tension is high as we enter a new trading week. Will the trend continue or will it settle and perhaps turn?

Friday saw both S&P 500 and the Nasdaq close at new all-time highs with the S&P 500 being up a mere 0.38 points while Nasdaq was up 21.17 points closing above 8,100 for the first time ever.

The Dow Jones Industrial Average dropped a total of 22.10 points during Friday but is set to start climbing again as the new week gets started.

CFD and forex broker IQ Option has added an additional 25 ETFs to their selection, bringing the asset class up to a total of 28 assets. ETFs are the latest addition in IQ Option’s ever growing range of instruments.

Stocks

No major reports are planned for Monday due to Labor Day, however, we do have a few heavy-hitters to plan for this upcoming week. For example, Costco is releasing a report on Wednesday and on Thursday we’ll see Barnes & Nobles, Broadcom, and Dell, publishing reports.

Facebook is struggling internally after a year full of scandals and turbulence. During 2018 alone, the social media giant has seen at least seven executives leaving their positions and more could be leaving in the next few months. According to the company spokesperson, none has left on bad terms.

The American Senate Select Committee on Intelligence is planning to hold hearings regarding Russian interference in the 2016 selection. Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg have already accepted their invitations, but this past weekend Google announced that they won’t be sending any executives. Instead, Google will be represented by one of the company’s top lawyers. Naturally, people are upset about Google’s decision, stating it’s an insult to the public.

Forex

USD/JPY is falling as the Asian market is struggling. The pair is currently trading under 110 after pushing past 111 just hours ago.

Increasing tension regarding Brexit is taking out its toll on the pound sterling. GBP/USD is currently falling as Monday’s opening is getting closer.

Everyone has their eyes on the Italian and German bond yield as we start a new week. If the spread between the two countries’ widen we can expect to see EUR/USD drop.

Commodities

After hitting several highs in the past week, oil finally slumped a bit early Monday. Rising supply from both OPEC and the United States is behind the price drop and the price is looking to settle a bit this upcoming week.

Canadian laws are making it hard for United States farmers to sell wheat to Canada. Even farmers that live on the United States – Canada border are being punished by a Canadian law that makes all American wheat “unfit for human consumption” regardless of the actual quality.

Cryptocurrencies

We’ve had a great weekend on the cryptocurrency market and optimism has slowly started spreading. Bitcoin pushed past $7,200 on Sunday and seems to have stabilized somewhat since.

Ethereum past $300 on Saturday but has since fallen back to below $290 and is currently down 2.72 percent in the past 24 hours. XRP is following similar patterns being down 2.63 percent in the past 24 hours.

Among the biggest gainers, we find two familiar assets: HOT and ETC. The top gainer in the past day is Holo which is up 30.31 percent, while the second and third spot are occupied by Dropil at 7.33 percent and Ethereum Classic at 3.83 percent.

Top losers are Dogecoin, Verge, and Reddcoin at 17.45, 10.75, and 10.60 percent losses respectively.

Also this past weekend: Bitcoin Cash ran a stress test and proved that 2.1 million transactions did not affect the fees, and Bittrex invested in a blockchain firm based in Malta.

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