Negativity ran rampant throughout the market as fears of the Indian COVID variant and another wave of infections pushed the Equities Markets lower as American and European Indices all closed lower.
With the fears surrounding the Indian COVID variant coming to the markets the follow through on to the precious metals are evident as Gold and Silver continue their upward trajectory as Gold continues to edge higher while Silver trades around the $28 levels.
Cryptocurrencies continued its selloff as Bitcoin trades below $40 000 for the first time since February as investors retreat as the alternative asset class gives back most of the year's gains. Ethereum also declined sharply as it sold off during the Asian session to trade below $3000.
There is some higher impact economic news being released during the course of the day to keep an eye on, as CPI is set to be released out of Canada, which should be monitored closely as inflation is still one of the major risks this year. The FOMC Meeting Minutes is set to be announced in the latter part of the US session, take note as it can move the markets if there’s a mention of Interest Rate hike expectations or any inflationary management tools that was not mentioned during the FOMC Statements.
8:00am - CPI y/y (GBP)
Tentative - ECB Financial Stability Review (EUR)
2:30pm - CPI m/m (CAD)
4:30pm - Crude Oil Inventories (USD)
8:00pm - FOMC Meeting Minutes (USD)