Risk appetite was surprisingly strong into the US inflation data, expected to advance to another forty-year high at today’s print, but futures are pointing to the south this morning, as the US inflation data is still a threat to the overall market mood, and could be a pivot moment for this week.

There is a decent acceleration in the gold prices, as gold is now behaving positively in risk-on markets, and negatively in risk-off markets given that the rising yields hit appetite in gold as much as they hit appetite in equities. Therefore, if we see the markets changing direction and hit the south, again, we could well see gains in gold crumble and pull the price of an ounce back below the $1800 mark.

On the earnings front, news are good. BP, Disney and Uber announced strong earnings.

Elsewhere, gains in Bitcoin remained limited below the $38K mark. JP Morgan said that Bitcoin’s fair value is about the $38K level, though the way they compete the fair value may not be … fair after all!

 

This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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