Market Brief January 11th, Forex and Cryptocurrencies: Ether hits an all-time high
Among rival cryptocurrencies, Ethereum seems to exhibit a steady performance. On Wednesday, it traded above $1,300 which is an all-time high. The digital currency continues to rise in price and now takes the second honorary place in terms of market capitalization coming second after Bitcoin. For the past week we saw Ether increase 60%. Not bad.
Bitcoin, on the other hand dropped almost 4% in the past 24 hours and traded around $ 14, 500 in the last hours of the afternoon on Wednesday. Seems like a lot of the attention has been re-directed from Bitcoin to Ether. That could be one of the reasons why the first is struggling a bit.
Now, as traders we have to remember that strong movements of appreciation (gaining in value and price) and depreciation (losing value and price) have become a trademark of digital currencies. Just make sure that you always keep it at the back of your mind that price action can rise and fall equally abruptly.
AUD, 00:30 a.m. GMT, Retail Sales (MoM) (Nov) – a prime indicator of consumer spending which measures the change in the total value of inflation-adjusted sales at the retail level. Projections are for a slight decrease at 0.4% versus 0.5% for the previous period. If the news coming out today is better than expected, this should raise the price of the Aussie against the dollar while a considerably worse off performance could drag it down.
EUR, 12:30 p.m. GMT, ECB Publishes Account of Monetary Policy Meeting – high –impact event that could bring volatility to the euro and euro-related pairs.
USD 13:30 p.m. GMT, PPI (MoM) (Dec) – a leading indicator of consumer price inflation which accounts for the majority of overall inflation. The Producer Price Index measures the change in the price of goods sold by manufacturers. Expectations point to a decrease at 0.2% for the month of December compared to 0.4% for the previous month. If the reading today shows an increased number, this should be read as a bullish sign for the euro while a worse off result could drive it down.
Wishing you Happy and Successful Trading!
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