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Equity Markets Choppy, Cryptos Stay Downbeat

By Kevin BeckmanMarket OverviewJan 19, 2022 07:45AM ET
Equity Markets Choppy, Cryptos Stay Downbeat
By Kevin Beckman   |  Jan 19, 2022 07:45AM ET
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Following a negative start, risk tones have improved somehow during the European hours. As such, regional equities turned around to erase early losses, with US stock index futures trading in the positive territory after a significant sell-off witnessed yesterday.

Against this backdrop, the safe-haven dollar turned lower across the market as the 10-Year US Treasury yields have steadied after hitting a fresh two-year high of 1.9% earlier in the day.

The improved risk sentiment coupled with elevated oil prices pushed commodity currencies higher. Still, the overall upside potential in high-yielding assets remains limited amid growing investor anticipation that the Fed could soon hike interest rates.

AUD/USD has erased yesterday’s losses but still struggles to get back above the 20-DMA that could trigger another sell-off and bring the pair back below the 0.7200 figure. In this scenario, the Aussie may threaten the 0.7170 intermediate support.

In the oil market, Brent crude surged to the $89 handle for the first time since October 2014 before retreating marginally. The futures continue to derive support from Middle East tensions that add to supply concerns. Citing the recovering demand and limited capacity, some OPEC+ sources said Brent could break $100 a barrel.

Goldman also expects oil prices to rise to this psychological level later this year. Elsewhere, the bitcoin price keeps struggling below the descending 20-DMA, oscillating around the $42,000 figure on Wednesday. Earlier in the day, bitcoin briefly dipped to more than one-week lows in the $41,100 region before bouncing marginally.

The overall tone in the cryptocurrency market remains downbeat, with the $40,000 support staying in the market focus at this point. Should bitcoin fail to hold above this figure in the coming days, the selling pressure may intensify. On the upside, a decisive break above $43,000 would somehow improve the near-term technical outlook for BTC.

Equity Markets Choppy, Cryptos Stay Downbeat

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Equity Markets Choppy, Cryptos Stay Downbeat

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