It was a fairly mixed day on the market yesterday as we saw positivity fluctuate throughout the market as the Nasdaq, Dax and FTSE all closed positive while the Dow and S&P closed the day negative, with the start of the week lacking economic drivers the mixed price action experienced is seemingly expected.
Gold and Silver continued their recovery post-last week Thursday’s selloff, as we’re set to see CPI data released the general expectation is that CPI is due for another increase following PMI that came out higher than expected last week. Higher inflationary expectations should be positive for the precious metals.
The crypto market edged lower as Sina Weibo terminated several major crypto accounts. Sina Weibo is a Chinese comparison to Twitter which is heavily monitored by state authorities. The environmental impact of the mining Bitcoin remains one of the governments major concerns as China aims to be the global leader in climate change.
The lack of high impact news events on the economic calendar has resulted in the market being fairly flat yesterday, tomorrow Canada is set to release its Rate Statements which should result in some high volatility movement in the market. During the European open we saw some USD strength come into the market while the AUD, NZD and GBP weakened against the USD, JPY and CAD.