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investingLive European markets wrap: No stopping the gold train for now | investingLive

Headlines:

Markets:

  • EUR leads, CAD lags on the day
  • European equities lower; S&P 500 futures down 0.3%
  • US 10-year yields down 1.4 bps to 4.125%
  • Gold up 1.1% to $3,724.28
  • WTI crude down 0.5% to $62.37
  • Bitcoin down 2.2% to $112,774

The start of the week isn’t seeing many headlines as there is much less to deal with on the economic calendar this week as compared to the week before.

Major currencies are not showing all too much appetite, though the dollar is seeing a little softer at the balance against the European currencies on the day. EUR/USD and GBP/USD were both mostly flat but are now seen creeping just a little higher with the former up 0.3% to 1.1777 and the latter up 0.2% to 1.3492. All of this though comes after the drop on Friday, so it’s not all too material.

USD/JPY is flattish around 147.80-00 levels, not doing much. That as currency traders are having to balance out a bit more of a negative risk mood on the day. US futures are down slightly, cooling after the fresh record closes in Wall Street on Friday. That is leading European stocks lower as well so far on the session.

Instead, the standout mover is gold as it continues to shoot up to fresh record highs. This time around, price is eclipsing the $3,700 mark on the break higher with the precious metal seen up 1% to $3,724 currently. The sky is the limit for gold in this market environment, but be wary a pullback or correction on profit-taking before we head to the hotter seasonal months in December and January.

Besides that, cryptocurrencies are not really enjoying a good start to the week amid a sizable tumble. Bitcoin is down over 2% and slipping below its 100-day moving average, now down to $112,774. Meanwhile, Ether is down nearly 6% to $4,190 with the low earlier testing the mid-August lows of around $4,062-66. There’s no fresh headlines driving the move and Occam’s razor dictates that it is a case of just having more sellers than buyers as the recent upside run cools a little.