Markets are showing little movement ahead of US PPI and retail sales data due later today.
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- Friday saw the USA lose its last perfect sovereign credit rating as the ratings agency Moody's lowered their rating one notch from AAA to Aa1. As markets opened this week, the downgrade was reflected in lower off-hours prices in trading in all the major US equity indices, although the declines are not especially large. The US Dollar is also lower, but again, not by very much. As these price movements are small, and as other ratings agencies have already made this same downgrade, it seems very certain to be the kind of event that markets will shrug off as soon as there is another item of important news, so bulls shouldn't get pessimistic over this except over the short-term.
- In the Forex market the strongest major currency since the Tokyo open has been the Euro, while the Canadian Dollar has been the weakest. Markets are likely to remain in a mildly risk-off mode today following the US credit downgrade.
- Bitcoin a few hours ago traded near $107,5000 making a new near 4-month high but then fell strongly from there. The daily candlestick for today now looks like it will become a bearish outside bar engulfing the past three days of price action. If the price remains at this relatively low level over the rest of today, it will likely be a bearish sign for Bitcoin over the near term.
- The Reserve Bank of Australia is expected to cut its Official Rate by 0.25% at its meeting tomorrow.
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