TOPICS MENTIONED IN THIS MARKET BRIEFING:
- LEuropean Stock Exchangesprogressnt after the about several Fed leaders
- Wall Streetcontinues to rebound
- Chart of the day –ETH/USD: a start of a bullish recovery
European stock markets rise after comments by several Fed leaders
European Stock Exchanges progressed Tuesday at the start of the session, in the wake of the American and Japanese markets, the more moderate tone adopted by several officials of the American Federal Reserve on the coming rise in interest rates having reassured investors.
The CAC 40 lost 2.15% in January, a month dominated by the upward revision of expectations for a rise in interest rates, the still worrying inflation figures and geopolitical tensions.
US stocks ended sharply higher on Monday, with the Nasdaq even rising 3.41%, in reaction to comments from several Fed leaders who confirmed they were considering a rate hike in March but hinted that nothing was acquired for the future in the face of uncertainties on the evolution of prices and the health situation.
This speech could interrupt the upward revision of rate expectations observed in recent days, which has led some economists to expect five, six or even seven rate hikes from the Fed by the end of the year.
In addition, the main US Treasury economist estimated that inflationary pressures should decrease this year.
Wall Street continues to rebound
Wall Street ended higher on Monday, with the Nasdaq narrowly avoiding its worst start in a year thanks to the rebound in technology stocks during the session.
Digital stocks have suffered in recent sessions as investors fret over companies trading at elevated valuations as markets expect the US Federal Reserve to hike interest rates to fight the coronavirus crisis. inflation and end stimulus.
Consequently, the Dow Jones gained 1.17% to 35,131.86 points. The Nasdaq advanced 3.14% and the S&P 500 gained 1.89%.
Othersfinancial market news
The oil market is down slightly, close to the seven-year highs reached last week, on the eve of the OPEC+ meeting, which should confirm its strategy of limited increase in global supply in the face of the continued recovery demand.
Today’s economic calendar:
Find the full economic calendar to know all the economic events to comer.
CHART OF THE DAY – ETH/USD: the beginning of a bullish recovery
Ethereum has started a rebound for a few sessions, however it is still too early to say that this is a bullish recovery and that the low point is behind us.
For the moment, everything suggests that the market is starting a technical rebound. Ethereum is still moving in a bearish channel, so we will have to wait for an exit from the top accompanied by a break of the resistance at $2,875 to evoke a real bullish restart towards the next resistances.
If prices are held in check around $2,875 in the coming days, then a new wave of declines cannot be ruled out. The cryptocurrency could once again fall back towards $2,550 and then rally to the polarity zone towards $1,950.
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