Russia and China are thinking to launch joint projects

Daily Analysis - 11/09/2018

$100B Worth of Join Projects between Russia and china


A Russian and Chinese group is thinking to invest together on 73 projects estimates worth more than $100 billion, according to a Tuesday statement.

This great opportunity for cooperation between the two economic giants it’s a very important for the global economy as the two nations try to achieve economic stability despite the  U.S. sanctions against Russia, the escalating tariff war against China. Russia and China have had a not so good relationship, but the two countries came more close in recent years.

The group that is observing the potential investment to Russian-Chinese Business is the Advisory Committee that held an annual meeting this week during the Eastern Economic Forum in Vladivostok, Russia.

Increased Demand for Risk, U.S. Dollar is in focus

Yesterday the US Administration said that President Trump received a request from North Korea’s Leader Kim for a second meeting after their historic meeting in Singapore last June this year. U.S. Treasury yields dint change yesterday after Friday’s strong reaction that was the better-than-expected after U.S. Non-Farm Payrolls report. The U.S. Dollar is trading mixed against the major currencies. It’s falling against New Zealand, Australian, and Canadian Dollar but also against Euro and British Pound. U.S. West Texas Intermediate and international benchmark Brent crude oil futures are going higher early today after a late session sell-off on Monday led to the markets losing all their gains.


Gold Loses Ground on Strong USD

The gold fell for a second day today as anticipation for an interest rate hike by the United States FED this month and worries of increasing tensions between U.S.-China kept the greenback firm. US Dollar last Friday got additional bullish momentum as Employment data was much better than we expect but also wages data got significant increased. That gave US Treasury yields a spike resulting in positive sentiment for US Dollar in the broad market. As of writing this article, Spot Gold XAUUSD is currently trading at $1195.55 down about 0.038% on the day while US Gold futures GCcv1 is trading flat at $1200.40 up 0.007% on the day. Now gold traders had priced in some downside sentiment owing to positive expectations for US macro updates. The outcome had a much higher impact on the market as the readings were better than expected actually putting a stop to the temporary momentum gained by precious metals last week.


Bitcoin – Bulls Continue to Hold

The popular Cryptocurrency Bitcoin went up by about 1.43% today, following on from Sunday’s 1.12% gain, to close the day at $6,330.

Bitcoin had a very positive start of the day it actually moved through to an early intraday high $6,373.3 before going back to the day’s high. After that we saw Bitcoin fall short of the first major resistance level at $6,429.2.

Looking the broader crypto market through the morning and early afternoon, the popular coin succumbed to selling pressure, and fell back to a late afternoon intraday low $6,220 before coming back, Bitcoin managing to steer clear of $6,100 levels and the day’s first major support level at $6,110.6.

A much late retrace saw Bitcoin buck the broader market trend, with Bitcoin going back through to $6,300 levels and into positive sentiment for the day.


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