Wednesday Calm on Calendar, Chaos in Crypto Markets

Hello traders, welcome to Wednesday, a day with a lighter macro calendar, but plenty of market action nonetheless. The economic schedule includes ADP Non-Farm Employment Change from the U.S., expected at 32,000, and ISM Services PMI, forecast at 50.7. Earlier this week, we had an interest rate decision from Australia, where the RBA kept rates unchanged at 3.6%, as widely expected. Additionally, New Zealand job data showed lower employment growth, though the unemployment rate stayed steady at 5.3%, suggesting moderate labor market resilience.

On the earnings front, Tuesday brought a flurry of results. AMD posted better-than-expected earnings after the market closed, but pre-market trading on Wednesday shows the stock down nearly 4%. Uber and Shopify both reported earnings before the open — and both fell sharply, with Uber down 5% and Shopify also under heavy pressure after disappointing outlooks. Today’s earnings calendar is lighter, with Toyota, Novo Nordisk, and McDonald’s as the key names to watch.

As the European session approaches, indices are experiencing mild corrections following several days of upward movement — a natural breather after strong recent gains. On the currency market, we’re seeing strength in the New Zealand dollar and Swiss franc, while Canadian and Australian dollars are under pressure.

The commodities market remains mixed. Oil continues its short-term sideways trend, consolidating after a modest rebound earlier in the week. Metals, however, are facing renewed selling pressure. Both gold and silver attempted bullish reversals but failed, resuming their declines.

The biggest story of the day, however, comes from the cryptocurrency market. Both Bitcoin and Ethereum have broken below major support levels, triggering sharp declines. Bitcoin has dropped to its lowest level since the end of June, while Ethereum is trading at its lowest since mid-July — signaling a potential continuation of the bearish phase in the crypto sector.

Source: https://www.axiory.com/analytics/market-news/wednesday-calm-on-calendar-chaos-in-crypto-markets