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Chinese stimulus, further central bank action and roaring Silver

Frank Walbaum FX Strategies.Asia

Important news for the day

Chinese equities

Equities in Asia continued to rise for the day. The stimulus by the PBOC seemingly caused investor demand to be restored. The Central bank had reduced their loans for 1- year loans. Furthermore also other Asian markets like Hong Kong and Japan went to the upside, indicating the positive demand might be here to stay for now. Also prices for iron ore were rising as the economic demand seems positive.

Market talk

The Dollar had extended its losses causing the Dollar index to weaken below the technical support level. This might cause the Greenback to weaken further against other currencies. As also oil prices weaken slightly alongside the Silver market the economic outlook might paint a mixed picture. Stock markets currently reflect this, as most US and European indices remain in a cautious sideways pattern. The Asian market remains influenced by the Chinese stimulus as it seems. The CAD might gear up steam based on the monthly chart against the EUR. And the interest rate decision tomorrow from Switzerland could cause the USDCHF to rise, should the SNB decrease rates.

Tendencies in the markets

Equities mixed, USD weaker, cryptos sideways, oil sideways, Silver correcting, Gold sideways, JPY weaker

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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