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Canada January housing starts 238.0K vs 257.5K expectedCanada December manufacturing sales +0.6% vs +0.5% expectedThe EU and a 12-nation Indo-Pacific bloc are opening talksFour charts that highlight the worries that are driving markets right nowThe Pentagon is close to cutting ties with Anthropic and may label the AI company a supply chain risk after becoming frustrated with restrictions on how it can use the technology – BBGMarkets:Gold down $51 to $4990WTI crude oil up 84-cents to $63.73US bonds and stocks closedS&P 500 futures up 0.1%AUD leads, JPY lagsThe US and much of Canada was on a holiday. It was also the start of the lunar new year in much of Asia so that predictably kept a lid on markets. The moves across assets were limited but there was a persistent modest bid in the US dollar.The euro slowly slid to 1.1845 from 1.1860 before bouncing halfway back. USD/CAD also 20 pips to 1.3635.In energy markets, the tone on the US-Iran situation was positive late last week and into the weekend but the market can’t shake the feeling that something is coming, especially after a report that more F-35 jets have been dispatched to the Middle East. Crude steadily climbed to $63.75 from $62.75.Gold was lower on the day but the damage was done in Asia and it was a sideways trade in the US. The post-Lunar New Year period is classic end to the long seasonal tailwind from Nov-Feb so keep it on your radar for the next two weeks.US stock futures had been positive earlier but then gave it all back before finishing flat. It was tough to get excited about it with the market closed but I’m sure Tuesday will be more lively.
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
With ADA at $0.28, the market’s reaction to macroeconomic data is crucial right now. Canada’s housing starts falling short of expectations could signal a slowdown in economic activity, which often leads to risk-off sentiment. This environment might push traders to seek refuge in stable assets, potentially impacting ADA and other cryptocurrencies negatively. Additionally, the EU’s discussions with the Indo-Pacific bloc could influence global trade dynamics, affecting investor sentiment across markets. Keep an eye on ADA’s support levels; a breach below $0.25 could trigger further selling pressure. Conversely, if it holds above $0.30, it might attract buyers looking for a rebound. The real story here is how these economic indicators could ripple through crypto markets. If the broader market reacts negatively, ADA could face headwinds despite its current price. Watch for volatility in the coming days as traders digest these developments and adjust their positions accordingly.
📮 Takeaway
Monitor ADA closely; a drop below $0.25 could signal further declines, while holding above $0.30 may indicate a potential rebound.
