Yesterday saw some market recovery following the selloff that came during the start of the week as US indices all closed the day positive. European indices all followed suit as they edged higher during the US session pushing through positivity into the futures market.

Gold and Silver pushed higher as inflation risk remains a major concern in the markets. Gold made an attempt to get to the $1800 level but came short as it reached $1797 before consolidating near the $1800 level. Silver pushed up well as it made a daily high of $26.64 up from its open on $25.85. Brent sold off more as it broke and closed beneath $65 closing the day out on $64.48.

The Bitcoin selloff continues as support broke to make a new low this morning on 52 492.

The rates statements of Canada were taken very positive as CAD strength flew through the markets as general positive economic conditions was portrayed as Bank of Canada foresee a positive economic growth during the course of the year above its forecast. The focus will shift to today’s Monetary Policy Statements set to be released out of Europe at 1:45pm (SAST).

Thursday (SAST)
1:45pm - Monetary Policy Statement (EUR)
2:30pm - ECB Press Conference (EUR)
2:30pm - Unemployment Claims (USD)