Yesterday was a consolidation day for most of the market, US indices were ranging for most of the day as the Nasdaq rejected a couple of times of the 15000 levels reluctant to get through just yet, European indices were similarly directionless as the FTSE and Dow could not continue on its recent positive movements.

The precious metals were the big movers of the day as gold and silver rallied up well during the afternoon session, gold closing out the day on 1826, getting over the crucial 1814 level.

As we’re waiting for the European Market to open the Swiss Franc is the strongest currency at the moment with the US, Australia and Canadian Dollar the weakest of the major currencies.

This morning Australia’s unemployment rate came out lower than expected at 4.9% down from the forecast of 5.1%. China’s GDP came down slightly from the forecast of 8% and down quite significantly from its previous of 18.9% as the actuals came in at 7.9%.

Thursday (SAST)
3:30 am - Employment Change (AUD)
- Unemployment Rate (AUD)
4:00 am - GDP q/y (CNY)
2:30 pm - Philly Fed Manufacturing Index (USD)
- Unemployment Claims (USD)
3:30 pm - Fed Chair Powell Testifies (USD)
Due to testify on the Semi-Annual Monetary Policy Report before the Senate Banking Committee