Positive risk sentiment, AUD stronger
|Important news for the day
- Tue, 03rd, 04:30 CET AU Cash rate.
- Tue, 03rd, 16:00 CET US JOLTS job openings.
Silver frenzy
The Silver market continues moving higher again, whereas the upside remains potentially limited. The recent rally as seemingly been driven by retail traders, who poured into ETFs in January. The Financial Times reported that the value lost since the peak accounts for about USD 150 billion in gold and silver combined. The selloff started after the nomination of Kevin Warsh as the news Fed chairman followed by the increase in margin requirements of exchanges in the US and China.
Market talk
The Royal Bank of Australia did increase interest rates from 3.60 to 3.85%. This currently helps sparking a rally in the Aussi, which keeps gearing up steam against other currencies. Meanwhile also the risk sentiment seems to return positive. Stocks started moving higher with the S&P 500 being close to creating a new all- time- high. Yet the fundamentals have not changed and traders remain on edge. Oil prices continue to fall slightly, while the Dollar remains mixed against other currencies. The focus should be on the ADP report later today as well as the NFP data on Friday.
Tendencies in the markets
- Equities positive, USD mixed, crypto positive, oil weaker, Silver sideways, Gold weaker.
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