Important news for the day
- Wed, 04th, 01:30 CET AU Gross domestic product.
- Wed, 04th, 14:15 CET US ADP employment change.
- Wed, 04th, 16:00 ET US ISM services pmi.
Market disruptions
According to news reports by the Financial Times the precious metals market is currently disrupted. Due to airport closures in Dubai in the Middle East metals can’t be transport, which accounts for about 20% of the global market. Furthermore, also oil from Iraq seems to be in a similar situation. With the closure of the Strait of Hormuz, most oil can’t be transported out of the country, as ships are being absent. Following the recent correction in gold and silver, prices could therefore pick up speed again. The oil price is already on an upward trend and could soon test the USD 80.00 mark.
Market alk
The Dollar continues with its strength and the Dollar index has been rising beyond the 50- moving average technical resistance zone baked on the weekly chart. More upside might hence be observed, which could also harm US stocks. The crypto market, on the other hand, is rising slightly. Also, the German DAX is pushing high ron top of the 50- moving average zone also based on the weekly chart. If the situation calms now, equities might start moving higher again, whereas negative headlines could dampen the risk sentiment. The focus might soon shift as well towards US data, with today’s ADP employment report.
Tendencies in the markets
- Equities sideways, USD stronger, crypto sideways, oil strong, Silver positive, Gold positive.