The positive risk sentiment returns

Important News for the day

• 23rd, 09:30 CET EU German Flash Manufacturing PMI.

• 23rd, 09:30 CET UK Flash Manufacturing PMI.

• 23rd, 14:45 CET US Flash Manufacturing PMI.

“Now is i good time to buy”

Donald Trump did it again, yet this time in a different more subtle way. In recent trading days equities were running lower and calming
words towards the head of the US Central Bank seemingly helped to break the negative cycle for now. Beforehand, though, Trump
argued that Jerome Powell, the head of the US central Bank might be ousted. For the US government the high interest rates rather
remain a burden and President Trump would prefer to have the Fed cutting rates rather soon, potentially on the expense of rising
inflation. Gold prices answered with falling prices and after having touched the psychological USD 3,500 level have been heading to
the downside for now.

Market talk

The market sentiment returns to positive today after the above mentioned story. Equities not only in the US were moving higher but
also share prices in Asia have been rising sharply again. Worth noting that the DAX has pared most of the losses from earlier this
month. The positive sentiment has also been underpinned by a rising AUDUSD currency pair. If the Aussi can continue to trade above
the 0.6400 zone, more upside potential might be on the cards. Furthermore also the demand of oil looks positive for now, which
continues to suggest a rising demand. Crypto markets are no expectation and continue to push higher.

Tendencies in the markets

• Equities positive, USD weaker, cryptos strong, oil positive, Silver positive, Gold positive, JPY stronge.