Silver falling, economic activity weakening, Oil hammered down

Important news for the day

• Wed, 30th, 03:30 CET        AU        Consumer Price Index.
• Wed, 30th, 13:15 CET        US        ADP Employment Change.
• Wed, 30th, 15:00 CET        US        Core PCE Index.

US tariffs

Slowly tariffs are making their way into the global economy. Data from China suggests that manufacturing activity is shrinking. Numbers have contracted the most since 2023 whereas the PMI data has fallen below the 50 level, which also marks a negative trend. Tariffs of more than 100% will certainly have an impact on the biggest importing and exporting country globally. Worth noting that oil prices have fallen again. After the fall out of the recent sideways pattern now also the psychological USD 60.00 level has been broken. Lower prices might hence be on the cards for now.

Market talk

Stock markets seem to end the month of April in positive territory. After the sharp correction in the early days of April the positive momentum looks good for now. Yet, since the impact of tariffs are showing negative signs and candlesticks offer just a slow pace of recovery caution in markets should be taken. The S&P 500 index as well as the Nasdaq are currently trading near their 50- moving averages based on the daily charts. Those zones might act as a resistance and hence cause negative momentum. Furthermore the Dollar might gear up steam as well. The AUDUSD currency pair might start to weaken slightly after current push higher. Gold prices still look ready to correct further, especially if the Dollar will rise more and also Silver is losing steam.

Tendencies in the markets

• Equities sideways, USD stronger, cryptos sideways, oil weaker, Silver lower, Gold weak, JPY weak.