USD weakness ahead of important data

Frank Walbaum FX Strategies.Asia

Important news this week

Tue, 10th, 14:30 CET US Core Retail Sales.

Today’s market news

Markets remain relatively calm for now. Yet, the Dollar keeps losing steam against other currencies. While the Greenback is rising only slightly against the Pound and the EUR, the AUD keeps losing more momentum. This translates as well to a positive risk sentiment, which continues to help the equity market. Furthermore the oil market is pushing higher, and might break above the USD 65.00 price zone. A breakout might be on the cards. In general, it seems that traders wait for the upcoming data from the US today. US retail sales might move the Dollar. The data is expected to come in weaker than previous month and might hence add volatility to markets.

Market talk

The silver market continues to trade positive after the renewed strength from Friday last week. While the upside seems to be tested again a break of yesterday’s high is needed at first. Gold prices o th either hand have already broken higher and might remain positive as well. The weaker Dollar currently helps as well as well as the recent breakout again above the USD 5,000 price level. The positive risk sentiment also can be seen in US indices. The S&P 500 might break above the psychological 7,000 points level and with that continue the recent upside.

Tendencies in the markets

Equities positive, USD weaker, crypto sideways, oil positive, Silver positive, Gold 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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