Forex futures on Monday hit a new record high as investors look to the end of 2017 as a better time to invest in the cryptocurrency market
Forex markets are trading at new highs as investors seek the end 2017 as the best time to put money into the cryptocurrency world.
The futures on the ASX and CAC 40 on Monday were up by nearly 4 per cent on the previous day, but were still below the all-time high of 1,500.9, set in June last year.
Forex market strategist John Williams told the ABC that the gains were “a huge lift from the last day”.
“It’s definitely not a one-off, there’s a bit of momentum and I think the price rally has really gone into overdrive,” he said.
“It may not look like it, but the next day we could be trading at the new all-timers record of 1.9 million, which is pretty phenomenal.”
Forex is the world’s second-largest trading asset, with the world currency currently trading at about $US4.4 trillion.
There are no sign the rally will end anytime soon, with traders speculating the next big moves could be from China.
“I think we’re heading towards the next wave,” Mr Williams said.”[It] has been pretty clear for a long time that the Chinese government will be watching this and trying to pull off a grand bargain on the world economy.”
They’re going to try and drive up their inflation rate by getting their inflation rates down, which they will have done with the stimulus package they’ve given the Chinese economy.”‘
The market is not moving’The markets were closed for the rest of the week for a “market maintenance” session, which means they have not yet started trading again.”
There’s been some concern that some of the activity around the week may have been driven by people just trying to get their money out,” Mr Phillips said.
He said it was too soon to say whether the rally was a temporary blip, or a sign that more investors were getting out of the market.”
We don’t know for sure yet whether that is the case,” he told the program.”
But at the moment, I think it’s probably the market is moving.
“The next ASX session starts on Tuesday at 8:00am, and ends on Friday at 11:59pm.
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