Frank Walbaum
FX Strategies.Asia
Important news for the day
- Fri, 21st. 13:30 CET CA Core retail sales
German debt
The new debt package, which has been agreed upon in the German Bundestag will be voted on today in the Higher House, the Bundesrat. The package in volume of 100 billion EUR is meant to support the army, infrastructure and help to protect the climate. Critics claim that the volume is too high and that especially army expenses will end up in extremely high procuring cost. German defense companies might hence crank up prices, seeing that services are needed. Since the war in the Ukraine is far from over spillover effects might hence be found. Gold prices continue to move higher.
Market talk
The volatility in markets this week has been very limited. Most assets have not move much, which especially after last week’s price action is just normal. While Silver prices are retracing, the price of Gold keeps trading steady. The slight negative change in risk sentiment might be of some reason as well. Equities seem to currently favor downside momentum again. While the S&P 500 is still trading close to the 50- moving average based on the weekly chart the Nasdaq has broken that support zone already. The changing risk sentiment can also be seen in the weakness of the AUDUSD currency pair, which is trading lower.
Tendencies in the markets
- Equities weaker, USD mixed, cryptos weaker, oil higher, Silver weaker, Gold sideways, JPY stronger.
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Persistent buying pressure on the Greenback has pushed GBP/USD to multi-day lows below the 1.2900 level, as investors continue to digest the recent interest rate decisions from both the Fed and the BoE.
Gold meets support around the $3,000 mark
The combined impact of a stronger US Dollar, continued profit taking, and the effects of Quadruple Witching weighed on Gold, pulling its troy ounce price down to around the pivotal $3,000 level on Friday.
US SEC Crypto Task Force to host the first-ever roundtable on crypto asset regulation
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Week ahead – Flash PMIs, US and UK inflation eyed as tariff war rumbles on
US PCE inflation up next, but will consumption data matter more? UK budget and CPI in focus after hawkish BoE decision. Euro turns to flash PMIs for bounce as rally runs out of steam. Inflation numbers out of Tokyo and Australia also on the agenda.
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