Olympics in France, Gold correcting, Dow lower

Frank Walbaum FX Strategies.Asia

Important news for the day:

Markets looking for direction.

French Olympics

French President Macron had called for a political truce during the French Olympics. He said the time should be used for sports engagements. This might delay the nomination of a new Prime Minister and the forming of a new government. Speaking to the media in Elysee on Monday he stated that French people would need some rest. Meanwhile the EUR has weakened somewhat as the common currency is losing some steam in general.

Market talk

Markets remain in rather sideways pattern. The Dollar is gearing up some momentum against most other currencies. Stock markets have advanced so far this week. Yet the Dow Jones index is offering potential correction based on the pinbar candlestick pattern base on the weekly chart. Gold and Silver show signs of weakness following the strength of the Greenback. The CAD remains weak and does not offer any signs of strength before the interest rate decision tomorrow.

Tendencies in the markets:

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

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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