USDCAD Breaking Lower Aaead Of BOC
North Korea tensions have again dominated the agenda at the start of this week and will continue to remain a major obstacle facing risk-sensitive assets in the near-term.
PMI
Caixin Manufacturing PMI Rises To 51.7
Expansion in China’s manufacturing activity gained momentum in February as producers revved up output to meet an increase in new orders that were mainly bolstered by rapidly growing foreign demand, an industry survey sponsored by Caixin showed Wednesday.
Dollar Eases On Profit-Taking Ahead Of An Important Week
Black Friday means financial markets will close earlier than usual today, but don’t despair as there is a lot to look forward to next week.
(Not So) Precious Metals
As we highlighted the possibility on Monday, gold took a big plunge below the psychologically-important and support level of $1300 per ounce yesterday. The breakdown triggered further follow-up technical selling, causing gold to fall for a time below $1270 per ounce.
Dollar Extends Gains In A Busy Week For US Data
The dollar has staged a broad-based rally today, which caused the GBP/USD to tumble to a new 31-year low and the EUR/USD momentarily dipped below its 200-day moving average once again.
Gold On Shaky Footing
Gold and silver have started the new trading week, month and quarter on the back foot today. At the time of this writing, gold was trading at $1312 and silver was below $19.00 per troy ounce once again.
Brexit-Hit Pound Stages Modest Rebound On Manufacturing Surprise
News that the UK manufacturing activity in September hit its highest level since June 2014 has provided a welcome relief for sterling.
King Dollar Set For A Rebound?
The dollar staged a broad-based rally on Thursday to make back some of the losses it had suffered earlier in the week which had been on the back of a poor ISM services PMI reading and last week’s disappointing jobs report.
Sterling Surges As Resilience Of UK Economy Continues To Surprise (GBPJPY)
The pound took a pounding in the lead up to and aftermath of the June 23 EU referendum. But in recent weeks, it has staged a remarkable recovery, even though the Bank of England has decided to cut interest rates to near zero and restarted QE.
DAX – Golden Cross For German Stocks
Bad news is good news for the markets that rely on central banks’ support. And so it proved again this morning’s as the latest European data disappointed expectations, yet the major stock indices rallied as if everything was just fine.