【Market Commentary】 Europe continues to rise, the cryptocurrency market showing a slight uptick, Dogecoin increases!
Contribution on Thursday, June 3, 2021⇒ The shelf life of this article is until 13:00 on June 4.
■ The biggest concern in financial markets is inflation in the US and Europe (whether central banks will tolerate it)
■ The biggest concern in the crypto industry is regulation in China and tax & regulation in the United States
The European markets continued to rise. The gains were under 1% as yesterday, but a true uptrend tends to climb gradually. However, corrections can strike suddenly, so when following a trend, set a stop order in advance. The UK FTSE 100 gained 0.39% from the previous day, Germany's DAX rose 0.23% from the previous day, and France's CAC40 rose 0.49% from the previous day, showing a more modest but solid performance than yesterday.
The difference from yesterday was that US stock prices were slightly higher. Germany's DAX continued to set new highs. The CAC40, while 6.5% short of its September 2000 record high of 6944.77, is on track to reach it with about 6.5% more gains. Europe’s focus remains on inflation. With Germany's May CPI up 2.4% year over year (the highest since October 2018) and the euro area CPI in May up 2% year over year, keep these in mind for a while. US stock prices are in a position to target higher levels. The employment report due Friday will draw attention to how the $1.9 trillion pandemic relief affected the economy.
US 10-year Treasury yields fell into the 1.58% range, and gold reacted by rising into the $1,910 range. Gold and silver rose, but copper fell about 1%. NY crude oil held steady, briefly touching $69. The currency market moved modestly; the Canadian dollar has recovered toward a stronger stance, and the pound rose slightly—these warrant watching. The euro has shown no standout movement.
Grains were mixed with no particular notable points. India's NIFTY 50 rose in 0.01% increments, up 1.35 points.
The crypto asset market showed small fluctuations but moved slightly upward. Over the past 24 hours, a 2–4% rebound suggests a retracement, yet the direction remains unclear. On the other hand, Dogecoin, which has calmed somewhat in attention, rose about 12–18%. Coinbase, a major US crypto exchange, announced the listing of Dogecoin on Coinbase Pro, which was treated as material news.
Bitcoin's dominance rate of 42% remained unchanged from the previous day. Tesla, strongly tied to Bitcoin, traded down about 3%. Meanwhile, Nvidia, which also deals in mining equipment, performed well with a rise of about 3%.
The next big event in traditional financial markets is the US employment report. In the next year or two, economic indicators and monetary policy are increasingly affecting Bitcoin prices, and Bitcoin is becoming a financial instrument, no doubt about it.
Today's Economic Indicators
- 21:15 US May ADP Employment Report
- 21:30 US Initial Jobless Claims
- 23:00 US May ISM Non-Manufacturing PMI
【Stocks with Trade Potential】
DAX, NIFTY 50
EUR/JPY, GBP/JPY, USD/CAD
【What to Know About Market Commentary】
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The content provided centers on these two points, taking the following into account.
This is something you must think about yourself.
① Is the materialtransient or not
② Does the price impactpersist or not
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Differentiation refers to how this content differs from other market commentary and market conditions.
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