Some stability after high volatility in the markets

Yesterday, Thursday, the US jobless claims data was released with a weekly figure of 473,000 versus the expected 507,000. In addition, producer price data was also released which came in above expectations. The news seems to have buoyed market sentiment, as, after a few days of declines, the Nasdaq and SP&500 rallied, as did Treasuries, which rose 1.66%.

Regarding cryptocurrencies, they seem to be subject to the statements of business personalities. Some time ago, Tesla entrepreneur Elon Musk commented that he would allow Bitcoin payments for his cars which caused the cryptocurrency to rise. Yesterday, Thursday, the same executive said that Tesla cannot allow payments with the cryptocurrency for environmental reasons and Bitcoin dropped to around $50,000.

In the world of commodities, the rally seems to have stalled possibly due to the Federal Reserve’s withdrawal of support as a result of rising production costs. West Texas Intermediate (WTI) crude oil was down 0.3% at $63.61 a barrel. Gold fell 0.2 percent to 1,822.33 per troy ounce.

Today’s US retail sales figure is scheduled to be released. The figure is calculated from numbers submitted by 5,000 retail shops and extrapolated from the whole country. So today — Friday — traders will probably want to keep the US dollar on their radar. The forecast figure is -0.1%.

In Hong Kong, today, Friday, the quarterly GDP figure for goods and services is also scheduled to be released, so the Chinese yuan may be another option to watch during the Asian trading session. The forecast remains unchanged from the current figure at 5.3%.

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