Frank Walbaum
FX Strategies.Asia
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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This Webinar is purely for information purposes. Transactions or orders are for illustrative purposes only and should not be copied by traders. The content has been carefully compiled. However, no liability can be accepted by FX Strategies. Asia and under no circumstances should this material replace a consultation with a certified financial, investment or investment advisor in terms of their accuracy. Further information on our risk warnings can be found on our website under fxstrategies.asia.
Recommended Content
Editors’ Picks
EUR/USD stays in red below 1.0850 after weak German and EU PMI data
EUR/USD stays in negative territory below 1.0850 in the European session on Wednesday. Preliminary July PMI data from Germany and the Eurozone came in below analysts' estimates, making it difficult for the Euro to find demand. Focus now shifts to US PMI report.
GBP/USD recovers above 1.2900 following UK PMI
GBP/USD has found fresh demand and regained 1.2900 in the European session. The UK PMI data showed that the private sector continued to grow in July, lifting the Pound Sterling, despite the risk-averse market atmosphere. US PMI data are next on tap.
Gold trades higher on stagflation fears, Harris’ nomination
Gold recovers for a second day in a row, trading back up in the $2,410s as “stagflation” fears mount. The term, which describes above-trend inflation coupled with weak growth and jobs data, is a portmanteau of “stagnant” and “inflation”.
Bitcoin price volatility expected amid speculation of Kamala Harris joining Bitcoin Conference with Donald Trump
Bitcoin price struggles around $66,000 on Wednesday. US spot Bitcoin ETFs experienced minor outflows on Tuesday, coinciding with the continued movement of Mt. Gox funds for repayment, which could exert downward pressure on Bitcoin's price.
Canada Interest Rate Decision Preview: Bank of Canada eyes another rate cut on easing inflation expectation
The Canadian central bank is seen cutting rates for the second consecutive meeting and the decision will be announced at 13:45 GMT. Governor Tiff Macklem’s press conference will follow at 14:30 GMT.