Yesterday saw some mixed results as European and US Indices produced conflicting results as we saw the S&P rally higher to make yet another new record high as the Dow surged during the trading day, meanwhile the Nasdaq consolidated for the majority of the day as the Job figures loom tomorrow. The Dax and FTSE both sold off aggressively during the European open to recover during the US session but not quite erasing the European Open’s losses.
It was a good day for the precious metals as we saw Gold and silver recover well to edge higher for consecutive days. Brent consolidated for the majority of the day as it fluctuated between $73.80 and $75 as the impending OPEC meeting is set to release their production resolution.
The crypto market had some mixed results as well as Bitcoin slid further down as it broke under the $35 000 while Ethereum made another push up to $2300 to turn just shy and retrace down lower.
The US Dollar is the strongest currency at the moment as before the European Open, the commodity pairs seem to be the weakest this morning as the Australian and New Zealand Dollar are the weakest of the major currencies, while the Euro, Pound and Swiss Franc remain neutral as the Europeans are set to open up.
Keep an eye out for the German PMI, the OPEC meeting as well as US PMI that is set for release today. Gov Bailey is also set to make statements later on tonight that should have an impact on the Pound if he elaborates further on his inflationary statements made yesterday.
9:55 am - German Final Manufacturing PMI (EUR)
All Day - OPEC Meetings
All Day - Bank Holiday (CAD)
4:00 pm - ISM Manufacturing PMI (USD)
9:00 pm - BOE Gov Bailey Speaks (GBP)