Dollar strength, BoC looming and PMI data is flooding markets
|Important news for the day
- Wed, 24th, 10:30 CET UK Flash PMI data.
- Wed, 24th, 15:45 CET CA BoC interest rate decision.
- Wed, 24th, 16:30 CET CA Press conference.
Important data looming
Today, several important news events are coming up. Purchasing manager index data from the UK might cause the GBP to move. Also other PMI data from across the Eurozone could offer volatility. Later on the BoC is expected to reduce interest rates again. Last month the Central bank had already cut rates from 5.00% to 4.75%. Another move is expected today and this might weaken the CAD again.
Market talk
The strength of the Dollar might resume as the DXY (Dollar index) currently suggests. This could cause further headwinds for precious metals as well. Also equities keep losing momentum, as in particular indices offer potential negative sentiment ahead. the Dow Jones seems to follow the bearish pinbar candlestick pattern based on the weekly chart. Earnings from several companies have been mixed. Tesla for example missed estimates and could cause further negative momentum in the tech sector. Meanwhile the recent push in the crypto market had come to a halt. Bitcoin and Ether have started a small correction.
Tendencies in the markets
- Equities negative, USD stronger, cryptos correcting, oil sideways, Gold lower, Silver sideways, JPY stronger.
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