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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AUD/USD reversed two-daily pullbacks in a row on Tuesday, staging a decent comeback from Monday’s troughs near 0.6220 to the boundaries of the 0.6300 hurdle propped up by the RBA hawkish hold and firm data from Chinese business activity.
EUR/USD remains offered below 1.0800 ahead of “Liberation Day”
EUR/USD came under extra downside pressure on Tuesday, returning to the sub-1.0800 region on the back of tepid gains in the US Dollar and rising caution prior to Trump’s announcements on Wednesday.
Gold nears $3,100 as fears receded
Gold is easing from its fresh record high near $3,150 but remains well supported above the $3,100 mark. A generalised pullback in US yields is underpinning the yellow metal, as traders stay on the sidelines awaiting clarity on upcoming US tariff announcements.
Bitcoin just as vulnerable as major assets – Anthony Yeung, Global Head of Strategic Development at CoinCover
Bitcoin trades under the $85,000 mark, holding on to nearly 3% gains on Tuesday ahead of Donald Trump’s Liberation Day. Crypto traders remain fearful, the sentiment reads 34 on a scale of 0 to 100 on the Fear & Greed Index.
Is the US economy headed for a recession?
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