The Dollar has finally eased off a little this week, allowing competing currencies to catching a long-awaited breath of air. The DXY attempted a push beyond 107 last week but it seems as though such plans have been abandoned for now, settling instead above 106 for the time being. Cryptocurrencies remain strong; Bitcoin is now becoming comfortable with the $90k level with BTC dominance around 60%.
Attentions are shifting away from the Middle East and back towards Ukraine and Russia. The incoming administration has been admittedly less interested in the conflict, but let us remind ourselves that the incumbents still have a couple of months left in office. The escalation is perhaps responsible for the recent bounce back in gold, which climbed up to $2,640 an ounce yesterday, still around $150 shy of its record high set in late October.
Oil prices have risen marginally this week but remain stubbornly near yearly lows. Brent Crude remains around $73 a barrel while West Texas Intermediate hovers just under $70. Any escalation with Russia will buoy crude prices, if only temporarily, but global supply and demand dynamics continue to put pressure on oil markets.
Nvidia is once again back under the spotlight. Later today, after the closing bell, the chipmaker will release its latest earnings report. In anticipation of the event, Nvidia (NVDA) shares rose almost 5% yesterday to $147. Ravenous appetites from the artificial intelligence craze continue to fuel demand for chips and many analysts are already claiming the report will smash expectations. Time will tell.
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