Frank Walbaum
FX Strategies.Asia
Important news for the day
Chemical industry
Recent figures from the chemical industry in Germany have been the lowest since 2009. The industry, which is considered as a leading indicator, might hence signal an increase of negative momentum of the economy. High taxes, energy prices and bureaucracy would add a high burden to companies causing a lack of competitiveness. Orders have weakened substantially as well as the capacity utilisation of chemical plants.
Market talk
Another round of strength in the Dollar seems to rattle through markets. As it seems that markets continue to favour the Greenback, the GBPUSD currency pair has broken through an important support zone. With the break of the 1.2300 level, the market might proceed to the downside further. The weakness in particular of the AUD might signal that equities could continue with their currency correction.
Tendencies in the markets
- Equities weak, USD strong, cryptos weaker, oil weaker, Silver positive, Gold positive, JPY weak.
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