Mixed PMI data, metals lower

Frank Walbaum FX Strategies.Asia

Important news for the day

Tue, 17th, 14:30 CET CA Consumer prices index.

PMI data

Yesterday’ PMI data showed a mixed bag. Manufacturing data from France, Germany, the UK and US have been weaker while the services sector continues to show upside momentum, similarly to recent inflation data. Headwinds might hence follow form the economies in general as manufacturing data continues to disappoint. The figures remain below the 50- level, which technically would mean contraction. Further uncertainty might come from the Trump administration starting in January next year.

Market talk

Markets mostly remain in a sideways pattern. The Dollar remains differently against most other currencies. As it is trading stronger against the Aussi it loses momentum against the Pound. The positive claimant count change from the UK might be of positive impact here. Precious metals might offer further downside momentum ahead. Gold and Silver have both printed a bearish candlestick pattern based on the weekly charts offering potential negative momentum. Also indices show a mixed picture: The S&P 500 might weaken slightly and also the German DAX is heading lower alongside the Dw Jones index. The Nasdaq on the other hand keeps pushing to higher levels.

Tendencies in the markets

Equities mixed, USD stronger, cryptos mixed, oil sideways, Silver weak, Gold weak, JPY weak.

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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