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Ether hits record high (ETH/USD)

ETH/USD – Weekly Candlesticks
Source: GKFX / MT4 (January 19, 2020)

ETH has finally caught up with BTC, and taken out its late 2017 peak to make a fresh record high. The price level represents significant resistance but there is no sign yet of the prolific uptrend ending. 
 

TAKEAWAYS


•    Ether the token of Ethereum hit a record high for the first time since 2017
•    Dollar falls after Jent Yellen says US should ‘act big’ on covid relief, could issue 50-year bonds
•    Netflix stock pops 13% afterhours following big subscribers beat in Q4 earnings
•    Goldman Sachs smashes earnings estimates on strong stock trading 
•    Hang Seng extends recent good form 
•    US stocks start shortened week with gains, tech stocks lead
•    Biden to have ‘virtual’ inauguration today as 46th President of the USA
•    Biden won’t lift Europe, Brazil travel restrictions
•    DAY AHEAD: BOC rate decision, Morgan Stanley earnings, Biden inauguration
 

GURU WISDOM


"The key to making money in stocks is not to get scared out of them." - Peter Lynch
 

MARKETS


*Daily closing price
↗ EUR/USD    1.2134        (+0.48%)
↗ GBP/USD    1.3636        (+0.39%)
↗ USD/JPY    103.89        (+0.19%)
↗ S&P 500    3798.81    (+0.81%)
↗ Hang Seng    29,642.28    (+2.70%)
↗ Gold        1840.50    (+0.21%)
↗ Oil (Brent)    55.96        (+2.21%)
↘ Bitcoin    36,514.0    (-0.50%)
 

NEWS

 

Ethereum


The catch-up trade has taken Ethereum back to its former record highs. Traders had been buying ETH on the relative underperformance to Bitcoin which passed it old highs last year. The last time Ether got this high, the price went on to collapse but wider adoption, institutional interest in crypto, central bank digital currencies and huge government and central bank spending are all reasons to think it could be different this time. ETH futures start trading on the CME in February. 
 

Netflix (NFLX)


The news that Netflix was close to being ‘free cash flow positive’ – meaning it can afford to fund its own daily operations – as well as the idea of stock buybacks saw the share price soar over 13% afterhours. The key metric for judging Netflix growth is net paid subscribers and they jumped by 8.5 million in the last quarter when 6.47 million was expected. There are now 200 million paid Netflix subscribers worldwide.
 

Yellen


The US dollar fell after former Fed Chair and new Treasury Secretary Janet Yellen suggested that the current low interest environment meant it was time to ‘go big’ on government spending. The extra debt and perhaps the extra money printing to keep rates low are pressuring the USD.
 

DAY AHEAD 



*Times in GMT
01:30 - PBoC Interest Rate Decision [3.85% Exp vs. 3.85 % Prev] 
07:00 – UK Consumer Price Index (YoY)(Dec) [0.5 % Exp vs. 0.3 % Prev]
10:00 – Eurozone Consumer Price Index (YoY)(Dec) [Exp     -0.3 % vs. -0.3 %] 
13:30 - BoC Consumer Price Index Core (YoY)(Dec) [1.2 % Exp vs. 1.5 % Prev]
15:00 - BoC Interest Rate Decision [0.25 % Exp vs. 0.25 % Prev]
17:00 - Presidential Inauguration
 

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