Frank Walbaum
FX Strategies.Asia
Important news for the day
- Fri, 26th, 14:30 CET US PCE deflator.
Stocks declining
This year’s rally in stock markets is taking a breezer for now. After another day of falling prices markets might face some rebound before the weekend. That said the previous months have not seen much of falling prices but a correction could be just overdue as markets were rising. Precious metals had also moved lower and based on the daily chart Gold is currently stabilizing on top of the 50- moving average support zone. Before the election in the US investors might also think about the outlook of the economy there. Corporate earnings had been disappointing as of late.
Market talk
The Dollar is gearing up steam and most currencies have lost against the Greenback. The Pound in particular might offer some weakness as inflation data in the UK is heading lower. This could support the view that the BoE will reduce interest rates starting next week. Crypto markets have resumed some upside after prices seemingly found some support in late trading yesterday. The upside might increase in particular for Bitcoin should the market break the recent resistance zone based on the weekly chart.
Tendencies in the markets
- Equities sideways, USD stronger, cryptos supported, oil at support, metals lower, JPY weaker.
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