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Midday Brief
Financial markets are extremely quiet today due to Bank Holiday’s in the United Kingdom and the United States. Mixed manufacturing data from the Chinese economy earlier this morning has further clouded the trading sentiment, as data showed that China’s non-manufacturing PMI surged, while the manufacturing activity declined.
The US dollar has gained some ground against sterling this morning, while the EURUSD pair is largely unchanged from Friday’s close. Antipodean currencies are slightly in the green this morning, while the USDJPY is attempting to hold onto recent gains.
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German CPI data just released should that inflation rose more than expected on the month. The official CPI number came in at 0.5 percent, outpacing expectations of a 0.3 percent increase. Traders pay close attention to German inflation data as it is really a bellwether for the entire eurozone economy.
The US session is likely to be a quiet one with the United States away on Bank Holiday. Markets are forward looking so we could see traders getting positioned ahead of Tuesday Reserve Bank of Australia meeting.
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Oil remains firm ahead of tomorrow’s key OPEC meeting. No changes are expected from OPEC minister, and production constraints are largely expected to be kept in place due some nations experience outbreaks of COVID-19.
Brent crude typically follows the direction of crude oil and is pressing towards the best levels of the year close to the $70.00 level. It would appear that oil traders are confident that OPEC will not act tomorrow.
In the crypto universe, big gains have seen for Bitcoin and Ethereum this morning. No clear bullish catalyst has been attributed to the move, however, a massive amount of stablecoin movement has been recorded from exchanges.
Gold is largely unchanged and appears on the cusp of a breakout of bulls can nudge the yellow-metal above last weeks high. The bid-tone is likely to remains alongside buyers continue to new weekly and monthly highs.
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Silver is the biggest gainer in terms of the popular metals today. Silver is once again probing the $28.00 benchmark as traders nudge the shiny-metal closer to the critical $30.00 resistance area.
The North American economic calendar is extremely light today. Canada is releasing industrial production data. The big data releases for Canada come in the shape of GDP and jobs figures later this week.
