Market Snapshot – Markets Subdued on Tax Reform Concerns
The European stock markets are a bit subdued after an initial move higher yesterday on the back of the ECB press conference. The markets have now got a sudden realisation that the extension of QE and the growth forecasts were actually dovish and hence we are seeing the euro on the backfoot and we are also seeing the stock markets being a bit lower. The delay in the tax reform bill in the US is also weighing on the stock markets in Asia and Europe though the futures in the US point higher during this period. It is likely to be a period of consolidation in the stock markets in the short term as we wind down for the year.
Interesting Year Ahead for Cryptos
On the crypto side, we have been seeing the BTC prices being on the backfoot over the past week as all the attention has been focussed on the alt coins for a change. Looking forward to the next year, it remains to be seen whether there would be a correction in the BTC prices on account of the introduction of BTC futures at various exchanges and an opportunity to short BTC at these places. It is likely to be an interesting year in 2018 in the new crypto world with all the attention that it has been getting this year on.
This article was originally posted on FX Empire
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