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Dollar strength, BoC looming and PMI data is flooding markets

Frank Walbaum FX Strategies.Asia

Important news for the day

Wed, 24th, 10:30 CET UK Flash PMI data.
Wed, 24th, 15:45 CET CA BoC interest rate decision.
Wed, 24th, 16:30 CET CA Press conference.

Important data looming

Today, several important news events are coming up. Purchasing manager index data from the UK might cause the GBP to move. Also other PMI data from across the Eurozone could offer volatility. Later on the BoC is expected to reduce interest rates again. Last month the Central bank had already cut rates from 5.00% to 4.75%. Another move is expected today and this might weaken the CAD again.

Market talk

The strength of the Dollar might resume as the DXY (Dollar index) currently suggests. This could cause further headwinds for precious metals as well. Also equities keep losing momentum, as in particular indices offer potential negative sentiment ahead. the Dow Jones seems to follow the bearish pinbar candlestick pattern based on the weekly chart. Earnings from several companies have been mixed. Tesla for example missed estimates and could cause further negative momentum in the tech sector. Meanwhile the recent push in the crypto market had come to a halt. Bitcoin and Ether have started a small correction.

Tendencies in the markets

Equities negative, USD stronger, cryptos correcting, oil sideways, Gold lower, Silver sideways, JPY stronger.

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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