I’m still in SoCal, but very ready to get home. We head back tomorrow.
My cough is gone, and I’ve managed to get some stuff for work done. There hasn’t been much going on in the FX markets. The response to Trump’s tax plan has been muted both on the USD front and equities.
I’m not surprised.
It’s the ol’ buy the rumor sell the news.
What’s up with EURUSD?
The short answer: not much.
We gapped down to start the week on news of progress with the tax plan. But here’s the thing: it hasn’t managed to maintain any momentum. That says something to me. I remain long.
The charts are a bit messier, but they’re improving. We’ll see how the week progresses.
Crypto is a mess
Apparently some digital beanie babies are clogging up the Ethereum network. Normally I wouldn’t care. Most of my crypto action is buy and hold. But I’m trying to unload a coin I bought in September that’s up 10x in USD terms (3x BTC terms) and I believe is strongly overvalued.
One of my larger holdings is now also trading on a new exchange, and I’m trying to make some arb trades with it. Everything is lagging and I’m unable to move my crypto around. It’s literally been taking hours.
The tech is still in its infancy, and it’s showing today.
I’m fascinated by crypto though, and I’m curious how many readers feel the same way. I plan to write more about going forward.
The race for Bitcoin futures
The Chicago Mercantile Exchange (CME) has been planning a bitcoin futures contract to begin trading on December 18th of this year.
But hold the phone, the Chicago Board of Options Exchange (CBOE) just announced today that they will begin trading their bitcoin futures contract on December 10th. Not only that, they’re offering free trading through the end of the year.
Looks like someone is playing a game of beating someone to the digital punch.
I strongly believe futures contracts are going to result in some serious volatility in the coming weeks/months. I hope so. I should be interesting to say the least, and I’ve got some money from forex trading I’d like to put to work in crypto.