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Dollar Falls – Bitcoin Flies – Draghi Speaks

by | Oct 12, 2017

MARKET WRAP

Across the Asia/Pacific region today, the ASX200 and FTSE Hong Kong index were the best performers. The former hit a 3-month high, peaking at 5,794.50 points helped by gains in the utilities and IT sectors. The S&P/ASX200 VIX (which measures implied volatility of S&P/ASX200 options) was down almost 2% to 11.207.

The US Dollar is down against many major currencies including the Turkish Lira, Japanese Yen, Euro, Pound and South African Rand, after minutes from the Federal Reserve’s latest meeting showed officials from the central bank were concerned over inflation, and a few were worried about the prospect of another rate hike later this year.

The price of a single Bitcoin flew up again today past $5000! After a long period of sustained short selling last month, it seemed to many as if the price would never recover, but it now looks as if the bears are being proven wrong yet again.

Meanwhile European markets were broadly lower again, with only the FTSE100 making positive headway, up a measly +0.5%. The largest riser there was EasyJet, up over +3%. Burberry Group also gained thanks to Deutsche Bank raising its price target and Berenberg Bank reinstating a ‘buy’ rating for the stock.

Investors in the Eurozone will now shift their attention away from US policy and onto that of the ECB, with a number of central bank speakers today likely to shift the single currency. ECB Chief Mario Draghi will be speaking at 15:30BST at the IMF’s annual economics conference in Washington, US.

Invstr Tips: Invstr now supports some of India’s best financial news sources in-app including the Economic Times, LiveMint, Times of India and Hindu Business Online. Simply navigate to the news tab, hit the filter button in the top right corner and scroll to Indian sources to follow them. 

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Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order. Brokerage services, including fractional trading of US securities, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here. Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.

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ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:

Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order. Brokerage services, including fractional trading of US securities, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here. Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.

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