Crypto rising, Gold stronger – Market strength to follow?

Frank Walbaum FX Strategies.Asia

Important news for the day

Thu, 21st, 09:30 CET DE Manufacturing PMI.
Thu, 21st, 10:30 CET FR Manufacturing PMI.
Thu, 21st, 15:45 CET US Manufacturing PMI.

Peace talks

While talks in the Eurozone in regards to peace in the Ukraine has been ongoing Putin seemingly continues to attack the country as well. More than 570 drones have been used as well as 40 rockets to fly attacks in several regions according to the ukrainian air force. Potential security guarantees include also the sending of armed forces as discussed among European leaders. The US will also support such mission yet won’t send personnel directly to the conflict zone should an agreement be made. Markets remain fragile and the gold price keeps rising slightly as uncertainty remains key.

Market talk

Markets remain mostly in a sideways pattern before the Jackson Hole symposium. Better than expected purchasing manager data from Germany caused the EUR to gear up steam against the Greenback. With a rise to 49.9 compared to the expectation of 48.8 the survey helped the market to rise. Yet, the potential strength of the dollar might cause the sentiment to fade rather soon. The AUDUSD and NZDUSD currency pairs keep pushing lower, which might signal a further slide in equities. Currently the crypto space on the other hand shows some signs of a positive move. Especially ETH and SOL might start to appreciate again after the recent slide in prices. Furthermore commodities like oil and Silver look positive as well for now. A potential rebound could be in the making, here.

Tendencies in the markets

Equities lower, USD stronger, Bitcoin sideways, ETH positive, oil positive, Silver positive, Gold positive, JPY sideways.

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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