Summary:
- Bitcoin posts another record high above $9700
- US500 also moves into uncharted territory
- Oil slips at the start of big week
- ZAR rallies despite ratings downgrade
A sensational run-up over the weekend has seen some follow through today with Bitcoin posting yet another all-time high. Litecoin, Ethereum and Dash have all been in a bullish mood too with Ripple lagging its peers in recent trade.
The bulls are also in control in the US500 with the market moving above 2600 into uncharted territory on Cyber Monday. The move from 2500-2600 was the second fastest round-number milestone ever and even though this feat becomes more easily attainable as the price rises it still further supports the notion that the rally isn’t running out of steam.
The DE30 has fallen back below the 13000 level on the European close after earlier recovering the gap lower on the open. The market has failed to rally despite positive noises coming out of Germany with regards to a grand coalition. A technical overview of the market can be found here.
The biggest event of the week for markets could well come from Vienna where OPEC and non-OPEC producing countries are scheduled to have their 2nd technical meeting. The price of Oil has been enjoying a strong move higher in recent months after a substantial decline was seen following the May meeting despite an extension to the current supply cuts being announced. Both Brent and WTI have been on the back foot today with the latter falling by almost 2% at the time of writing.
The South African Rand has been enjoying a strong move higher today as the currency looks to recoup some of its recent declines. The move is slightly surprising given that Standard & Poor’s downgraded the country’s credit rating to BB+ – which is below investment level. The positive reaction to the negative news could be seen as hopeful for rand bulls who may now be looking for a further appreciation in the coming days.