18 August: Overnight Market Wrap

18 August: Overnight Market Wrap

Key Points:

Nasdaq closes at all time record high 11129.72

Gold and Silver move back higher above recent daily highs

USD weakness continues as risk gains momentum

The USD suffered again as risk assets surged higher with Nasdaq, Metals and Bitcoin breaking out of recent highs as US yields moved back lower. The Nasdaq closed at a new record high helped by Tesla once again squeezing higher whilst the Dow Jones closed slightly down 0.3% as financials underperformed. Gold and Silver spent most of the Asian session rangebound before lift-off in the European and further follow through in the US session up 2% and 4% respectively. With Gold closing above 1960/65 resistance the momentum is now for a test back through 2000 although the 200DMA slowed the rally around 1990. Look for dips around 1960/65 to be met with support. The crypto market has also seen excitement as BTC broke out above 12000 for the first time since July 2019. In FX the commodity currencies benefitted from the risk momentum with AUD regaining 0.7200 and CAD benefitting from a rise in WTI on the day. USD/JPY slipped back through support at 106.20 eventually falling under 106.00. Momentum looks to be indicating further USD weakness for now but we have the FOMC minutes ahead on Thursday so markets will likely tread cautiously until that risk event has passed. Today’s Asian session highlight will be the RBA minutes but unlikely to find any surprises there as Lowe’s speech Friday kept us up to speed on current monetary thinking. The AUD has found good support against the NZD reaching 1.10 for the first time in two years as markets digest further weakening from RBNZ and a holding pattern from the RBA.

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