A packed week with important data, what's up with Silver?
|Important News for the week
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Tue, 18th, 04:30 CET AU Interest rate decision.
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Tue, 18th, 14:30 CET CA Consumer price data.
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Wed, 19th, 02:00 CET NZ Interest rate decision.
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Wed, 19th, 20:00 CET US FOMC meeting minutes.
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Fri, 21st, various EU various PMI data.
Xi meeting
In China President Xi Jinping hosted a meeting with several business leaders including Jack Ma, the owner of Alibaba. The gathering wa set to get further support from leaders of the private sector. Representatives from various industries like AI, chipmaking as well as electric vehicles. A potentially softer stance towards the economy might be seen and the recent push higher in the Chinese stock market also reflects the positive momentum.
Market talk
Last week the weakness of the Dollar continued towards the end and also this week it looks like further negative momentum could be on the cards. Also the DXY (US- dollar index) is offering a bearish weekly candlestick pattern, which might indicate that further downside might be seen. The positive bias in the equity sector might continue. US technology stocks are set to move higher, with in particular the Nasdaq index as well as the S&P 500 potentially breaking their recent highs. On the other hand oil prices remain weak and also Silver printed a strong bearish pattern on Friday.
Tendencies in the markets
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Equities positive, USD weaker, cryptos mixed, oil weak, Silver weak, Gold weaker, JPY stronger.
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