The lack of movement throughout the market remains evident as the majority of the asset classes remains range-bound pending tomorrow’s NFP data that is set to be released. US and European indices all lacked clear movement as there was a lack of follow-through yesterday.
The precious metals are both stuck in the same rut as they lack follow-through as they remain in a range, the consolidation that we’re seeing in the markets does make it seem like there’s an exponential buildup for a strong breakout on the horizon to keep a close eye on. Brent on the other hand carried on with its breakout to make a new post-COVID-19 high as the resource traded at $71.84 in the early hours this morning.
The Crypto market remains stable as there continuation of the selloff has come to an end, for the time being, however, both Bitcoin and Ethereum remains in a range as neither has taken a clear direction just yet.
Before the European open, there was some more Dollar strength that came into the market, as well as Pound strength, on the other hand, the New Zealand Dollar and the Swiss Franc weakened before the European open. Today is filled with USA data that is set to be released as the ADP figures and Unemployment claims might give investors a hint at where NFP data might be leaning toward.
2:30pm - ADP Non-Farm Employment Change (USD)
- Unemployment Claims (USD)
4:00pm - ISM Services PMI (USD)
5:00pm - Crude Oil Inventories (USD)
6:00pm - BOE Gov Bailey Speaks (GBP)
Due to deliver a speech titled "How in practice can the financial sector take immediate action against climate change-related risks" at the Green Swan 2021 Global Virtual Conference