Frank Walbaum
FX Strategies.Asia
Important News for this day
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01st, 05:30 CET AU RBA interest rate decision.
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01st, 16:00 CET US ISM manufacturing PMI/JOLTS job openings.
European economy
Germany, the previous powerhouse of the economy in Europe continues to be in bad shape. Industrial production is expected to shrink by 0.5% this year. The numbers have declined 11% since 2019 in particular in comparison to other European countries. The general production has increased by 1% during the same time period. Several companies have left Germany or pan to so so in part of high bureaucracy as well as rising energy prices. The German DAX might currently resume some upside but looks vulnerable for further losses in the coming weeks. In particular the technical pinbar candlestick pattern might cause further downside momentum.
Market talk
Last month ended with negative sentiment in the stock market. Despite the slight retracement of the negative move from Friday last week the S&P 500 was not able to move higher and instead closed near the lows. Based on the weekly chart the market hence broke the 50- moving average, potentially indicating further downside momentum. However, a fast retracement to the upside might indicate that fresh buyers would step in, helping a fresh run to higher levels. This might seem unlikely for now though, as recession worries and negative headlines continue to dominate markets.
Tendencies in the markets
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Equities sideways, USD stronger, cryptos sideways, oil positive, Silver positive, Gold sideways, JPY stronger.
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