News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • US House Speaker Pelosi says top-line spending number may change but hopes for $3.5 trillion in spending bill - BBG
  • RBA Minutes: - Board committed to providing high level of monetary support - Q3 GDP expected to decline materially - Central scenario is rates on hold until 2024 - BBG $AUDUSD
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-21
  • New Zealand reports 14 new local Covid cases - BBG
  • I had a chance to talk with @tastytradeRyan and @victorJ0NES about Evergrande and its impact on US markets — always great talking with these two guys on Mondays. https://t.co/vddTknnPWC
  • RT @cheddar: Stocks dropped the most since May on Monday, sending shockwaves through Wall Street. @CVecchioFX explains the global impact of…
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/EegiwWMe9V
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDdK93P https://t.co/ZE0Hgn9PCM
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/GFx3b1W0OD
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment. https://t.co/C7DHnPIeuU https://t.co/K2835aP57Z
Non-Farm Payrolls (NFP), Ethereum Fork (ETH) & Robinhood (HOOD) – FinTwit Trends to Watch

Non-Farm Payrolls (NFP), Ethereum Fork (ETH) & Robinhood (HOOD) – FinTwit Trends to Watch

Warren Venketas, Analyst

POSITIVE U.S. JOB GROWTH AS NFP’s PRINT ABOVE EXPECTATIONS

Advertisement

Employment data improved on estimates (see calendar below) with both NFP and unemployment rates marginally improved. While inflation concerns have been largely dismissed by market participants, recent disappointing employment data has been under the spotlight. Now that employment data is showing signs of recovery, pressure on the Federal Reserve will be more fierce than ever to bring forward QE tapering.

DailyFX economic calendar

Source: DailyFX economic calendar

The U.S. dollar has responded positively to the news with DXY price action testing the 23.6% Fibonacci level at 92.63 (Fibonacci taken from March 2020 high – January 2021 low). Emphasis will now turn to the Jackson Hole meeting in late August for further guidance.

DOLLAR INDEX (DXY) DAILY CHART

US dollar index daily chart

Chart prepared by Warren Venketas, IG

ETHEREUM FORK WELL RECEIVED BY MARKETS

This week the cryptocurrency fraternity has been promoting the most recent Ethereum fork which is basically an upgrade to the current blockchain system. This happens regularly however, this specific fork dubbed the “London hard fork” has claimed headline news due to significant changes that is aimed at resolving prior issues that have negatively impacted the Ethereum system. Two major changes include:

  • Reduction in transaction costs (EIP – 1559)
  • Less appeal for miners which could eradicate mining all together which supports environmental concerns

This is great news for the digital coin but sceptics will remain cautious as they await further directives from regulators. Ethereum may surpass Bitcoin according to some analysts as the coin is now more scalable for real world applications.

ETHER (ETH) DAILY CHART

Ether daily chart

Chart prepared by Warren Venketas, IG

Ether has been extremely bullish since late July pushing off June lows and is quickly approaching the $3000 psychological level. Bullish crossovers highlighted by the EMA indicator confirms this uptick. The Relative Strength Index (RSI)is currently in overbought territory and could point to a consolidation around the $2900 and $3000 levels. Fundamentals will continue to drive price movement so any updates on the Ether fork need to be closely monitored.

ROBINHOOD DROPS AFTER MASSIVE RALLY DRIVEN BY OPTIONS TRADING

Robinhood (HOOD) recouped after a dismal IPO last week but seems to be losing momentum once more. Wednesdays options fueled rally has since dissipated (see chart below) which is cause for concern by more risk averse investors. The volatility surrounding Robinhood this week suggests uncertainty with many analysts favoring further downside. Several insiders are now allowed to sell their holdings which may be causing the wild swings (downside) in price action - albeit only a percentage of holdings at this point in time.

Boost your stock market knowledge with our articles on the types of stocks available, how equities impact the economy, and getting started with stock trading.

ROBINHOOD DAILY CHART

Robinhood daily chart

Chart prepared by Warren Venketas, Refinitiv

--- Written by Warren Venketas for DailyFX.com

Contact and follow Warren on Twitter: @WVenketas

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES