Bitcoin tops $18,000 as optimism fades

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Daily Outlook – 18 Nov. 2020

By: Andria Pichidi

  • Asian stock markets traded mixed, while US Treasuries rallied and US futures slipped. Vaccines may be in the making but for now, escalating case numbers promise ongoing and further disruptions. Metropolitan Tokyo will reportedly move to the highest level of alert amid a rise in case numbers. Central banks also remain cautious and Fed Chairman Powell warned again that the US economy still has a “long way to go” before it has fully recovered. – RBA Governor Lowe said he doesn’t see a bubble in house prices. The US Securities and Exchange Commission is going ahead with a plan that could see Chinese companies kicked off US stock exchanges. – SEC’s guidance follows the sanction of five companies that have been ordered to repay $3m to investors
  • Amazon launches online pharmacy in the challenge to traditional retailers
  • The yen was supported as risk appetite waned.
  • U.K. inflation higher than expected at 0.7% y/y in Oct, core at 1.5%

USDIndex – steadied to 92 lows

EUR –lifted against a largely weaker dollar but holds below 1.1900 – PP at 1.1865, R1:1.1894

JPY – broke 104.

GBP – got a boost – at 1.3276 – R1 1.3284

AUD – rebounds from 0.7270 – Currently at 0.7303

NZD – sustains gains to December 2018 highs

CAD – as little changed at 1.3080 as USOIL was marginally firmer at $41.60.

BTC – skyrocketed to 18,476

GOLD flattened at 1880

Today – EU Inflation, US housing starts, and building permits, Canadian inflation and lots of speeches: Bailey, Williams, Haldane, Wilkins

Biggest (FX) Mover – NZDUSD (+30% as of 09:45) – It sustains nearly 2years gains. Forms a pennant in the daily chart, as moves further northward. Near term and medium-term momentum continues to provide a positive outlook, with MACD and RSI positively configured. H1 ATR 0.00092 Daily ATR 0.00697


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