Frank Walbaum
FX Strategies.Asia
Important news for the day
- Thu, 05th, 14:15 CET US ADP employment change.
- Thu, 05th, 16:00 CET US ISM services PMI.
Equities correcting?
Equity markets keep correcting further. After the recent negative momentum now further downside potential might occur. However, most markets have not weakened much yesterday, as the technical support zones in charts has caused them not to fall further for the day. Currently markets focus more on employment data and today’s news might offer further guidance. Purchasing manager indices like the one from the US might also help to guide market participants.
Market talk
After corrective prices in metals, Gold and Silver start to resume upside momentum again. Silver has been able to defend the USD 28.00 support zone currently, while Gold keeps rising beyond the USD 2.500 area for now. A potentially stronger Dollar might however cause prices to move lower again.Meanwhile the JPY seems gearing up steam to rise further. Cryptos have stabilized for now but might continue to fall again soon. The CAD could gear up steam and the EURCAD currency pair looks set to break the 1.4900 support area potentially.
Tendencies in the markets
- Equities weak, USD stronger, cryptos weak, oil weak, metals sideways, JPY stronger.
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