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31.07.2020: Troubles in US startle stock bears (USDХ, DJIA, WTI, BTC, USD/CAD)

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Wall Street is trading with cautious optimism. Investors are alert to financial reports from American hi-tech giants. When it comes to the economic calendar, traders are focused on macroeconomic data from the US and Canada. The US dollar is in a correction phase. Bitcoin aims to hit 13,000.
Futures on the benchmark US stock indexes are trading higher on Friday. The Dow Jones rose 0.18% in the early New York session to trade at 26,264. Futures on the S&P 500 were 0.22% up at 3,259.88.
Upbeat financial records of US hi-tech giants seem to be the only good news. The market is braced for serious headwinds. Apart from a long-awaited stimulus package, investors voice concerns about the presidential elections. Yesterday, Donald Trump tweeted that the key political event of the year should be delayed until later. In fact, he does not have the authority to change the date. Nevertheless, the market is worried that the outcome could be challenged. Yesterday Trump’s tweet triggered sell-offs in the stock market. Political turbulence in the US is likely to cause higher volatility in global markets.
In the meantime, the US dollar index is making an upward correction that is going to be short-lived amid political and economic jitters. Nevertheless, the index rebounded from lows to near 92.50.
One of the positive news on the US economy was a report on consumer spending for June which has been growing for the second month in a row, though at a slower pace. Consumer spending is subdued by the coronavirus resurgence and termination of financial aid under the social support program.
Traders speculating in the Canadian dollar are evaluating Canada’s GDP. The national output expanded 4.5% in May, stronger than the expected 3.5% increase. In April, GDP slumped 11.7% in annual terms amid the pandemic. Despite the decent data, traders showed a muted response to the GDP growth. The USD/CAD pair is trading sideways at around 1.3430.
Oil is gaining ground on Friday. After a temporary decline yesterday, the petroleum market has come to balance. WTI is closing in the black three weeks straight.
Bitcoin is under the spotlight again this week since its collapse in March. Investors pin hopes for its recovery. The crypto market is trading under moderate volatility compared to the conditions two years ago. Technical charts prove that the market is in motion. Eventually, bitcoin has surpassed the level of 10,000 dollars per token. Buyers have been able to cross it and push the price higher. On Friday, cryptocurrency number 1 is trading at near 11,200.
It is complicated to make the outlook for bitcoin from the technical view. Nevertheless, the market buzz in the last couple of days suggests a further uptrend. The nearest bullish target is seen at 13,000.
Notably, the market quote of the most popular cryptocurrency has spiked almost 16% over a week. So, the price is approaching the highs of early September of 2019. Meanwhile, large crypto investors are poised to buy bitcoin amid its rapid rally.

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